CHICAGO – February 22, 2012 – Today, as part of national America Saves Week (2/19-2/26) the Department of Financial and Professional Regulation (IDFPR) joins Heartland Human Care Services and Fifth Third Bank to promote “Illinois Saves” in Chicago’s Albany Park Neighborhood. Illinois Saves is also partnering with the Consumer Federation of America and the Economic Awareness Council.
“Illinois Saves” was originally developed within IDFPR to encourage families to save more and borrow less. The Illinois Saves program represents a public/private partnership between State government, non-profit community organizations and local financial institutions willing to develop new products to encourage working families to participate in the banking system.
“A family’s financial well-being can be significantly enhanced by wisely using the products and services offered by financial institutions,” said Secretary Adams. “’Illinois Saves’ gives financial literacy graduates skills to enable them to increase their reliance on savings while simultaneously reducing their reliance on credit.”
Fifth Third Bank was the first to join IDFPR in this effort. Joining Fifth Third Bank at today’s events are representatives from Citibank, Foster Bank, Harris Bank, Sherwin Williams Credit Union, and South Division Credit Union. Organizations offering and/or supporting financial literacy programs include the Heartland Alliance and the Woodstock Institute.