Desiree's Story
Desiree J. started working with Innovative Changes 6 weeks ago, in mid-June 2010. Her pay and rent cycles misalign, so for months she'd been forced to pay her rent late, accumulating late charges. The $500 Opportunity Loan and financial education provided by Innovative Changes will help Desiree stabilize her finances.
"My last loan was a car loan, they never told me the terms," Desiree said. "[Innovative Changes] explained everything about interest, payments, and credit."
With the loan, Desiree can pay her rent on time again and use what she was spending on the late fee for other expenses.
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Financial Reform and Innovative Changes
On July 21st President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (CFPA), the most significant and consumer-friendly financial reform enacted since the 1930s. The new law is intended to stabilize the U.S. financial system and creates a new Consumer Financial Protection Bureau (CFPB)-housed within the Federal Reserve-to prevent unfair and deceptive consumer finance products and practices.
As a consumer finance company and an emerging CDFI nonprofit loan fund offering responsible small dollar consumer loans, Innovative Changes is regulated by the CFPA and the CFPB.
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Goodbye Charles, Hello Talia
August brings an important change to Innovative Changes staff. On the 20th, Talia Kahn-Travis will replace Charles Thompson as our AmeriCorps VISTA volunteer.
Charles has been an integral part of the team and has helped establish Innovative Changes as a viable and valuable organization in the Oregon nonprofit community.
"I liked that [Innovative Changes] was a brand new program," Charles said. "It also fit with my interest in finance and community development."
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