Small Dollar Lending Guidelines from the CFPB

This post originally appeared the Illinois Asset Building Group Blog.  The Consumer Financial Protection Bureau (CFPB)  released "Examination Procedures: Short-term, Small Dollar Lending," (pdf) which are guidelines for examining small dollar loan products. The guidelines are written for financial...
April 11, 2012

Texas Appleseed Report Profiles Small Dollar Lenders

This post originally appeared on the Illinois Asset Building Group (IABG) blog. Chicago Appleseed is an IABG partner. A report released this week by Texas Appleseed, "Reshaping the Future of Small Dollar Lending," makes the policy case for small dollar loans, and then profiles six market newcomers...
February 14, 2012

Illinois Asset Building Group Launches New Website

The Illinois Asset Building Group, of which Chicago Appleseed is a member, unveiled a new website this week. Be sure to check it out at: http://www.illinoisassetbuilding.org/ An excerpt from their launch email explains the site features: Asset Building Blog: our blog will provide a space for IAB...
January 19, 2012

Illinois Payday Loan Reform Takes Hold

Illinois’ payday loan and consumer installment loan laws, the Consumer Installment Loan Act and the Payday Loan Reform Act (collectively referred to as CILA / PLRA), have taken effect. This is exciting news for a state that has "more payday loan stores than McDonald's," according to a 2004 statement...
May 5, 2011

Payday Lenders Lose Initial Bid to Block Illinois Law

Payday Lenders won't submit to regulation without a fight. Last Friday, Payday Lender Illinois Lending Corp sued in Cook County Court for a temporary restraining order (TRO) against Illinois’ new and modified payday loan laws, the Consumer Installment Loan Act and the Payday Loan Reform Act (CILA /...
March 24, 2011