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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
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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