By: Steve Daniels – Crain’s Chicago Business – June 29, 2009 http://www.chicagobusiness.com/cgi-bin/article.pl?article_id=32134&see The Wolfberg brothers, who built their payday lending company into one of the Chicago area’s fastest-growing businesses, see a new growth opportunity: unemployment checks. PLS Financial Services Inc., with 47 local branches and $219 million in revenue last year, is marketing its high-rate, [...]
By: Greg Hinz June 22, 2009 In these days when “reform” supposedly is the mantra in Springfield, business as usual continues, well, as usual. The only thing that’s surprising is the sheer audacity of the players. A prime example is what didn’t happen late last month on a bill to put more limits on the [...]
Tom Abate, Chronicle Staff Writer Thursday, June 18, 2009 (06-17) 17:39 PDT — Four million Americans would fall below the federal poverty line if the interest they pay on their credit cards and other consumer debt were subtracted from their incomes, say two economics professors who call these people the “debt poor.” In two academic [...]
CRL explores the payday lending industry’s attempt to deny the importance of the APR, or annual percentage rate of interest, in disclosing the cost of their 400 percent interest product, which routinely catches borrowers in a cycle of financially devastating long-term debt.
The policy committee meeting has been rescheduled for Wednesday, July 1st at 10am. For more information about the meeting, contact iabg@heartlandalliance.org.
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$77 MILLION | State in tentative deal to get most college money repaid June 8, 2009 BY TERRY SAVAGE Sun-Times Columnist There is bright news for the thousands of parents who invested college savings money in Illinois’ Bright Start Savings Plan. In January, this column revealed that one of the fund managers within the Bright [...]
The bill intended to reign in high interest rates on small dollar loans and close the loophole in the Payday Loan Reform Act was defeated in the House Executive Committee. Despite efforts of many advocates, IABG included, the committee members voted “present” and did not pass the bill out of committee. An article from Progress [...]