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Quick Hit
by Ellyn Fortino
4:19pm
Thu Jun 2

Federal Consumer Watchdog Proposes Crackdown On Payday Lending Practices

The Consumer Financial Protection Bureau (CFPB) proposed new regulations Thursday to crack down on the payday lending industry. 

Payday lending provides short-term access to credit, but usually comes with high interest rates, often in the triple digits, and expensive fees.

"The consumer bureau is proposing strong protections aimed at ending payday debt traps," CFPB Director Richard Cordray said in a news release. "Too many borrowers seeking a short-term cash fix are saddled with loans they cannot afford and sink into long-term debt. It's much like getting into a taxi just to ride across town and finding yourself stuck in a ruinously expensive cross-country journey. By putting in place mainstream, common-sense lending standards, our proposal would prevent lenders from succeeding by setting up borrowers to fail."

PI Original
by Ellyn Fortino
2:52pm
Thu Dec 3, 2015

Debate Rages Over FDA Approval Of Genetically Modified Salmon

Progress Illinois looks at the debate surrounding genetically engineered salmon now that it has been approved for human consumption in the United States.

PI Original
by Ellyn Fortino
5:21pm
Wed Nov 18, 2015

Chicago City Council Roundup: 'Sanctuary City' Resolution, Privatization Safeguards & Drone Regulations

Progress Illinois recaps Wednesday's Chicago City Council meeting, during which aldermen reaffirmed Chicago's status as a "sanctuary city" and approved new drone regulations and a Privatization Transparency and Accountability Ordinance.

PI Original
by Ellyn Fortino
7:57pm
Tue Oct 6, 2015

Americans Receive Out-Of-Network Medical Bills That Reach 'Exorbitant' Heights, Report Finds

Health care and consumer experts sound off on a new report by America's Health Insurance Plans detailing "exorbitant" out-of-network medical charges.

PI Original
by Ellyn Fortino
10:36pm
Thu May 28, 2015

Consumer Protection Agency Probing Student Loan Services; Researchers Analyze Borrowing At For-Profit Colleges

On the heels of new research detailing trends in student loan burdens at for-profit colleges, the Consumer Financial Protection Bureau launched a public inquiry earlier this month into student loan servicing practices. 

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