Federal Activities:
On January 22, in response to President Biden’s COVID-19 Economic Relief Executive Order, the U.S. Department of the Treasury announced that it would create an online tool to assist households in obtaining stimulus payments. For more information, click
On January 20, the Biden administration issued a
memorandum to federal agencies and executive departments that places a regulatory freeze on reviewing new or pending rules. One rule recently finalized and currently pending is the Office of the Comptroller of the Currency’s rule on access to banking services provided by national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. For more information, click
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As the 101st Illinois General Assembly’s lame-duck session came to a close, lawmakers rushed to send 23 bills to Gov. J.B. Pritzker’s desk – but not the one he wanted.
In session overnight from Jan. 12 and into the morning Jan.13, lawmakers failed to support a small business tax increase, which was Pritzker’s top priority for lame duck session. Pritzker wanted to eliminate state-level tax benefits created as a form of economic relief when Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. He estimated the tax revenue loss at $500 million, but during floor debate early Jan. 13 the number was projected as high as $1 billion.
Illinois lawmakers hand Pritzker another tax loss, pass Chicago pension hike
Illinois lawmakers hand Pritzker another tax loss, pass Chicago pension hike Lame duck session was busy even when House Democrats weren’t focused on replacing Mike Madigan as speaker. Gov. J.B. Pritzker’s small business tax hike died as 23 bills were passed, including one making Chicago’s pension woes worse.
As the 101st Illinois General Assembly’s lame-duck session came to a close, lawmakers rushed to send 23 bills to Gov. J.B. Pritzker’s desk – but not the one he wanted.
In session overnight from Jan. 12 and into the morning Jan.13, lawmakers failed to support a small business tax increase, which was Pritzker’s top priority for lame duck session. Pritzker wanted to eliminate state-level tax benefits created as a form of economic relief when Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. He estimated the tax revenue loss at $500 million, but during floor
Finally. I first became aware of these business in the mid 90’s during an advertising campaign. How these legalized loan sharks survived all these years is sad.
36 per cent. Wow. I think we need that state or county bank that I heard about to make loans.
Got called (by an actual operator) about this and ‘preventing people who need them from getting loans’ asked the called if it was the payday loan industry. He didn’t know and asked a co-worker and then said it was.
Thanked him for calling and hung up.
Thank goodness. I’m all for personal accountability, but these payday loan places are scam artists. Some of the tactics they use - like never sending a first statement until past the due date - should be crimes.
Heartland Alliance: Historic legislation to prevent predatory loans passing Illinois House
Heartland Alliance: Historic legislation to prevent predatory loans passing Illinois House
SPRINGFIELD, Ill., Jan. 12, 2021 /PRNewswire-PRWeb/ The Illinois House of Representatives passed the Predatory Loan Prevention Act, which if passed by the Senate, would implement a 36 percent interest rate cap on consumer loans, including payday and car title loans. The legislation passed with a bipartisan vote, without a single member voting no. It is part of an omnibus economic equity bill, one of the Illinois Legislative Black Caucus four pillars, sponsored by Rep. Sonya Harper.
In Illinois, the average annual percentage rate (APR) on a payday loan is 297 percent, and the average APR on an auto title loan is 179 percent. Federal law already protects active-duty military with a 36 percent APR cap. This bill would extend the same protection to Illinois veterans and all other consumers. Seventeen st