Currency Exchange Rate Increase

A public hearing on the proposed increase in the maximum allowable rate that may be charged for check cashing at Illinois currency exchanges has been scheduled for Wednesday, September 13, 2017, 10:00 am to 12:00 pm in the Michael A. Bilandic Building, Room 500 C, 160 N. LaSalle Street, Chicago, IL 60601.

If you are interested in testifying, we encourage you to contact us so that we can provide you with resources and tips that may assist you.  Also, keep in mind that testimony is limited to five minutes, and you must submit a written copy of your testimony.  Contact: Brent Adams, 312-368-0310 or badams@woodstockinst.org

Linked below are a variety of materials pertaining to this issue.

Press Releases

Governor Rauner Approves Double-Digit Rate Increase on Lower-Income Consumers

Woodstock Offers Counterproposal on Check-Cashing Rate Increase

Official Documents

IDFPR Statement of Findings

Submission of Dory Rand, President of Woodstock Institute, to the Director of the Division of Financial Institutions, Illinois Department of Financial and Professional Regulation

June 6 Letter to Governor Bruce Rauner Urging Him Not to Increase Rates

Woodstock Counterproposal

Notice of Public Hearing

Reports

2015 FDIC National Survey of Unbanked and Underbanked Households

Navigant Report: "Analysis of Currency Exchange Revenue, Expenses, and Profitability: 2008-2015"

FDIC: Unbanked and Underbanked for Illinois, 2015 by Selected Household Characteristics

FDIC: Unbanked and Underbanked for Chicago-Naperville-Elgin, IL-IN-WI, 2015 by Selected Household Characteristics

Articles

Crain's Chicago Business: "Troubled Currency Exchange Industry Finds Favor With Rauner Administration"

Chicago Tribune: "Illinois Agency Approves Big Hike for Cashing Checks at Currency Exchanges"