In real estate, appraisal bias can keep homeowners from receiving the full value of their home. IDFPR Deputy Secretary Ericka Johnson breaks down what appraisal bias is, how exactly it affects consumers, and what you can do if you believe you’re a victim in our newest episode of Making Cents of Money. Show Notes: HUD: Appraisal Bias and the Valuation Process - https://www.hudexchange.info/programs/housing-counseling/housing-counseling-today/appraisal-bias-and-the-valuation-process/ NPR: Racial Bias often creeps into home appraisals. Here’s what’s happening to change that -https://www.npr.org/2 ..read more

In our latest episode of Making Cents of Money, Acting Director of Banking Susana Soriano discusses Illinois’ historic Community Reinvestment Act (CRA). From reducing discrimination to combatting redlining, learn how this landmark legislation will help Illinois consumers! Show Notes: • Please note, this podcast was recorded before rules for Illinois’ Community Reinvestment Act were adopted on May 1, 2024. The rules may be found below: o Banks: https://idfpr.illinois.gov/content/dam/soi/en/web/idfpr/forms/CRA-Banks.pdf o Credit Unions: https://idfpr.illinois.gov/content/dam/soi/en/web/idfpr/for ..read more

Did you know federal law aims to curb discriminatory lending? Ed Hill from IDFPR’s Division of Banking breaks down the Community Reinvestment Act and how it works to increase lending to underserved communities in our latest episode of the Making Cents of Money podcast! Show Notes: • Community Reinvestment Act (CRA) via Federal Reserve Board - https://www.federalreserve.gov/consumerscommunities/cra_about.htm o CRA Ratings via FFIEC - https://www.ffiec.gov/craratings/default.aspx • Housing Discrimination Under the Fair Housing Act via HUD - https://www.hud.gov/program_offices/fair_housing_equal_ ..read more

There’s a big transition happening for the Public Service Loan Forgiveness Program (PSLF)! In our latest episode of Making Cents of Money, we break down what’s happening and what this means for borrowers looking to have their college loans forgiven for public service ..read more

In the newest episode of Making Cents of Money, IDFPR Secretary Mario Treto, Jr. discusses the topic of redlining and how it leads to disparities for generations. Learn what IDFPR is doing to address this serious topic and to help redlining to become a policy of the past. Resources: Investopedia: What is Redlining? Definition, Legality, and Effects: https://www.investopedia.com/terms/r/redlining.asp#:~:text=Redlining%20is%20the%20discriminatory%20practice,on%20their%20race%20or%20ethnicity. Federal Reserve: Redlining: https://www.federalreservehistory.org/essays/redlining Urban Institute: The ..read more

Show Notes Money Minded Curriculum: https://www.illinoistreasurer.gov/Financial_Education/Money_Minded_Illinois Financial Literacy Resources: https://www.illinoistreasurer.gov/Financial_Education/Financial_Literacy_Resources IL Financial Wellness Hub https://www.illinoistreasurer.gov/Financial_Education/IL_Financial_Wellness_Hub ..read more

There’s an important deadline at the end of this month for student loans! We break down the steps being taken by the Biden Administration for borrowers that may result in loan discharge sooner than anticipated in our latest episode of Making Cents of Money. Show Notes: U.S. Department of Education Press Release: https://www.ed.gov/news/press-releases/biden- harris-administration-announces-additional-49-billion-approved-student-debt-relief Biden Extends Key Student Loan Forgiveness Deadline: Why It Matters: https://www.forbes.com/sites/adamminsky/2023/12/18/biden-extends-key-student-loan- forgi ..read more

Graduation, first jobs, and financial transitions, oh my! In our latest episode of Making Cents of Money, we’re joined again by the University of Illinois Urbana-Champaign’s Donovan Sanchez to break down first steps for that first full-time job after graduation! Show Notes: Previous Episodes with Donovan Sanchez • Ep. 33 – Establishing a Vision for Your Life: https://blogs.uofi.uillinois.edu/view/7550/2108012941 • Ep. 55 – Wealth Building as a Balancing Act: https://blogs.uofi.uillinois.edu/view/7550/1517205319 Budgeting & Financial Planning • Ep. 20 – Budgeting: https://blogs.uofi.uillino ..read more

Last year featured some of the largest bank failures in U.S. history. In this episode of Making Cents of Money, Chicago City Comptroller (and former Illinois Director of Banking) Chasse Rehwinkel joins us to break down what went wrong, how regulators respond, and why most consumers should not be worried about ever losing the money in their bank accounts. Show Notes: FDIC & California Regulator Reports • FDIC Releases Report Detailing Supervision of the Former First Republic Bank, San Francisco, California: https://www.fdic.gov/news/press-releases/2023/pr23073.html • Review of DFPI's Oversi ..read more

Cryptocurrency is still new, and with new frontiers come new challenges. David DeCarlo and Jake Hamilton from IDFPR’s Office of Innovation join us on our latest episode of Making Cents of Money to discuss gaps in regulation and what can be done to help protect consumers. Show Notes: • CFPB Publishes New Bulletin Analyzing Rise in Crypto-Asset Complaints: https://www.consumerfinance.gov/about-us/newsroom/cfpb-publishes-new-bulletin-analyzing-rise-in-crypto-asset-complaints/ • How Chicago Fell for Crypto: https://chicagoreader.com/news-politics/how-chicago-fell-for-crypto/ • Pew Research Center ..read more