Illinois Asset Building Group - Building Financially Strong Families and Communities

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The last few months witnessed several developments in the struggle to create a Consumer Financial Protection Agency. To recap, on July 9th H.R. 3126, the Consumer Financial Protection Act of 2009, was introduced in the House of Representatives. Hearings on the bill began shortly thereafter and an intense debate ensued. The arguments continued almost to [...]

Nearly 27% of Illinois household are “asset poor,” meaning they lack the cash reserves to get by at the federal poverty level for three months when their primary source of income is eliminated through a job loss or other disruption. Racial and ethnic minority households are disproportionally asset poor. Where almost one in five (19%) [...]

Unemployment and Housing Issues Make Residents Financially Unstable
When it comes to achieving financial stability, Illinois residents face mixed prospects, according to a report released today by the Corporation for Enterprise Development (CFED), a national economic nonprofit. The state earned a “C” on the 2009‐2010 Assets & Opportunity Scorecard, with Illinois excelling in measures of assets [...]

The Illinois Asset Building Group (IABG) urges members of the Illinois General Assembly to increase the state income tax while providing a significant increase in the state’s Earned Income Tax Credit in the final FY 2010 budget. 
IABG supports progressive tax reform, including an income tax increase coupled with policies to [...]

IABG supports the appointment of the Children’s Savings Account Task Force.   Sign on to IABG’s letter to Governor Quinn urging him to make the remaining appointments.

The Illinois Asset Building Group aims to build the strength and stability of Illinois families and communities through the promotion of asset-building policies and programs. Fair and adequate revenue policies are critical to assuring supports for families struggling to build assets – healthcare, education, public safety and others. To meet these needs, the tax system [...]

The current recession and financial crisis highlights the important role of asset ownership in creating financially stable communities.  As personal bankruptcies and mortgage foreclosures continue at record pace, the recently elected 111th U.S. Congress is considering several bills that would protect consumers and expand asset-building opportunities for all Americans:
Credit Cards/Overdraft
The Credit Cardholders’ [...]

The National Community Tax Coalition (NCTC) is a nationwide network of over 600 community-based organizations, the majority of which run Volunteer Income Tax Assistance (VITA)/free tax preparation programs for over one million low-income workers across the country.  As front-line service providers, NCTC sees widespread devastation caused by the current economic crisis.   One thing is clear [...]

Congressman Gutierrez has proposed predatory reform legislation that is not good for consumers.
H.R. 1214 provides Congressional consent to single payment loans of 390 percent APR for two weeks or 780 percent APR for one week. The loan cap of fifteen cents per dollar loaned in H.R. 1214 authorizes lenders to charge $60 for a typical [...]