SPRINGFIELD, Ill –Legislation sponsored by state Rep. Debbie Meyers-Martin, D-Olympia Fields, to help the unbanked and underbanked population in Illinois gain accessibility to traditional retail banking products, passed the House with bipartisan support and will now go to the Governor for further consideration.
“We have people who are not aware of the sound financial services and or resources banks in Illinois provide,” Meyers-Martin said. That lack of awareness causes people to be susceptible to scams or predatory loans, which only have long term consequences for them and their loved ones.”
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. 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.
“This bill is now one step closer to helping residents make better financial decisions,” Meyers-Martin said. “When this bill gets to the Governor’s desk, I encourage him to sign it immediately so we can start putting countless Illinoisans on a path to fiscal stability.”