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Illinois Legislature passes Black Caucus’ 36% rate cap to curb predatory lending

HB 2685, introduced in a special session of the Illinois General Assembly, caps the APR on high-cost debt at the same 36% level that protects active-service military throughout the country

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Illinois Community Reinvestment Act also passes as part of Black Caucus’ legislative package

On January 13, the Illinois General Assembly passed legislation creating an Illinois Community Reinvestment Act (IL CRA) to help ensure that state regulated financial institutions better meet the needs of low- and moderate-income neighborhoods, including areas where there is a lack of access to banking and lending services. 

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2019 Fact Book

The Chicago area 2019 Community Lending Fact Book identifies local mortgage and small business lending trends in the City of Chicago, Chicago’s 77 community areas, and the seven-county region of Cook, DuPage, Kane, Kendall, Lake, McHenry, and Will counties.

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Woodstock Institute Staff Statement on Racism Against Black Lives by Police in America and Recent Protests


In the past few days, we bore witness to a country overwhelmed with anger and pain. Our communities are reeling, our hearts are broken.

Today we say to our Black brothers and sisters, we hear you. Black lives matter. Black communities matter. Black futures matter.  

The brutal killing of Black people by police must end – and it must end now. We ask this in the name of George Floyd, Breonna Taylor, Laquan McDonald, Sandra Bland, and so many other Black lives that were taken at the hands of an officer whose job it was to protect and serve them. We hear community calls for police reform, and we agree: the system must change.

Woodstock Institute was founded in response to racial discrimination. Through our research and policy advocacy in the financial system, we are uniquely aware of how bad policymaking can perpetuate racial discrimination and breed inequity. We see this in the stark reminder of segregated communities throughout the country.

Our staff has taken the past few days to come together. We went to protest, to pass out food in our community, to reach out to our loved ones, to grieve, and to discuss how we can each better address racism in our own lives, in our communities, and in our government.

We will continue to advocate for the end of racist policymaking, be it through unscrupulous financial service providers, discrimination in housing, or unjust fines and fees. We hope you can join us in this fight.

Statement Issued June 3, 2020


 

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