Small-dollar savings lead to big rewards: What Michigan can learn from the UK’s Child Trust Fund
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Small-dollar savings lead to big rewards: What Michigan can learn from the UK’s Child Trust Fund

By Brian Rakovitis, manager of financial empowerment initiatives Nearly two decades ago the United Kingdom government decided to invest in its future (and its youth) by opening savings accounts for every child before their first birthday. As Michigan communities pursue similar initiatives, this program provides further evidence for what we already know: small-dollar savings lead...

Payday Lending Expansion Bill Passes in the Michigan House 
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Payday Lending Expansion Bill Passes in the Michigan House 

FOR IMMEDIATE RELEASE                May 27, 2020 Contact: Jessica AcMoody Policy Director, CEDAM acmoody@cedamichigan.org (517) 231-6139 Payday Lending Expansion Bill Passes in the Michigan House  The proposed legislation could result in borrowers owing more than $4,000 on a $2,500 loan LANSING— Today the Michigan House of Representatives approved House...

Empowering Michigan communities: Immediate and long-term policy responses to COVID-19
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Empowering Michigan communities: Immediate and long-term policy responses to COVID-19

We’ve seen the many ways that the COVID-19 pandemic has affected and altered our daily lives and business as we know it. The crisis is exposing the weaknesses in our social safety net like never before—and financially vulnerable households that were living paycheck-to-paycheck before the pandemic are especially at risk. There are immediate and long-term...

State House Committee Advances Payday Loan Expansion Bill
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State House Committee Advances Payday Loan Expansion Bill

  HB 5097 allows loans of up to $2,500 with fees equivalent to 132% APR Lansing, MI – The House Regulatory Reform Committee voted to advance a bill today that would allow payday lenders to offer longer-term loans that put vulnerable Michiganders at risk.  HB 5097 would allow loans of up to $2,500 with fees...

Governor Whitmer announces sensible policy for Michigan assistance programs
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Governor Whitmer announces sensible policy for Michigan assistance programs

By Ross Yednock, Director of the MEIC at CEDAM Michigan policy has long held our state’s families living in or near poverty back from saving for emergencies and planning for the future. That has now changed, thanks to Governor Gretchen Whitmer’s announcement earlier this year that increased asset limits for three Michigan assistance programs. As...

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Governor Snyder Talks Severance Tax

The Lansing State Journal is reporting today that Governor Snyder’s administration has proposed a severance tax on non-ferrous minerals being mined in the Upper Peninsula. According to the article: Under the plan, a 3 percent tax would be levied on the value of minerals removed from the ground, said Keith Creagh, director of the Michigan...

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Michigan’s Upper Peninsula Talking Secession Again?

As I read through the weekend’s news articles, one headline caught my eye: “Yoopers are talking secession from Michigan again”. This isn’t the first time I have seen that phrase in my life, but I am an ardent fan of the U.P. and all it has to offer so I had to read more. The...

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U.S. Senate’s lame duck session

The U.S. Senate is scheduled to convene on Monday, November 15, however no votes are scheduled to be taken on any matter until sometime on Wednesday, November 17.  As of November 5, the following bills are the only ones which appear on the Senate calendar: S.3815, the Promoting National Gas and Electric Vehicles Act of...