Hoosiers Not Saving Enough for Retirement
MEDIA: Network Applauds Senate Effort to Protect Servicemembers
Are you saving enough for retirement? Many of us believe we are but, unfortunately, statistics show that’s just not the case here in Indiana.
According to a National Financial Capability Study, research participants were asked five questions covering aspects of economics and finance encountered in everyday life. Only 35 percent of Hoosiers (and 37 percent of U.S. adults) could correctly answer 4 or 5 out of 5.
Commonwealth - Designing Rules of Thumb Toolkit
Today, Senator Donnelly and 48 other senators sent a letter to acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney, calling on the bureau to continue supervision of lending made to active duty servicemembers and their families to ensure that lenders are complying with the Military Lending Act (MLA).
Network Submits Comment Encouraging CFPB to Maintain Public Access to its Complaint Database
This toolkit guides you through the process of creating rules of thumb—simple, actionable messages that can guide consumers on a decision or action.
CFPB Acting Director Mulvaney Joins Payday Lenders to Push Pause on Payday Rule
In late April, the Consumer Financial Protection Bureau announced its intent to end public access to the Bureau's complaint database. Following the announcement, stakeholders, such as financial services companies, consumer advocacy groups, and concerned citizens, were invited to submit comments to the Bureau regarding the proposed change.
CFPB Payday Rule Survives Legislative Threat, Remains Intact For Now
The Consumer Financial Protection Bureau joined two payday lender associations — the Consumer Financial Service Association of America and the Consumer Service Alliance of Texas — in a motion to push pause on pending litigation to block implementation of the CFPB’s payday rule. In the same motion, they sought a delay of the rule’s compliance date of August 19, 2019.
CFPB Announces Intent to End Public Access to Complaint Database
Wednesday was a victorious day for consumer advocates across the country. It marked the last day for lawmakers to act to repeal the Consumer Financial Protection Bureau’s payday rule, and the deadline passed without Congress voting to repeal the rule. Resolutions to repeal the rule were introduced in both the House and Senate, but failed to garner sufficient support.
Congress: Protect Hoosier Consumers, Not Payday Lenders
According to a new report from the Wall Street Journal, Mick Mulvaney, acting Director of the Consumer Financial Protection Bureau, announced his intent to end public access to the Bureau’s complaint database. Consumers use the database to file complaints against financial companies, and the CFPB publishes these complaints for public use. “I don’t see anything in here that says I have to run a Yelp for financial services sponsored by the federal government,” Mulvaney said.
Prosperity Now - A State Policy Blueprint for a More Inclusive Path to Prosperity
On Friday, March 23, Senator Lindsey Graham (R-SC) introduced a bill in the Senate that would nullify protections for payday loan borrowers by repealing the Consumer Financial Protection Bureau’s (CFPB) federal payday loan rule.
Letter regarding S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act
This State Policy Blueprint aims to support the leadership of state lawmakers and advocates interested in creating a more inclusive path to prosperity—a path that addresses the challenges and institutional barriers facing low-income communities and communities of color.
How Well Does Indiana Protect Consumers from Unfair and Deceptive Business Practices?
Dear Senator Donnelly and Senator Young,
As a statewide coalition working to build assets for low-wealth Hoosiers, the Indiana Assets & Opportunity Network (The Network), we have several urgent concerns to bring to your attention regarding S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.
Applying the success of 'promotores de salud' to personal finance
INDIANAPOLIS– State Unfair and Deceptive Acts and Practices (UDAP) laws prohibit deceptive practices in consumer transactions, such as sales of cars and other goods, loans, home improvements, utility contracts, and mortgage transactions. A new report from the National Consumer Law Center (NCLC) finds that while a strength of Indiana’s UDAP statute is that it has broad prohibitions of deceptive and unconscionable acts, the statute has a number of weaknesses.
2015 Indiana College Readiness Report
During the 1960s, an alternative model for delivering health education to "hard-to-reach populations, traditionally excluded racial/ethnic groups, and other ... underserved communities" was gathering steam. The "instructors" of health education were called promotores de salud ("promoters of health"). Rather than being health care professionals, promotores were lay community members who received specialized training to provide basic health education. The practice was, and remains, especially popular in Latino communities where citizenship, language, and familiarity with the health care system are common barriers to accessing care. The core objective of the promotora is to educate target audiences about health issues affecting their community and provide guidance in accessing health care resources.
