Community Investment News (November 2007)


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Account Ownership and Financial Education
New Study Suggests Link Between Account Ownership and Financial Education

A new study commissioned by the Financial Services and Education Project finds that financial education and accounts have an iterative relationship, whereby each leads to consumers seeking more of the other. Combining financial education and accounts seems to have a number of positive effects for some consumers. To read the full report please click here.

Hot Legislation

Federal

  • HR 3915 Mortgage Reform and Anti-Predatory Lending Act of 2007 will prohibit steering incentives to mortgage originators. For full text click here.


  • HR 2419- The 2007 Farm Bill will increase resource limits in the Food Stamp program. For the full text click here. Take Action

Illinois

  • SB 1167 Mortgage Certificate Release Penalty was signed by the Governor on Nov. 2


Aspiring Scholars Matching Grant Program

Arkansas has become the eighth state to establish a matching grant program for 529 college savings accounts when Governor Mike Beebe signed into law Act 597 in March. The act authorizes the creation of the Aspiring Scholars Matching Grant Program, a pilot program that will match low-income families deposits into 529 accounts. The law excludes 529 accounts from asset tests used to determine eligibility in TANF, Medicaid, and Food Stamps. For more information please click here.

Calendar of Events

Nov. 29: Shriver Center Awards Dinner in Chicago

Dec.12: IABG Full Member Meeting 12-1pm

National City Bank

One North Franklin, Chicago IL 60606

Working Families Food Stamp Initiative

The USDA approved initiative expands access to the Food Stamp Program to low-income, working families in New York. For more information please click here.

Mortgage Lending and Predatory

HR 3915 would amend the Truth in Lending Act to reform consumer mortgage practices, provide accountability, establish licensing and registration requirements for residential mortgage originators and provide certain minimum standards for consumer mortgage loans. Take action on HR 3915.

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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