The PLPA established a 36% APR cap on consumer loans in Illinois. Two bills recently filed in Springfield, SB 2306 and HB 3192 would throw a loophole into the Predatory Loan Prevention Act (PLPA) by redefining how APR is...
Predatory loans can set-off a debt spiral and can lead to overdraft fees, loss of a bank account, bankruptcy, and even poor health. Before turning to a loan, consider some of these strategies to cut expenses and boost income....
Woodstock Institute, Housing Action Illinois, and 55 other organizations wrote to Gov,. Pritzker asking him to support S. 1608, the Black Caucus' bill to create an Illinois Community Reinvestment Act modeled on the federal anti-redlining law that was pioneered...
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
In support of HB 2685 – SFA 3 and specifically the portion of the bill that establishes a 36% cap on consumer loans in Illinois. I took an Uber to the train station yesterday. When I told the driver...
Woodstock Institute requests that the Office of the Comptroller of the Currency (OCC) withdraw its proposed “Fair Access to Financial Services” proposal. This proposed rule inserts the government in countering free market forces, ignores the financial industry’s evolution of...
The OCC should strip Oportun of CDFI status, not promote it by granting bank charter Update: The Texas Tribune & ProPublica weighed in on Oportun’s application for a national bank charter Jan. 8. Oportun, one of the few Community...
With checks likely coming soon, hold off getting a loan or look at options at 36% or less APR By Brent Adams How much and how soon are still open questions because of the dispute between Congress and the President...
Testimony of Spencer Cowan to Senate Financial Institutions Joint Hearing with Senate Commerce and Economic Development Committee and Senate Executive Committee Subject Matter Hearing on Racial Equity in Lending and Homeownership October 15, 2020 – The federal Community Reinvestment...
How Communities Would Be Impacted by New Federal Banking Rules: Final Analysis In the midst of the coronavirus pandemic, the Office of the Comptroller of the Currency (OCC) issued new rules to determine how banks are regulated under the Community Reinvestment Act...