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

 

Still pending:

December 2017/January 2018 -- IDFPR submits its final proposal (a.k.a. “Second Notice”) to the Joint Committee on Administrative Rules (JCAR)

After IDFPR submits its final proposal, JCAR has 45 days to vote on the proposal

           The IDFPR proposal will become law unless two-thirds of JCAR votes to “prohibit” the rate increase