Woodstock Institute recently signed on to a letter led by the Consumer Federation of America (CFA) in support of the Veterans and Consumers Fair Credit Act (S.2508) (VCFCA). The VCFCA would extend the Military Lending Act (MLA)’s all-in 36%...
Woodstock Institute recently signed on to a letter led by the National Community Reinvestment Coalition (NCRC) to comment on the merger between First Midwest Bank and Old National Bank.
Consumer advocates say the law protects car buyers by making the true cost of their auto loans more clear, and could pressure lenders to offer more favorable terms. The law does not apply to loans from banks, but does...
Illinois’ 36% APR cap on personal loans took effect March 23, the day Governor Pritzker signed the Predatory Loan Prevention Act. “Within days, we saw an increase in Illinois’ daily application volume of about 70%," says Andy Posner, CEO...
Woodstock Institute recently signed on to a letter supporting the Consumer Protection and Recovery Act (H.R. 2668). The letter was led by the National Association of Consumer Advocates (NACA). This bill would restore the authority of the Federal Trade...
Woodstock and fellow Chicago affordable housing advocates have been working with Ald. Harry Osterman (48th Ward) on a Lending Equity Ordinance (LEO), which was recently introduced in City Council.
Woodstock recently signed on to an advocates’ response to a Request for Information (RFI) from the federal Office of Management and Budget (OMB) asking for input on data, analytical methods, and stakeholder engagement strategies that federal agencies should use...
Federal financial regulators published a Request for Information (RFI) to gather input from the public on how financial institutions use artificial intelligence (AI) and machine learning (ML) in lending and what factors regulators should consider for regulatory oversight of...
…If advocates here want to see how a state can change course, they can look to Illinois and Hawaii, which this year created laws to impose a 36 percent interest cap on payday lenders. Close to 20 states use a similar limit....