Testimony of Sen. Jacqueline Y. Collins to Illinois Department of Financial and Professional Regulation on Currency Exchange Rates

To make it clear at the outset, I am opposed to the proposal by the Rauner administration to increase the rates that may be charged by currency exchanges for check cashing. It is obvious this rate increase will hit unbanked folks the hardest, and research shows that the unbanked are disproportionately lower-income and people of color. In this way, this rate increase is tantamount to a regressive tax on the most financially vulnerable, many of whom live in my district.