AEI Regional Initiatives - Chicago Region

The Chicago Region coalition was formed in October 2006 and the Chicago AEI rollout event was held in March 2007. The Chicago AEI coalition now consists of over 75 members. FDIC Community Affairs staff initially focused on three communities in the Chicago metropolitan area: the Westside community of Austin, the Southside communities of Englewood/Auburn-Gresham, and the immigrant market. Beginning in 2008, FDIC staff are now focusing on product-based and partnership-based criteria. The product-based strategy has four areas of focus: to generate activities that result in basic bank accounts being opened or retained by AEI member financial institutions (basic banking accounts include Second Chance Banking Programs); identifying institutions to develop or modify a small dollar loan (SDL) product; and assisting institutions to develop and offer remittance products. The fourth area consists of working with AEI members to provide financial education to the public.

Additionally, Chicago Community Affairs staff place emphasis on creating and fostering partnerships between AEI members that lead to goal attainment for the AEI initiative. In recognition of the successful partnerships formed between AEI members during the 2007 pilot in three communities in the Chicago metropolitan area, FDIC continues to work closely with institutions and community-based partners to create partnerships that address the financial services needs of the community-based partners’ clients or constituents.

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