NIBOA Hosts Summit to Discuss Northern Indiana Financial Landscape

NIBOA Hosts Summit to Discuss Northern Indiana Financial Landscape

The Northern Indiana Bank On Alliance hosted a summit and press conference today featuring city, state and national experts that discussed the financial landscape affecting Northern Indiana residents.

This event presented big-picture financial factors at play in the Northern Indiana community in which we live. Attendees learned about financial challenges faced by residents, specifically those who are underbanked and unbanked citizens in the five-county area of Elkhart, Lake, LaPorte, Porter and St. Joseph Counties. Additionally, they were given information on how to become involved in addressing challenges and improving the lives of local residents by supporting financial stability initiatives through the Northern Indiana Bank On Alliance (NIBOA).

“NIBOA provides a vital service to underbanked and non-banked residents of Northern Indiana,” said Treasurer Mitchell. “I applaud their efforts to bring banking services and the security that those services afford to all Hoosiers in every walk of life.”

The summit brought speakers from the City of South Bend, the State of Indiana, Federal Reserve Bank, Consumer Financial Protection Bureau, Cities of Financial Empowerment Fund, 1st Source Bank, Centier Bank, REAL Services and more to the Morris Inn at the University of Notre Dame.

Event speaker, South Bend Mayor Pete Buttigieg stated, “Bringing community leaders together to spread financial inclusion will help empower underserved residents. This is an important priority for our region and the South Bend community.”

NIBOA’s mission is to ensure that everyone has access to safe and affordable financial products and services through a variety of educational opportunities.  NIBOA products and services are available to all individuals looking to improve their financial footprint through education. Per the CFED Asset & Opportunities Network, there are more than 458,000 households in the 5-county region.  Of that, more than 34,700 are unbanked and 85,000 are underbanked.

“Unbanked” are individuals who have never utilized banking services, such as teenagers or first-time employees, and those who have had past banking troubles.  “Underbanked” individuals are those who minimally utilize banking services and rely on alternative financial services like check cashing.