Andrade Applauds ‘Bank On” Plan to Protect Consumers

CHICAGO – State Rep. Jaime Andrade, D-Chicago, is applauding efforts by Gov. J.B. Pritzker and Comptroller Susana Mendoza to protect consumers through the creation of the “Bank On” initiative. The program, signed into law last week, aims to expand the number of certified financial products available to consumers new to banking.

“Working families across Illinois rely on payday lenders or pawn shops to cash checks, and that exposes them to plenty of bad actors who want to take advantage of them,” said Andrade. “The ‘Bank On’ program will help consumers who are new to banking find financial services that are certified fair and treat them with respect.”

Andrade is a sponsor of Senate Bill 1332, which allows the Comptroller’s office to certify financial services for consumers who are new to banking in partnership with local banks and community leaders. Included are checking and savings accounts without high maintenance fees, as well as secured personal loans to help consumers build credit. Andrade hopes that “Bank On” will offer consumers stuck in a cycle of predatory lending a second chance.

“Consumers who don’t have banking options available to them are often trapped with high interest rates that limit their options even further. The people hurt by predatory lending are usually the most vulnerable,” said Andrade. “Expanding access to banking services is a big step in the fight against inequality, and I’m glad I could help pass such an important law.”