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Giannoulias announces 'anti-bailout'
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Press release from Illinois State Treasurer Alexi Giannoulias State to deny banks that refuse community investment pledge Illinois State Treasurer Alexi Giannoulias is demanding that Illinois financial institutions reinvest in the communities they serve if they expect future state money. Beginning June 1, Giannoulias will require all financial institutions to sign a three-point community reinvestment pledge before receiving or renewing state deposits. Currently, Illinois has deposits worth $1.4 billion in 205 banks, 26 credit unions and 20 savings and loans. The new pledge goes further than what's required under current state and federal laws. "This is the anti bailout," Giannoulias said. "We are going to hold financial institutions" ‘feet to the fire" and ensure that state deposits go to good corporate citizens." Giannoulias worked in conjunction with the Monroe Foundation to develop the pledge that will specifically benefit traditionally underserved, low- to moderate-income and rural areas. Community residents can use the pledge form as leverage with financial institutions that do not provide sufficient services to their communities. "We"re pleased Treasurer Giannoulias has shown leadership and the willingness to work with community reinvestment leaders to hold financial institutions accountable," said Otis Monroe, president and CEO at the Monroe Foundation. "This revised policy of commitment will provide Illinois citizens more transparency and an understanding of which banks have a real commitment to community reinvestment." The pledge will ask each financial institution to employ its best efforts to provide: * Homeownership and foreclosure prevention products. As of March, 1 in 135 housing units in Illinois received a foreclosure filing, and research shows that minorities (regardless of their income) are more likely to receive high-cost or predatory mortgage offers. Giannoulias encourages banks to offer refinancing assistance to homeowners and to default to offering 30 year, fixed rate mortgages to homebuyers unless applicants request otherwise. * Access to conventional banking and savings products for traditionally unbanked residents. More than 24 percent of minority families nationwide do not have a checking account and turn to high-priced currency exchanges or payday loan stores for their banking needs. Giannoulias encourages financial institutions to offer and market free checking accounts with no minimum balance to members of unbanked communities. * Small business loan and community development products to spur economic growth and fuel job creation. Small business owners often turn to credit cards, home equity, commercial lenders or angel investors for their start-up funding. Giannoulias encourages financial institutions to work with the Small Business Administration to offer traditional loan products. "If financial institutions are going to benefit from state deposits, they need to show they are benefiting the people of the state," said Tom Feltner, policy and communications director for the Woodstock Institute. "This policy makes community reinvestment expectations clear, and holds banks accountable when they fail to meet those expectations." The public can determine if the Treasurer"s Office is doing business with a particular financial institution by checking the Finances-Time Deposits menu item at www.treasurer.il.gov. The list is updated monthly. If residents believe a financial institution on the list is not fulfilling its community investment pledge, they should contact the Treasurer"s banking division. The state will work with the residents to mediate a solution with the bank and consider nonrenewal of future deposits. "We want to help the public police their financial institutions," Giannoulias said. "If banks are going to benefit from state money, they need to show that they are working for the people of the state." Read the pledge here.
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Today is Sunday, May 26, the 146th day of 2013. There are 219 days left in the year.
1863 -- 150 years ago: The information called for in yesterday's Argus, in relation to thechild abandoned in Moline, by its mother two years ago, was furnished us last evening.The child was found by a Swede and has been kindly cared for.
1888 -- 125 years ago: The annual review and inspection of the Rock Island volunteerfire department took place today, and there will be a firemen's ball tonight.
1913 -- 100 years ago: Captain H.F. Young, former Mississippi river pilot, and T.W.Chapman left Rock Island today for Alaska to enter river service there.
1938 -- 75 years ago: Poppies were blooming today at the headquarters of the Rock Islandunit of the American Legion auxiliary at the Y.M.C.A. as the little red memorial flowers, which the people of Rock Island will wear in honor of veterans.
1963 -- 50 years ago: One hundred and fifty of the best show horses in Illinois and Iowaare expected to compete tomorrow for some $500 in trophies, ribbons and prize money inthe first major horse show of the season.
1988 -- 25 years ago: Moline Public Hospital presented blue ribbons to the winnersof a recent poster contest, held in conjunction with National Hospital Week. Utilizingthe theme of "You're Our Specialty," the following were grand prize winners: MindyBenson, Moline; Thao Dang, Moline; Gared Laux, Moline; John Murphy, Rock Island;Justin Pulford and Bennie Jo Starkey, Moline.
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