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Dept. of Insurance and Financial Services, Industry Leaders Launch Michigan Open Account Coalition

The Michigan Department of Insurance and Financial Services (DIFS), Michigan Bankers Association and Michigan Credit Union League have announced the creation of a new coalition aimed to help 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.”

Officials say 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, which will be accomplished through the certification of accounts by the Cities for Financial Empowerment Fund’s (CFE) Bank On program. The program sets standards for acceptable fees and costs for consumer accounts.

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

Officials say financial institutions interested in supporting the Michigan Open Account Coalition can contact DIFS through their .

Consumers with questions or concerns that cannot be resolved directly with their financial can call DIFS Monday through Friday 8 a.m. to 5 p.m. at 877-999-6442 or to file a complaint.

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