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Mortgage, credit card issues top concerns for Illinois consumers, policy brief shows

CHICAGO—Issues with mortgages and credit cards were the top complaints Illinois consumers submitted to the Consumer Financial Protection Bureau (CFPB)’s consumer complaint database, a new policy brief from Woodstock Institute shows. The policy brief examines data from the CFPB’s online consumer complaint database and compares Illinois’ complaint data by issue and product with national complaint data.

Testimony of Spencer Cowan before the Consumer Financial Protection Bureau regarding issues in the credit card and payday loan markets

Testimony of Spencer Cowan before the Consumer Financial Protection Bureau field hearing on the impact of the Credit CARD Act. Cowan thanked the CFPB for enforcement actions against credit card issuers and urged them to assess the pricing of add-on products and restrict up-front fees. Cowan also recommended that the CFPB enact consumer protections for all high-cost small-dollar loans, including installment loans and auto title loans.

Consumer Financial Protection Bureau Hearing on Credit Cards

Date: 
Wednesday, October 2, 2013 - 11:00am

 

Join the CFPB for a field hearing in Chicago on credit cards. The hearing will take place on Wednesday, October 2 at 11 a.m. CDT at the following address:

Winter Garden, Harold Washington Library
400 S State St.
Chicago, Illinois

The event will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.

This event is open to the public and requires an RSVP.

To RSVP

Event type: 

Tell Rep. Rush to drop support for pro-payday lending bill

In fact, the bill would carve lenders peddling harmful financial products online, like payday and car title loans, out of hard-fought state and federal consumer protections. Disappointingly, Rep. Bobby Rush (D-IL) is a co-sponsor of this bill, which would strip wealth from consumers who can least afford it.

Tell Reps. Hultgren and Foster NOT to Support Weakening CFPB Mortgage Rules

The CFPB recently finalized ability-to-pay rules that include a definition for a qualified mortgage (QM). The qualified mortgage definition incentivizes safe and sustainable mortgage lending by providing some protections from lawsuits to lenders in exchange for offering affordable, soundly structured loan terms.

From The President: Celebrating 5 Years with Woodstock Institute

July 17, 2013 - 10:57am
Dory Rand

We knew that deregulation of the financial industry and short-term profit-seeking through toxic loan products had led to the disaster, but we didn’t know how we were going to help people in foreclosure and make our financial system more just and sustainable.

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