January 22, 2016
January 22, 2016
The next Ohio CASH meeting will be at 11 a.m. Thursday February 25, 2016, and will be held by webinar. The meeting will focus on student debt. More information to follow.
Ohio working families win with EITC/CTC permanent expansions!
Last month, Congress passed an omnibus budget that included funding to make federal improvements to the earned income tax credit (EITC) and child tax credit (CTC) permanent. In 2008-09, Congress temporarily expanded the credits to help working families weather the Great Recession. If the credits would have expired, 50 million Americans, including over 400,000 Ohio families, would have been impacted.
Ohio CASH/Policy Matters Ohio led the state’s advocacy efforts to ensure that Ohio’s congressional leaders understood the importance of the credits for our families. With meetings, calls, emails, letters, opinion editorials, social media work and other advocacy tools, we were able to convince them to support the credits.
Special thanks to the following organizations that were involved in our advocacy efforts:
The Consumer Financial Protection Bureau is expected to announce national rules on payday lending early this year. Ohio has made valiant, yet unsuccessful attempts to regulate payday lending. A strong rule from the CFPB could keep Ohioans from being caught in the “debt trap”.
Last year, the CFPB announced its proposed rules, which would require lenders to consider a borrower’s ability to repay a loan. It was a step in the right direction. Ohio CASH/Policy Matters Ohio joined other state advocates in a statement asking the CFPB to go further to protect consumers.
When the CFPB announces the final rules, there will be a public comment period. This will be the time for individuals, organizations and companies to tell the agency what they think. Payday lenders will flood the CFPB with comments on how their loans are a valuable product. We need as many voices as possible to tell the agency how borrowers suffer from predatory payday loans and how the rules will impact the public.
If you would be willing to submit a public comment, contact Kalitha Williams at email@example.com. We will have templates available and can help you write the letter.
Senator Brown calls for funding for alternatives to payday loans
U.S. Senator Sherrod Brown, wrote President Obama asking him to put funding in the next budget for affordable, small-dollar loan programs for the financially vulnerable. Dodd-Frank Act, the financial reform legislation passed to prevent another Great Recession, includes a provision to help lo- income borrowers. Unfortunately the program has not be implemented.
National Poll Demonstrates Support for Regulations for Paid Tax Preparer
The Consumer Federation of America commissioned a poll about regulating paid tax preparers. The poll found that more than four of five respondents believe that paid tax preparers should be required to pass a competency test, be licensed by the state and provide a clear, upfront list of fees before completing a taxpayer’s return.
Despite the millions of tax returns filed by paid tax preparers and the consequences consumers face for errors, few states regulate paid tax preparers. David Rothstein of Neighborhood Housing Services of Cleveland continues to be a leader on this issue.
January 25-29 is Tax Identity Theft Awareness Week.
During tax season, identity thieves work to steal tax refunds. Find out how to stop them by participating in a series of events and accessing resources sponsored by the The Federal Trade Commission.
We’re on Twitter!
Ohio CASH has a presence on Twitter and regularly “tweets” local, state and national news about family financial stability topics. Follow us at @OhioCASH
Share your news
Do you have any upcoming events, articles or news you would like to share with other Ohio CASH partners? Send it to Kalitha (firstname.lastname@example.org) and she’ll add it to the next E-news.
Mark your calendars for upcoming Ohio CASH meeting webinars scheduled for 11 am on
February 25, 2016 · May 26, 2016 · August 25, 2016 · November 17, 2016
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