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The Latest : Financial Reform & Predatory Lending Reform

Momentum for payday loan reform growing


The prolonged battle to close a loophole in Illinois' payday lending reform law is reaching a critical juncture.

SB 655: The Consumer Installment Loan Reform Act


SB 655, the Consumer Installment Loan Reform Act, will ensure that all Illinoisans have access to longer-term credit with reasonable terms. It will end the 700% Annual Percentage Rate currently being charged in Illinois.

Push for Formation of Consumer Financial Protection Agency


Consumer advocates and the Illinois attorney general are pushing for an independent federal Consumer Financial Protection Agency.

Payday Payoff


By Greg Hinz

Editorial: Payday loan lobby shows reform needed


In the battle to protect the little guy who takes out a payday loan, Illinois state lawmakers can listen to two groups.

They can listen to the consumer advocates trying to look out for the Average Joes, who have so little money they need to get payday loans with sky-high interest rates.

Or lawmakers can listen to the lobbyists representing the big-money lenders, who have a ton of cash and donate millions of it to politicians.

Beyond Payday Loans: Consumer Installment Lending in Illinois


In Illinois, discussions around establishing additional consumer protections for small-dollar, short-term credit often stall at the point of defining the substantive differences between the very short-term high-cost loans with a small number of payments, known as payday loans, and the longer-term but often equally expensive (in terms of finance charges) products, known as installment loans, that both fall under CILA.

Egan Campaign Endorsement Form


Support closing the Payday Loan Reform Act (PLRA) loophole.