Lawmakers introduce legislation to close ‘pawnbroker loophole’
A court decision after passage of the Predatory Loan Prevention Act allowed pawn brokers to continue charging high APRs on loans. Now legislators hope to close the loophole.
WCIA: Illinois Lawmakers considering legislation to close interest rate loophole for pawn shops
SPRINGFIELD, Ill. – Jazmine was laid off during the pandemic and needed money to pay her rent. So she got a loan from a pawn shop using her cameras and Macbook Air as collateral. “Not only did they give...
Letter to the Editor: Cap Pawn Loan Rates for Veterans
Reprinted from Nov. 16 Chicago Sun-Times letters to the Editor Friday was Veterans Day, when we honor and recognize veterans for their sacrifice of blood sweat and tears in service to our country. In Illinois, though, one way veterans...
American Banker ‘BankThink:’ Reform the CRA? Maybe just enforce it, first.
Horacio Mendez’s opinion piece highlights an opportunity for federal bank regulators to raise the bar in grading banks reinvestment performance. I’m the first leader of the nearly 50-year-old economic equity and anti-redlining advocacy organization Woodstock Institute to come to...
Students of Color Face Major Hurdles Around College Debt- WTTW
WTTW roundtable on Monday, Oct. 31 framed the student loan debate as part of the racial wealth gap in a conversation that included CEO Horacio Mendez. About 48 million Americans have student loan debt — totaling more than $1.75...
Center Square: Poll shows Illinoisans favor Predatory Loan Prevention Act which caps interest
(The Center Square) – As lenders highlight the negative effects of the Predatory Loan Prevention Act, a new poll shows Illinoisans are in favor of the law.
WCIA-TV: “We can stop sinking”: Legislators celebrate anniversary of Illinois’ break-up with payday lending
Lawmakers celebrated the one-year anniversary of the passage of the Predatory Loan Prevention Act (PLPA) on Wednesday.
Chicago Sun-Times: Chicago-based lender stymied by state cap on interest rates
"Consumer advocates suspect Opportunity Financial, or OppFi, is fighting back against the limit of 36% on loan interest, but the company isn’t discussing its lobbying aims."
Illinois State Comptroller: Comptroller Mendoza Extends COVID Break for Struggling Taxpayers
Woodstock Institute was proud to join fellow advocates Financial Inclusion for All Illinois, Heartland Alliance, Chicago Jobs Council, COFI, and Legal Action Chicago in fighting to get this impactful program extended for another year. “Extending this program another year...
Block Club Chicago: Chicago’s Last Black-Owned Bank Got Millions in Government Deposits – Then Had to Give Them Back
As Black-owned banks disappear, politicians are under increasing pressure to save them. Big deposits are a ready solution, but sometimes they burden the banks more than they help.