SPRINGFIELD, Ill –Legislation sponsored by state Representative Debbie Meyers-Martin, D-Olympia Fields, to assist the unbanked and underbanked population in Illinois to gain accessibility to traditional retail banking products, recently advanced out of the House State Government Administration Committee.
“Families without bank accounts and other basic financial services are continually forced to shell out money to pay extremely high fees and interest rates from predatory service providers,” Meyers-Martin said. “For thousands of Illinois families, this means a seemingly perpetual cycle of poor credit, lack of access to affordable loans and thousands of dollars taken out of their paycheck every year.”
Representative Meyers-Martin’s Senate Bill 1332 is an initiative of Illinois Comptroller Susana Mendoza’s office to create the Illinois Bank On Initiative. This initiative aims to reduce the amount of people in Illinois who don’t utilize banks, credit unions or any other financial institutions that could otherwise help them take advantage of the many equitable financial products that are available.
Many people in Illinois are not aware of various affordable financial services offered by the banking industry that can help them save money over their lifetime. Additionally, the bill also creates a 13 member commission to advise the Comptroller on the implementation and promotion of the Illinois Bank On Initiative.
“In today’s economy, families need the resources modern banking provides to survive and build a better life for their families,” Meyers-Martin said. “The Illinois Bank On Initiative is a proactive approach to connect people with affordable financial services so they can escape exorbitant fees and achieve the financial stability they need to build wealth for themselves and our communities.”