Copyright 2001 Chicago Sun-Times, Inc.  
Chicago Sun-Times
June 28, 2001, THURSDAY, Late Sports Final Edition
SECTION: NEWS; Pg. 15

LENGTH: 166 words

HEADLINE: Bank flier gets lawmaker's attention

BYLINE: BY DAVE NEWBART

BODY:
Brazenly advertising that new rules against predatory lending don't apply to it, the Chicago office of a Milwaukee bank has drawn the attention of Congress. Rep. Jan Schakowsky (D-Ill.) has asked federal regulators to investigate the bank, which has withdrawn the ad.

Illinois regulations restricting predatory lending went into effect in May.

"It's Business as usual at M&I Bank!" touts a flier sent out last month from the Arlington Heights office of Milwaukee's M&I Bank.

The flier, faxed to 50 loan brokers, emphasizes the fact that M&I Bank is federally chartered and is therefore "EXEMPT from Predatory Lending Laws!!!!!!!!"

"This for me is an advertisement on why we have to pass the federal predatory lending law," Schakowsky said.

Officials at M&I said the flier was the unauthorized work of a single employee, who will be disciplined.

"There is absolutely no way in the world that M&I has done or intends to do predatory lending," said bank spokesman Mike Hatfield.

LOAD-DATE: June 28, 2001