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Reinvestment Alert 25: New Terms for Payday Loans - High Cost Lenders Change Loan Terms to Evade Illinois Consumer Protections

April 13, 2004

Tom Feltner and Marva Williams

Describes changes in the Illinois payday lending industry since 2001 when state rules regulating the industry were approved.

Reinvestment Alert 26: Banking on Bounced Checks

October 12, 2004

Tim Westrich and Malcolm Bush

Bounce protection, a product that is regularly offered to many bank customers as a convenience, has turned into an excessively priced loan program, key features of which are hidden from consumers. This report analyzes the fee structure of bounce protection products offered by several major Chicago region banks.

Reinvestment Alert 27 - Increase in Bank Branches Shortchanges Lower-Income and Minority Communities

February 08, 2005

Geoff Smith

New evidence indicates the largest Chicago area banks have not expanded into lower income and minority markets, despite the substantial purchasing power and concentration of potential deposits available in these communities.

Reinvestment Alert 28 - New Mortgage Pricing Data Sheds Light on Subprime Market

May 10, 2005

Geoff Smith

An analysis of new federal mortgage lending data confirms that high cost subprime lending tends to be concentrated in minority communities and to African American and Hispanic borrowers. Reinvestment Alert 28 is based on new 2004 HMDA data which includes pricing information for subprime loans.

Reinvestment Alert 29: Refund Anticipation Loan Usage Rates Negatively Impact the Asset Building Potential of the Earned Income Tax Credit

February 09, 2006

Tom Feltner

 

This report analyzes 2002 IRS tax return data to determine the impact of refund anticipation loan usage among EITC recipients in communities across Illinois. The report also calculates the total amount of EITC dollars spent on high cost tax preparation and refund anticipation loan products in these same areas.