The Consumer Financial Protection Bureau (CFPB) and City of Chicago have teamed up to protect city residents from predatory lending.
At the announcement in Chicago, CFPB Director Richard Cordray said it is the first time the federal agency has partnered directly with a municipal government.
The crux of the agreement is information sharing: The city will share information it collects on financial scams with the CFPB, and the CFPB will share its analysis, expertise, and mandated enforcement power with the city. Read the rest of this entry
During a press conference today, Chicago Mayor Rahm Emanuel announced his new proposed ordinance to more closely regulate paid preparers and enhance protections for consumers of these tax services. Citing tax data analysis provided by the National Community Tax Coalition through its Center for Economic Progress affiliate in Illinois, Mayor Emanuel highlighted the dramatic drain predatory practices and refund products have created for Chicago’s low-income working families. Read the rest of this entry
David Marzahl discusses what Financial Aid Awareness Week means, and what the Center for Economic Progress is doing to promote awareness in the Chicago area through their involvement with Financial Aid U.
By Dan Fair, Manager of Communications & Member Relations