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 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.
…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....
Rule Threatened to Re-Open the Doors to 200% APR Loans in Illinois FOR IMMEDIATE RELEASE: June 24, 2021 CONTACTS: Brent Adams, badams@woodstockinst.org, 773-844-5544 Jane Doyle, jdoyle@woodstockinst.org, 708-527-7568 CHICAGO: Consumer advocates are applauding Congress’s 218-208 vote today to repeal the...
Celebrating the contributions of two outstanding women and a review of mortgage data from the past 36 years were among the highlights of Woodstock Institute’s 2021 Economic Justice Awards June 10. The theme of the virtual event centered around...
Massachusetts is the only other state to have its own state-level CRA that covers credit unions and mortgage companies in addition to banks. The conversation was a deep dive into how the Massachusetts regulators implement their law.
This was just the kick-off event and IDFPR plans to hold more public events and conversations to answer questions and take comments and feedback.
Woodstock Institute was excited to see this rulemaking process begin and we look forward to strong Illinois CRA regulations that are informed by input from local communities and stakeholders like advocates, banks, credit unions, and mortgage companies. Effective implementation of our state CRA will mean more investment in the communities that need it most.
Brent Adams is representing Woodstock as one of 50 leaders of organizations advising Cook County Board President Toni Preckwinkle on ways to use a new Cook County Equity Fund fund to address racial disparities.
Regulation Threatens to Undermine Illinois’s New 36% Rate Cap FOR IMMEDIATE RELEASE: May 12, 2021 CONTACT: Jane Doyle, 312-368-0310 ext. 2022, jdoyle@woodstockinst.org CHICAGO: Consumer advocates are applauding the United States Senate’s vote last night to repeal the so-called “true...
… The speed at which the package passed surprised even community development and fair housing groups. “There was really a demand, on all levels of government, local state and federal elected officials representing Illinois, wanting to do something to...