The Illinois State Treasurer is teaming up with credit unions and banks this month to promote low-cost or free "second chance" accounts to underserved minorities under the so-called "bank on" program started three years ago by the San Francisco City Treasurer.
More than half a dozen CUs in Rockford and northern Illinois communities have signed up for the program, unveiled at press briefings last week, and coordinated by treasurer Alexi Giannoulias in Rockford and Aurora.
Illinois CU leaders taking part in the "bank on" program have stressed that many minorities in cities like Rockford and Chicago "have been left behind in the traditional banking system."
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