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- Payday lenders - 36 Illinois groups have petitioned US lawmakers to halt the rollback of payday loan protections implemented last year by the Consumer Financial Protection Bureau, according to a release from the Heartland Alliance. The bureau’s rule capped lenders at 36 percent interest rate, but with no legislative protection in place and a joint resolution aimed for repeal, Illinois borrowers could suffer a blow. “The payday lending debt trap is a harsh reality for many Illinois payday loan borrowers, the majority of whom make less than $30,000 per year. Research shows four of every five loans are re-borrowed within the month; and as a result, Illinoisans pay over half a billion dollars per year in fees,” the group writes. [Release]
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Mayor to appoint new 35th Ward alderperson after Ramirez-Rosa becomes head of Park District
