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DIFS, Industry Leaders Launch Michigan Open Account Coalition
March 18, 2022
Effort will increase access to low-cost accounts at Michigan banks and credit unions
FOR IMMEDIATE RELEASE: March 18, 2022
(LANSING, MICH) Today the Michigan Department of Insurance and Financial Services (DIFS), Michigan Bankers Association, and Michigan Credit Union League announce the creation of a new coalition aimed to help more Michiganders establish a relationship with a bank or credit union. The Michigan Open Account Coalition’s mission 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 of, and access to, consumer financial accounts.
“There are many benefits to having a relationship with a financial institution, including added security and access to home loans and other important financial services. 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,” said DIFS Director Anita Fox. “We are pleased to join our industry partners on this effort, and 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.”
A primary focus of the Coalition will be to work with financial institutions to ensure that consumers have access to low- and no-cost accounts. This will be accomplished through the certification of accounts by the Cities for Financial Empowerment Fund’s (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 trade associations to educate the public and support them as they build greater financial security.
Financial institutions interested in supporting the Michigan Open Account Coalition may contact DIFS at DIFSOpenAccount@michigan.gov. Consumers with questions or concerns that cannot be resolved directly with their financial institution may call DIFS Monday through Friday 8 a.m. to 5 p.m. at 877-999-6442 or visit Michigan.gov/DIFScomplaints to file a complaint.
The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS or follow the Department on Facebook, Twitter, or LinkedIn.