Michigan DFS forms coalition to help more residents get banking services – InsuranceNewsNet

The Michigan Department of Insurance and Financial Services (DIFS), the Michigan Bankers Association and the Michigan Credit Union League announce the creation of a new coalition aimed at helping more Michigan residents establish a relationship with a bank or credit union. credit.

The mission of the Michigan Open Account Coalition is to encourage relationships between financial institutions and historically underserved communities, educate consumers about the importance of having a relationship with a financial institution, and promote the availability and l access to consumer financial accounts.

“There are many benefits to having a relationship with a financial institution, including increased security and access to home loans and other important financial services. This coalition will work to remove barriers for Michiganders who currently do not have an account with a bank or credit union and will help more Michiganders build their financial security,” said the director of the DIFS, Anita Fox. “We are thrilled to join our industry partners in this effort, and we look forward to working with Michigan banks and credit unions as well as community organizations to improve access to financial services for all Michigan residents.”

One of the Coalition’s main goals will be to work with financial institutions to ensure consumers have access to low-cost and no-cost accounts. This will be accomplished through certification of accounts by the Cities for Financial Empowerment Fund (CFE) Bank On program, which sets standards for acceptable fees and costs for customer accounts. The coalition will also work with financial institutions, community organizations and professional associations to educate the public and support them as they build financial security.

Financial institutions interested in supporting the Michigan Open Account Coalition can contact DIFS at [email protected] Consumers with questions or concerns that cannot be resolved directly with their financial institution can call DIFS Monday through Friday from 8 a.m. to 5 p.m. at 877-999-6442 or visit Michigan.gov/DIFScomplaints to file a complaint.

Michael J. Birnbaum