Consumer Lending Reform - Press

January 29, 2014
More good news keeps coming for consumers in early 2014. On the heels of new mortgage rules that took effect January 10, the following week four banks making payday loans pulled their products from the market. Announcing a halt to their triple-digit interest rates were Wells Fargo, Regions, Fifth...
December 6, 2013

In an attempt to tackle the private student loan crisis, Senator Dick Durbin (D-Ill.) introduced the Student Loan Borrowers' Bill of Rights at a press conference in Chicago on December 3, that would provide basic protections for students flirting with default on their loans. The bill is co-sponsored by Senators Elizabeth Warren (D-Mass.) and Barbara Boxer (D-Calif.).

October 24, 2013
Bad experiences with mortgages and credit cards topped the list of grievances that Illinois residents have filed with the U.S. Consumer Financial Protection Bureau's online complaint portal, a new study shows.The bureau was born out of the 2010 Dodd-Frank Wall Street Reform & Consumer...
August 1, 2013
Joachim Pantelis soon won't be visiting his local PNC Bank branch in Clairton anymore. The only bank in this downtrodden town will close Aug. 16.
June 7, 2013
Consumer advocates are calling for a ban on all types of payday lending, saying that without regulatory federal laws, millions of borrowers charged triple-digit annual percentage rates (APR) will continue to be trapped in never-ending cycles of debt.
January 23, 2012
By Tara Siegel Bernard January 20, 2012   Blacks are about twice as likely as whites to wind up in the more onerous and costly form of consumer bankruptcy as they try to dig out from their debts, a new study has found.   Henry E. Hildebrand III, who has served as a Chapter 13 trustee in Tennessee...
November 1, 2011
By Megan Cottrell November 1, 2011   Dolores Mederos likes numbers. A former accountant in Mexico, she keeps a detailed monthly budget for her household in a computer database. But one thing about the U.S. financial system puzzled her: credit.   “My entire life, I’ve bought things in cash,” she...
October 14, 2011
By Mary Ellen Podmolik October 14, 2011   Many consumers applying for a mortgage are going to start sharing more personal information with lenders next year, like it or not.   FICO scores, the industry standard for determining credit risk in mortgages backed by Fannie Mae, Freddie Mac and the...
September 19, 2011
By Karen Harris September 19, 2011   We have all heard the catchy FreeCreditReport.com jingles on TV, but have we really stopped to think about how credit information is used and how it is dividing the country? Due mainly to the recent fiscal crisis, 25 percent of Americans had low credit scores...
June 30, 2011
By Sam Worley June 30, 2011 It's a dirty word now, but subprime—as in the dubious lending practices blamed for the recent financial crisis—entails, most simply, extending credit to those who don't often have access to it. People who have low credit scores or no credit history are subprime...
December 23, 2010
By Becky Yerak December 23, 2010 Bank regulators are getting extra tough about what they believe are onerous overdraft policies, and that's welcome news to Angela Castro. The Newburyport, Mass., resident says she remembers when banks tried to cover as many small checks as possible before hitting...
June 22, 2010
By David Morrison June 22, 2010 Another state has passed a law capping interest on payday loans. Beginning in March, 2011, loans with terms of six months or less may not be priced at rates of greater than $15.50 per $100 borrowed every two weeks.  The new law also requires that a payday loan...
June 22, 2010
By Becky Yerak June 22, 2010 Chicago’s two biggest banks have diverging strategies on how to treat customers who overdraw their accounts using ATM and debit cards. Starting July 1 for new customers and Aug. 15 for existing ones, banks need a consumer’s approval to process everyday debit and ATM...
June 21, 2010
By Kurt Erickson June 21, 2010 Gov. Pat Quinn signed legislation Monday aimed at reining in high interest rates charged by payday lenders. Under the measure, interest rates charged by consumer finance companies would be capped at 99 percent. The law is the result of talks between consumer groups...
June 21, 2010
By Juan-Pablo Velez June 21, 2010 Governor Pat Quinn on Monday signed a landmark payday loan reform bill closing a legal loophole that had kept much of the industry unregulated. In 2005, the Illinois General Assembly passed the Payday Loan Reform Act, which capped interest rates on payday loans...
June 21, 2010
June 21, 2010 Gov. Pat Quinn sign signed a new law Monday that is designed to protect people from predatory payday loans. Under current law, there are no limits on how much loan companies charge in interest. The new legislation would cap those rates at 99 percent for loans up to $4,000 and...
May 27, 2010
May 26, 2010   This morning, the Illinois House concurred with the Senate amendments to HB 537, legislation that would close a major loophole in the 2005 Payday Loan Reform Act. This compromise measure passed 108-1-1.  Crain's explained the underlying provisions several weeks ago: The compromise,...
April 5, 2010
By Adam DosterApril 5, 2010 Consumer advocates are inches away from closing a loophole in the Illinois Payday Loan Reform Act (PLRA) that lenders have perniciously exploited since the law went into effect five years ago.  They are mobilizing around a bill (SB 655) that would place common-sense...
March 19, 2010
By Adam DosterMarch 19, 2010 The prolonged battle to close a loophole in Illinois' payday lending reform law is reaching a critical juncture. In the past week, 11 Senate Democrats have joined State Sen. Kim Lightford (D-Maywood) as co-sponsors of SB 655, which would regulate small-dollar consumer...

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