Michigan League Forms New Coalition With Banks & Regulator

The Michigan Credit Union League collaborated with the Michigan Bankers Association and the Department of Insurance and Financial Services to establish a new coalition that will encourage underserved consumers to open accounts with financial institutions.

The Michigan Open Account Coalition’s primary mission, announced in March, will be to work with financial institutions to ensure that consumers have access to low- and no-cost accounts.

This is expected to be accomplished through the certification of accounts by the Cities for Financial Empowerment Fund’s Bank On program, which sets standards for acceptable fees and costs for customer accounts, according to a DIFS prepared statement.

The coalition will also work with financial institutions, community organizations and trade associations to educate the public and support them as they build greater financial security.

“This coalition will work to clear barriers for Michiganders who currently do not have an account with a bank or credit union and help more Michiganders build greater financial security,” DIFS Director Anita Fox said in a prepared statement. “We look forward to working with Michigan’s banks and credit unions as well as community organizations to improve financial services access to all Michigan residents.”

Financial institutions interested in supporting the Michigan Open Account Coalition may contact DIFS at DIFSOpenAccount@michigan.gov.