Woodstock Institute opposes the Illinois Department of Financial and Professional Regulation’s (IDFPR) proposed across-the-board rate increase on check cashing fees, as requested by the currency exchange industry.

Please contact Jenna Severson at jseverson@woodstockinst.org or (312)368-0310 for more information.

Timeline 

Press Releases

Consumers Push Back Against Check-Cashing Rate Increase

Notice of the IDFPR Hearing on Proposed Currency Exchange Rate Increase

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

Woodstock Offers Counterproposal on Check-Cashing Rate Increase

Official Documents

Testimony of Sen. Jacqueline Y. Collins to Illinois Department of Financial and Professional Regulation on Currency Exchange Rates

Testimony of Brent Adams to Illinois Department of Financial and Professional Regulation on Currency Exchange Rates

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

Media

NPR Illinois 91.9 UIS: Currency Exchanges Pushing Fee Increase

Chicago Sun-Times: Currency exchanges’ higher check-cashing rates hurt poor

CBS 2: Currency Exchange Services May Increase With New Proposal

ABC 7: Fee increase proposed for currency exchanges

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”

Relevant 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