Public Hearing – Currency Exchange Rate Increase

Wednesday, September 13, 2017 - 11:00am

A public hearing on the proposed increase in the maximum allowable rate that may be charged for check cashing at Illinois currency exchanges has been scheduled for Wednesday, September 13, 2017, 10:00 am to 12:00 pm in the Michael A. Bilandic Building, Room 500 C, 160 N. LaSalle Street, Chicago, IL 60601. Woodstock intends to make witnesses, including consumers who would be negatively impacted by this rate increase, available to the media before the hearing. This information will be reflected in the media advisory that we will send out in advance of the hearing.

Press Releases

Governor Rauner Approves Double-Digit Rate Increase on Lower-Income Consumers

Woodstock Offers Counterproposal on Check-Cashing Rate Increase


2015 FDIC National Survey of Unbanked and Underbanked Households

Navigant Report: "Analysis of Currency Exchange Revenue, Expenses, and Profitability: 2008-2015"

FDIC: Unbanked and Underbanked for Illinois, 2015 by Selected Household Characteristics

FDIC: Unbanked and Underbanked for Chicago-Naperville-Elgin, IL-IN-WI, 2015 by Selected Household Characteristics

Official Documents

Submission of Dory Rand, President of Woodstock Institute, to the Director of the Division of Financial Institutions, Illinois Department of Financial and Professional Regulation

June 6 Letter to Governor Bruce Rauner Urging Him Not to Increase Rates

Woodstock Counterproposal

Notice of Public Hearing


Crain's Chicago Business: "Troubled Currency Exchange Industry Finds Favor With Rauner Administration"

Chicago Tribune: "Illinois Agency Approves Big Hike for Cashing Checks at Currency Exchanges"

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