The Consumer Financial Protection Bureau (CFPB) is blowing out the candles on its third birthday cake today, and I hope their hard-working staff is taking a moment to celebrate a job well done. They’ve made substantial progress towards their mission of “making financial markets work for American consumers — whether they’re applying for a mortgage, borrowing for college, choosing a credit card, or using any number of other consumer financial products.”
Access to affordable banking services helps people build wealth, but some persistent barriers deter consumers from opening or keeping a bank account. In the Pew Charitable Trusts’ recent report entitled Overdrawn: Persistent Confusion and Concern About Bank Overdraft Practices , based on a nationally representative survey of American adults, the authors found that 13 percent of people who paid an overdraft penalty say they no longer have a checking account; 19 percent report responding to overdraft fees by discontinuing overdraft coverage; and 28 percent report closing a checking account in response to overdraft fees.
The spring Illinois legislative session just came to an end. Here are highlights of what happened in Springfield on issues affecting wealth-building opportunities for Illinoisans:
The House of Representatives’ Oversight Committee last week called for an end to a critical Department of Justice (DOJ) anti-fraud investigation called “Operation Choke Point.” Eliminating the operation could hamper DOJ’s ability to prevent the financial abuse of some of the most financially vulnerable consumers.
Last year, thousands of consumers filed complaints with the Consumer Financial Protection Bureau (CFPB) regarding financial products. In Illinois, complaints from consumers focused on mortgage services, banking services, credit cards, and other critical services.
Westwood College, a for-profit university, attracts students with a promise of a law enforcement career upon graduation.
You may have heard about the Consumer Financial Protection Bureau (CFPB), but what can it do for you and your constituents?
Woodstock Institute’s Community Investment Awards event on May 9 brought together about 100 community leaders and Woodstock board members at the beautiful Instituto Cervantes for a festive reception, presentation of awards to local champions, and a film screening and discussion of elder financial abuse.
Some career education programs promise students a bright future, but many graduates of such schools find that they don’t have the right credentials for their careers—and a shockingly high percentage never graduate at all.
Time’s running out! The Community Investment Awards and Film Screening is just three days away!
For more than 20 years, the Chicago Community Loan Fund (CCLF) has been providing responsible financing and technical assistance for community development projects in the Chicago area.
As part of Woodstock Institute’s Community Investment Awards event on May 9 in Chicago, we will screen the short documentary film “Fleeced: Speaking Out Against Senior Financial Abuse” and host a panel and audience discussion after the screening.
The Illinois House last week took the first step towards ensuring that workers who receive their wages on payroll cards are protected from deceptive fees that can eat away at their earnings.