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Quick Hit
by Ellyn Fortino
4:19pm
Thu Jun 2, 2016

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
4:34pm
Tue May 31, 2016

With End Of Legislative Session Looming, Illinois Budget Deal Appears Unlikely

Tuesday marks the last day of the regular legislative session in Illinois, and it appears unlikely that state lawmakers and the governor will reach a budget deal by the deadline. Progress Illinois rounds up the developments out of Springfield. 

PI Original
by Ellyn Fortino
3:03pm
Wed May 25, 2016

Fast Food Workers Protest In Chicago Ahead Of McDonald's Annual Shareholder Meeting (VIDEO)

Progress Illinois provides highlights from the first of several Fight for $15 protests happening in Chicago this week ahead of McDonald's annual shareholder meeting. 

PI Original
by Ellyn Fortino
5:56pm
Fri May 20, 2016

Illinois Has The Nation's Highest African-American Jobless Rate For Second Straight Quarter

New reports show a grim employment situation for African Americans living in Illinois.

PI Original
by Ellyn Fortino
5:55pm
Wed May 18, 2016

Chicago City Council Roundup: Aldermen Propose Privatizing Airport Security; Debt Transparency Ordinance Passes

From airport security to debt transparency, Progress Illinois rounds up highlights from Wednesday's Chicago City Council meeting.

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