policy

Regulators finalize rules to protect consumers from predatory “bank payday loan” products

These products are similar to payday loans because of their triple-digit interest rates, short terms with balloon payments, and lack of underwriting requirements before approval. 

Improving data collection on vacant buildings in the Chicago area

Written by Dan Fair on June 25, 2013 - 1:46pm

Before you can bring great redevelopment ideas to fruition, you need to know where vacant buildings are, who owns them, and what condition they’re in.

We set out to understand gaps in vacant buildings data collection in a new report released today. The report, Deciphering Blight: Vacant Buildings Data Collection in the Chicago Six County Region, recommends actions municipalities can take to improve and standardize their data collection.

The Case for Banning Payday Lending: Snapshots from Four Key States

The Case for Banning Payday Lending

A key move in the industry’s playbook is to convince states that the best way to address predatory payday lending is to regulate the industry. But regulations in states that authorize payday loans are too oft en written by industry and porous at best, and across the board fail to eliminate the hooks that trap people in these usurious and harmful loans.

Bill that encourages savings for TANF recipients is sent to the Governor’s desk

A bill that removes the asset limit for Temporary Assistance for Needy Families (TANF) recipients in Illinois, making it easier for them to build savings, has passed both chambers of the General Assembly and is on its way to the Governor’s desk.

Sign on to support proposed rules on bank payday loans

As we mentioned earlier this week, two federal regulators have released proposed rules that would put an end to the worst practices of payday lending by banks. We need to let regulators know that we support their changes! Comments are due next week Thursday, May 30. There are two ways you can make your voice heard on this issue.

Update on Richard Cordray nomination

Richard Cordray

 It will be crucial to gather as much support for Cordray as possible between now and July.

We will be following up with next steps for how you can communicate with Sen. Kirk about the importance of confirming Cordray. In the meantime, please continue to call his office and let him know why we need a strong leader at the head of the CFPB.

Act today: Tell Sen. Kirk to support Cordray

Written by Dan Fair on May 20, 2013 - 6:26pm

For almost two years, the CFPB has protected consumers from dangerous financial products and returned millions of dollars to those who were victimized by them. Yet these Senators are willing to leave consumers more vulnerable to predatory products not because they have issues with Cordray, but because of objections to the structure of the agency.

The CFPB’s work is too important to be held up by political grandstanding.

Comment today on CRA guidance

The regulators released proposed changes to their documents that implement CRA (called Interagency Questions and Answers).

We have until May 17 to comment on these proposed changes and let regulators know that they don’t go far enough, so please act today!

Your comments matter. Regulators will be hearing from legions of bank representatives, and we need to make sure that they hear from advocates as well. Here is a sample comment letter that we encourage you to personalize and send to regulators:

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