Progress Illinois

In the most interesting political rumor of the day, the Wall Street Journal listed Attorney General Lisa Madigan as a possible director of the new Consumer Financial Protection Bureau, if and when Congress finally approves the financial reform package.

If named, Madigan would probably thrive in the roll. She's spent the bulk of her tenure as the state's lead attorney fighting on behalf of consumers, whether those exploited by mortgage lenders, utility companies, polluters, or low-cost lenders. Indeed, she was a high-profile advocate of creating the bureau in the first place.

But would she take the job? Back when her name came up as a potential U.S. Senate candidate, she took her name out of the running, citing family implications.

UPDATE (7/7): Madigan threw some cold water on the rumor last night, recommending Harvard Law Professor Elizabeth Warren for the post.

Payday lenders, beware. The installment loan reform bill (HB 537) we've been tracking for months, which would close a gaping loophole in the 2005 Payday Loan Reform Act, has been assigned to the House Executive Committee and will get a hearing Monday afternoon. Also on tap are a few technical changes to the pension borrowing bill (SB 49), which still has no Republican supporters. The Sun-Times editorialized in favor of the measure this morning, writing that a payment delay "defies all logic."

Large telecom companies in Illinois won a big victory in Springfield last week when both chambers unanimously approved a significant rewrite of the Illinois Telecommunications Act. Despite the wide support the bill earned in the legislature, consumer advocates are justifiably worried about some of the language. While they were able to preserve "safe-harbor" packages -- which guarantee low landline phone rates for vulnerable customers -- the Citizens Utility Board (CUB) could not keep in place an Illinois Commerce Commission order requiring AT&T to offer high-speed Internet access to 90 percent of its customers outside the Chicago area. In fact, CUB spokesperson Jim Chilsen tells us his organization is urging Gov. Pat Quinn to issue an amendatory veto to reinstate this mandate.

On Tuesday night, Chris Wetterich analyzed the politics of a potential veto for Quinn, who was instrumental in CUB's formation. To reject the change, both chambers would need a three-fifths majority.