Community Investment News (December 2007)


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Don't let the payday loan grinch steal your holiday fun

Lt. Governor Pat Quinn joined advocates in the Monsignor John Egan Campaign for Payday Loan Reform, including Citizen Action-Illinois, Woodstock Institute, Heartland Alliance for Human Needs & Human Rights, the Illinois Asset Building Group, 8th Day Center for Justice, Sargent Shriver National Center on Poverty Law, and the Payday Loan Grinch on December 5 at an Americash store in Chicago to warn consumers to avoid payday installment loans for fast cash this holiday season. The Payday Loan Reform Act of 2005 does not protect consumers who take out installment loans over 120 days. To read the full article, click here.

Hot Legislation

  • HR2419 - The 2007 Farm Bill will further strengthen Food Stamp programs, improve food stamp resource limits, and restore food stamp eligibility to more vulnerable groups currently left out.
  • S2341 - The Focusing Investment Resources for a Safe Transition (FIRST) Act if passed, will provide Individual Development Accounts (IDAs) to support foster youth who are aging out of the foster care system.
  • S2136 - The Helping Families Save Their Homes in Banktruptcy Act of 2007 was introduced to address the treatment of primary mortgages in banktruptcy proceedings.
  • S2452 - The Homeownership Preservation and Protection Act of 2007 eliminates prepayment penalties and yield spread premiums in sub-prime loans, contains full assignee liability and includes a fiduciary responsibility for brokers.

United Way launches financial education toolkit

The United Way of Massachusetts Bay and Merrimack Valley and Bank of America recently launched an online financial education toolkit to assist community-based organizations in their efforts to offer financial education to families and individuals. The toolkit was designed to ensure quality and consistency of financial education programs and to increase the financial stability of Massachusetts' low-income families. Click here to access the toolkit.

Calendar of Events

March 12-15, 2008: National Community Reinvestment Coalition (NCRC) Annual Conference in Washington, D.C. For more information click here.

September 11-13, 2008: "Advancing America's Asset Agenda", a conference sponsored by Corporation for Enterprise Development (CFED) in Washington, D.C. For more information click here.

CIU turns talk into action

Members of the Shriver Center's CIU attended the National Training and Information Center's Housing and Banking Summit, Turning Talk into Action, December 5-7 in Chicago, where they participated in a variety of sessions relating to the preservation of affordable housing, the future of the Community Reinvestment Act, and fair lending practices. The conference drew community leaders from across the country to network and discuss strategies for preserving the American dream of homeownership and asset building. The Shriver Center is currently reaching out to legislators to build support for legislation that combats anti-predatory practices and protects. To read more, click here.

Teen bank models generate interest

Dory Rand, Supervising Attorney of the Community Investment Unit, recently presented to a group of potential bank partners at Banking on Our Youth and Our Community, an interest meeting sponsored by Philadelphia high school, Kensington International Business/Finance and Entrepreneurship High School and the FDIC. As the coordinator of the Curie Branch in Chicago and consultant to branch projects in the Bronx, New York and Fresno, California, Rand discussed why student-run banks represent a viable solution to many of the problems that face students in largely unbanked and underbanked communities. Click here for more information on student-run banks.

The Community Investment Unit develops and promotes policies and programs that move people from poverty to prosperity, including financial education, access to mainstream financial services, asset building, and consumer protection. For more information, contact Dory Rand at 312.368.2007.

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