Timeline: Currency Exchange Rate Increase

Relevant Dates Pertaining to IDFPR's Proposed Currency Exchange Rate Increase

February 10 – the Community Currency Exchange Association of Illinois (CCEA) submitted a petition to the Illinois Department of Financial & Professional Regulation (IDFPR) to increase the check cashing rate cap

March 10 – IDFPR accepted CCEA’s petition and the first hearing was scheduled

May 9 – Public hearing in Chicago on the industry’s petition to increase the maximum allowable rate that may be charged for check cashing

May 19 – Woodstock tenders a submission to the IDFPR Director of Financial Institutions opposing the rate increase

June 6 – Woodstock sends a letter to Governor Rauner asking him not to approve an across-the-board rate increase.  Woodstock receives no response

June 19 – IDFPR releases its decision proposing check cashing rate hikes at currency exchanges, mirroring the industry’s exact request

July 7 – Woodstock tenders a counterproposal to IDFPR Secretary Schneider and Director Mechaca and asks that they reconsider the rate hike

August 11 -- IDFPR receives over 66 individual requests for a hearing

September 1 – IDFPR publishes notice of second public hearing in the Illinois Register, an obscure publication not readily accessible to the consumers

September 13 – IDFPR holds a second public hearing. Woodstock and its allies, Sen. Jacqueline Collins, Community Organizing & Family Issues (COFI), Illinois Asset Building Group/Heartland Alliance, and Kentwood Oakland Community Organization, speak/stand at press conference and/or testify at hearing

January 22 – IDFPR submits its final proposal (a.k.a. “Second Notice”) to the Joint Committee on Administrative Rules (JCAR)

January 24 – Senator Collins and Representative La Shawn Ford introduce Check Cashing Fairness Act

February 13 – JCAR to vote on the rate hike

March – Rate hike takes effect unless two-thirds of the members of JCAR vote to block it