From the President: Illinois Community Investment Coalition fights for financial reform on Capitol Hill
Written by Dory Rand   
March 10, 2010

Financial reform is at a critical juncture in Washington. The House has already passed a bill to create a strong and independent Consumer Financial Protection Agency (CFPA) to put consumers’ interests over those of Wall Street and crack down on the risky lending that spurred the financial crisis. However, Senate Banking Committee Chairman Chris Dodd (D-CT) continues to compromise the agency’s independence in the interest of bipartisan support.

 
Guest blog: Refund Anticipation Loans: Just say no!
Written by Gina Harmon, President and CEO, ACCION USA   
March 09, 2010

Would you take a loan with interest rates of 100 percent or more? Unlikely. Then why did 8.7 million American taxpayers do that in 2006?  The answer is that they were promised fast cash, but in many cases, were unaware that they were taking out a loan at all. US taxpayers in 2006 spent over $900 million to get their tax refunds a few days early.

 
Educate your communities about the dangers of refund anticipation loans
Written by Katie Buitrago   
March 04, 2010

By now, we know that refund anticipation loans (RALs) are expensive, risky, and target low-wealth taxpayers and communities of color.

So what can you do about it?

 
Guest blog: We need consumer financial protection and reform
Written by Hedy Ratner, Co-President, Women's Business Development Center   
March 03, 2010

So many of us—families and businesses—are struggling to pay our bills during these difficult times.

 
Tell the Senate Banking Committee you support real reform
Written by Katie Buitrago   
March 02, 2010

While talks over financial reform legislation continue in the Senate, the financial industry is stepping up their attacks against attempts to create a more just financial system that would encourage investment in communities, allow small businesses to grow and flourish, and put consumers' interests as a top priority.

 
HAMP Loan Modifications Not Making Serious Dent: January
Written by Katie Buitrago   
February 26, 2010

The low percentage of trial modifications that have become permanent illustrate that the Home Affordable Modification Program, or HAMP, may not be making a long-term dent in foreclosure activity. The Department of the Treasury released its seventh report card on how mortgage lenders are doing modifying loans for eligible homeowners under the government’s Making Home Affordable program (see the first, second, third, fourth, fifth and sixth report cards).

 
OCC releases new RAL policy, but enforcement must be effective to protect consumers
Written by Dory Rand   
February 23, 2010

The Office of the Comptroller of the Currency (OCC) released a Policy Statement on Tax-Related Products and a Consumer Advisory on February 18, one month into the current tax season. The OCC is the U.S. Treasury Department agency that regulates national banks. Several national banks offer tax refund anticipation loans or RALs through partnerships with tax preparation services.

 
AG Madigan Takes On Abusive Debt Settlement Companies
Written by Katie Buitrago   
February 22, 2010

After Darren Robinson lost his job at a factory, he and his girlfriend Julie Fitzpatrick accrued almost $10,000 in credit card debt paying for living expenses and medical bills. Fitzpatrick found a company online that promised to make them debt free. The couple told the Chicago Tribune that they paid almost $1,500 in fees to the debt settlement company. After a few months, only $2,000 of the debt was settled, and their debts ballooned to $12,000 as collection calls and fees increased.

 
New credit card protections take effect
Written by Katie Buitrago   
February 19, 2010
New Federal Reserve regulations issued pursuant to the Credit CARD Act of 2009 and effective as of February 22 protect borrowers from deceptive and abusive credit card practices. Some regulations went into effect in August of 2009, and the remaining regulations will be implemented in August 2010. 
 
Credit to the community: proposals offer new funding source for CDFIs, expand SBA community express
Written by Katie Buitrago   
February 12, 2010

Momentum continues to build in Washington around expanding small business access to sustainable credit, despite the postponement of the hearing to consider the state of small business lending in local markets in the House Small Business and Financial Services Committees. Keeping credit flowing to small businesses is critical, especially in times of recession and high unemployment. Small businesses are engines for job creation, creating roughly 80 percent of new jobs and employing over half of private sector employees. Ensuring that small businesses are equipped to grow through productive, sustainable credit and create new jobs will be a vital component of economic recovery.

 
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Latest Comments
New credit card protections take effect
This will only make things worse in the long run. The credit card companies will just find a way to get around it, and we will be paying fees we are n...
Tax preparers operate with little oversi...
The OCC guidance on refund anticipation loans is available here: http://www.occ.treas.gov/ftp/bulletin/2010-7.html
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