HomeMy WebLinkAboutResolution 2013-01 01/22/2013RESOLUTION NO. 2013-01
A RESOLUTION ENDORSING THE IMPLEMENTATION OF A BANKON
FINANCIAL SERVICES INITIATIVE IN THE CITY OF SPRINGFIELD TO
SUPPORT UNBANKED AND UNDERBANKED WORKERS.
The City Council of the City of Springfield finds that:
A. According to the Corporation for Enterprise Development, 5% of the households in Lane
County are unbanked and another 16.3% households are underbanked, amounting to a total of 139,593
households.
B. Households without access to mainstream financial services can spend a significant
amount of money on alternative financial services for which most Americans pay little to nothing. (The
average full -time worker without a bank account can spend $40,000 over the course of his or her lifetime
on alternative financial services).
C. Individuals without a bank account do not have a safe and secure place to store their
money, which makes them more likely to be victims of theft and unable to safely access money during
emergencies.
D. Increased access to mainstream banking services, in conjunction with increased financial
education and training on good financial practices and decision- making, can improve the financial
stability of local workers and their families, reducing turnover and increasing productivity.
E. The financial stability and literacy of the local workforce is an important part of the
overall prosperity and health of the community, and is an asset to business and economic development.
NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SPRINGFIELD,
a Municipal Corporation of the State of Oregon, as follows:
Section 1. The City Council of the City of Springfield endorses and supports the
development and implementation of a BankOn financial services initiative in the City of Springfield and
in Lane County, utilizing the partnership and resources of local financial institutions, business
organizations, and human service agencies.
Section 2. The City of Springfield will cooperate in,resolving regulatory barriers to the
implementation of a local BankOn initiative and will assist local financial institutions in their efforts to
provide BankOn type financial services within its jurisdiction.
Section 3. This Resolution is effective immediately upon its passage by the City
Council.
Adopted by the Common Council of the City of Springfield, Oregon, by a vote of 6 for and
0 against, this 22 day of January .� 2013. _
Christine Lundberg, Mayor
ATTEST:
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