Consumer Protection Ideas Abound at IABG Convening

Last month, the IABG coalition gathered at our #IABG2016 Partner Convening at the Federal Reserve Bank of Chicago. Our last session of the day focused on consumer protections. Partners shared challenges with predatory financial products and services in their communities, and brainstormed solutions. Topics included student loans, debt collection, payday & auto title loans, car loans and car insurance, and credit reporting.

There were so many great ideas shared, and you can see the discussions reflected in the words above. Some of these ideas include:

  • Regulate for-profit schools
  • Provide more refinancing options for federal student loans
  • Require a cooling off period for auto loans with excessive fees & add-ons products
  • Create more positive credit reporting opportunities
  • Provide more information about people’s rights in debt collection
  • Pass local zoning laws to limit payday loan store openings
  • Create new safe, affordable & transparent credit products
  • Strengthen state laws regulating auto title loans

We look forward to advancing strong consumer protections in Illinois. To do this, we will need everyone to play a part. Stay tuned for more information and next steps.

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