REENTRY BANKING EMPOWERMENT

Creates the Reentry Financial Empowerment Act. Requires the Department of Financial and Professional Regulation to oversee the Illinois Reentry Account program to provide no-fee, federally insured debit accounts to reentering citizens who have been released from an Illinois correctional facility for fewer than 12 months. Requires accounts for reentering citizens to include no monthly maintenance fees, overdraft fees, or minimum balance requirements; access to a network of ATMs for cash withdrawals created in partnership with a financial administrator or financial administrators partnered with the state; a secure debit card for account access; and online and mobile banking options. Provides that the Department shall work with the Illinois Department of Corrections to ensure eligible reentering citizens are informed of the program upon release, and the Illinois Department of Corrections shall facilitate enrollment into the program. Requires the Department to contract with one or more financial institutions to administer accounts under the program and provides standards for the institutions. Establishes monitoring responsibilities for the Department and requires reporting of the program's progress to the General Assembly. Effective immediately.