By Oscar Perry Abello, September 14, 2021 The audit’s arrival at the end of August is timely, as Chicago City Council is set to vote today on a measure that would update and strengthen Chicago’s Responsible Banking Ordinance and...
By Claudia Morell and Linda Lutton, September 14, 2021 “…In addition to providing lending data, banks would have to provide an annual racial breakdown of their staff, something that’s already required of many companies that do business with the...
Consumer advocates say the law protects car buyers by making the true cost of their auto loans more clear, and could pressure lenders to offer more favorable terms. The law does not apply to loans from banks, but does...
…If advocates here want to see how a state can change course, they can look to Illinois and Hawaii, which this year created laws to impose a 36 percent interest cap on payday lenders. Close to 20 states use a similar limit....
… The speed at which the package passed surprised even community development and fair housing groups. “There was really a demand, on all levels of government, local state and federal elected officials representing Illinois, wanting to do something to...
Roughly 41,000 Illinois households with incomes low enough to qualify for the federal Earned Income Tax Credit will not have unpaid traffic fines, unpaid parking tickets and outstanding court judgments withheld from their 2020 state income tax refunds.
CEO Horacio Mendez's letter in response to column by Charles Lipson on equity ran March 11
“This Legislation Could End Illinois’ Payday Loan Industry” on WTTW Chicago Tonight & more recent coverage of Illinois’ proposed 26% cap
It’s not a question of if we’re becoming a cashless society, Mendez said. “We’re already there … We really need to make sure that we’re keeping an eye on those unintended consequences, because they’re always there.”
… Horacio Mendez, president and CEO of the Woodstock Institute, a nonprofit policy group that advocates for fair lending and economic equality, said that, in the past, many bureau investigations ended in settlements that he and other advocates believed...