The application of the promotora model from a health care application to a financial literacy application shows promise as an alternative model to deploy financial education to these same "hard-to-reach populations, traditionally excluded racial/ethnic groups, and other ... underserved communities."
Prosperity Now - Racial Equity Policy Design and Advocacy: A Primer
The Indiana College Readiness Report released by the Indiana Commission for Higher Education shows tracks the status of Indiana High School students. Indicators include number of students who took the AP test, earned duel credit from an Indiana public college, Socioeconomic status, and more.
Economic growth? Nation- and statewide only some are reaping the benefits
This primer aims to identify the elements of advocacy, policy design and implementation practices that improve outcomes for people of color.
Indiana Assets & Opportunity Network Statement on the Consumer Financial Protection Bureau's Payday Rule Reconsideration
Tuesday, February 6 marked the release of the 2018 Prosperity Now Scorecard. Issued annually, the Scorecard is a comprehensive resource for data on household financial health and policy recommendations to help put everyone in our country on a path towards prosperity. It ranks all 50 states and the District of Columbia across five issue areas: Financial Assets & Income, Businesses & Jobs, Homeownership & Housing, Health Care, and Education. The Scorecard also separately assesses states on the strength of policies to expand economic opportunity. The Scorecard is accompanied by a main findings report titled “Whose Bad Choices? How Policy Precludes Prosperity and What We Can Do About It?”
Asset Funders Network to release report on private funding for CSAs
On Tuesday, January 16, the effective date of the “Payday, Vehicle Title, and Certain High-Cost Installment Loans” rule, the Consumer Financial Protection Bureau issued a statement, indicating it would engage in a rule-making process to reconsider its Payday Rule. The Indiana Assets & Opportunities Network (the Network) sees this as a significant step backward in consumer protections for low-income households.
Congress introduces bill to overturn rule protecting Hoosiers from payday lending
The Asset Funders Network (AFN) will soon release a report on private sector investment in CSA programs. A preview of the report shows growing interest in the field as reflected by generous funding awarded to active, as well as emerging, CSA programs. By the end of 2016, 313,000 children in 29 states were enrolled in CSAs—a 39 percent uptick from 2015’s end. This growth has been facilitated, in large part, by private sector investment.
Fisticuffs at the Consumer Financial Protection Bureau: English and Mulvaney Vie for Leadership
In early October, the Consumer Financial Protection Bureau (CFPB) finalized a rule that would mitigate the harms of payday lending by requiring lenders to determine a borrower’s ability to repay before issuing a loan or limiting the number of loans made without conducting such a test. Advocates and borrowers alike praised the rule—developed after five years of study and public comment—as a positive step forward. But last Friday, six members of Congress introduced a bill that would nullify the CFPB’s rule.
Doing the Math: "Tax Cuts and Jobs Act" Doesn't Add Up
Following Richard Cordray’s resignation from his role as Director of the Consumer Financial Protection Bureau (CFPB), two people are clamoring to assume his post. Leandra English, formerly the CFPB’s Chief of Staff and promoted to Deputy Director by Cordray at the Eleventh Hour, asserts she is the rightful acting director, according to procedure established in the 2010 Dodd-Frank and Wall Street Reform Act. Meanwhile, President Trump named Mick Mulvaney, Director of the Office of Management and Budget (OMB), acting director, according to procedure established in the 1998 Federal Vacancies Reform Act. The acting director would serve in the interim while the President appoints a permanent director, which the Senate must confirm in a simple majority vote.
English, who has helped lead the Bureau since its inception in 2011, and Mulvaney, who once called the Bureau a “sick, sad joke”, embody widely different visions regarding the future of the agency.
House Republicans unveiled their tax plan on Thursday, prompting debate between advocates and adversaries about whom the plan most benefits. Paul Waldman writes in an opinion-editorial for The Washington Post that the “two competing narratives” about the plan remain unchanged. Critics argue the plan favors the wealthy and corporations at the expense of the majority of Americans; supporters that it promotes economic growth that will trickle down.