Consumer Lending Reform - Press
by Bruce Rushton
A bill to regulate online lenders that target small businesses with loans that can carry more than 100-percent annual interest rates is moving, albeit slowly, through the Illinois General Assembly.
By Peter Rudegeair, Emily Glazer, and Ruth Simon
J.P. Morgan Chase & Co. spent about $8 billion this year on technology. But when it came to developing a new online loan for small business, the bank turned to an unlikely outsider.
Dory Rand was a featured guest on WVON's Real Talk Real People with Art Chat Daddy Sims urging home owners to submit complaints to the Consumer Financial Protection Bureau’s consumer complaint database who have been affected by unfair or predatory financial products and services.
By Elizabeth Peace
A group of advocacy organizations have called on the NCUA to look into potentially predatory loans being offered by for-profit colleges to college students through credit unions.
By Allie Grasgreen
On Wednesday, the Obama administration will begin choking off the financial lifeline of for-profit colleges whose graduates can’t find well-paying jobs — and the move is likely to accelerate a wave of shutdowns for an industry taking assaults from all sides.
By Justin da Rosa
According to a report released by the Woodstock Institute Wednesday, women in Chicago are 14.5 percent less likely to qualify for a mortgage than men.
By Phil Hall
A new study covering home loan applications in the Chicago metro region points to a disparity between the number of men and women that receive a mortgage. However, the study’s sponsor is not rushing to declare a lethal case of Windy City gender discrimination.
Gender-based discrimination is alive and well, and may make it harder for some Chicago women to buy a home.
Discrimination, or Just a Lack of Data?
By Gregory Karp
Women in the Chicago area are generally less likely to receive mortgages than men, a phenomenon that could hinder women's ability to build wealth and establish financial security, according to a report to be released Wednesday by the Woodstock Institute.
By Jody Baylock
Honoring the Passage of Secure Choice
This month, Heartland Alliance for Human Needs & Human Rights was honored for their work passing the Secure Choice Savings Program. With the passage of Secure Choice, Illinois became the first state in the country to address the issue of retirement insecurity in this way. The program will expand access to retirement savings accounts for millions of Illinois workers.
By Ellyn Fortino
The Consumer Financial Protection Bureau (CFPB) has launched a public inquiry into student loan servicing practices and ways to help ease student debt stress.
By John Sandman
NEW YORK (MainStreet) — In December, the Department of Education (ED) announced plans to establish a new web-based system for receiving complaints on student loan servicers. In March, President Obama directed ED to build a web-based portal for student loan borrowers to manage payments, view all of their loans and lodge complaints against servicers as part of his Student Aid Bill of Rights.
By Liz Farmer
Los Angeles restaurateur Jorge Rodriguez Assereto doesn’t need much sleep. He gets about five hours per night and the rest of his time is devoted to running Los Balcones, a successful Peruvian restaurant he opened in Hollywood in 2004 and recently shepherded through an expansion. The remodel was a major investment. Assereto spent more than $130,000 over two years just renting the vacant space next to him while he tried to find financing for his expansion. He even switched banks in an attempt to get a loan. It didn’t work.
By Fred O. Williams
The nation's consumer financial protection cop unveiled new restrictions for payday loans and other forms of short-term credit, in a move to stop emergency loans from turning into debt traps
[WASHINGTON, D.C.] – U.S. Senator Dick Durbin (D-IL) led a group of 12 other Senators today in introducing a bill that will help address the student debt crisis by treating privately issued student loans in bankruptcy the same as other types of private unsecured debt.
Today, Rainbow PUSH and PUSH Excel stand with the Jackie Robinson West Little League Team (JRW). We invite parents, community leaders, pastors and concerned citizens to join us at the Rainbow PUSH Saturday Morning forum on February 14, 2015 to show our love for JRW in a championship affirmation rally at 9:30 a.m. located at 930 E. 50th Street (PUSH Headquarters).
By Alex Swoyer
Women usually pay more at a salon for a haircut than men, but it turns out deodorant, razors and cars actually have “The Woman’s Tax” — causing them to pay more than men for essentially the same product, KOMU 8 News reported.
By Mary Ellen Podmolik
Tanis Group Realty's quarterly bus tours of foreclosed homes for sale still draw a big crowd of potential buyers but the pickings just aren't what they once were and the prices tend to be higher.
By John Sandman
NEW YORK( MainStreet) - Late last month the Department of Education (ED) released its final rule that spells out what for-profit colleges must do to remain eligible for federal aid, money used by students to attend these schools, which have been criticized for their low graduation rates and low value credentials.
ED said these regulations were designed to ensure that these institutions improve their outcomes for students or risk losing access to federal student aid if they fail to make the grade.
Military deserves protection from loan sharks before, after serving their country
CHICAGO— As our nation marks this day in honor of those who have served the country, Woodstock Institute calls on the Illinois Congressional delegation to follow the lead of the Department of Defense and put action behind the platitudes, honoring our veterans by reining in abusive payday lending.
By Steve Sadin
Lake County Circuit Judge Mitch Hoffman of Highland Park has been stemming the tide of foreclosure suits one home at a time, taking his message about the court’s Mortgage Foreclosure Mediation Program on the road.
By Herb Weisbaum
Checking accounts—and the debit cards that come with them—should be a simple and straightforward way to handle routine financial transactions. And yet, many people simply don't understand the overdraft policies at their bank or credit union.
The government wants to make it easier for parents with flawed credit to take out loans to pay for their children’s college education. Currently the U.S. Department of Education rejects Parent PLUS loan applicants with debt payment delinquencies of 90 days or more within the past five years. A proposal would cut the period under scrutiny to two years and allow for almost $2,100 in bad debt, according to a department document released in May. In either case, applicants can be rejected for other problems, including a default, bankruptcy, or foreclosure during the past five years.
After decades of work by advocates across the country, national policymakers are — at long last — poised to take action on payday loans.