FOR IMMEDIATE RELEASE: October 19, 2021 On Monday, St. Louis Equal Housing and Community Reinvestment Alliance (SLEHCRA), Woodstock Institute and the National Community Reinvestment Coalition (NCRC) submitted comment letters opposing the proposed merger between First Mid Bank & Trust and Jefferson Bank & Trust to the Federal Reserve....
Lending Patterns by Nonbank Lenders Have Been Long Shrouded in Mystery FOR IMMEDIATE RELEASE: September 1, 2021 PRESS CONTACTS: Brent Adams, badams@woodstockinst.org, 773-844-5544 Jane Doyle, jdoyle@woodstockinst.org, 708-527-7568 Today, the Consumer Financial Protection Bureau (CFPB) released proposed rules requiring all...
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...
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 new rate cap, which will be applied only to new loans, saves Illinois consumers over a million dollars in exorbitant fees and interest each day. A new Resource Guide offers options for people paying off a high-cost loan...
Governor Pritzker signed the Illinois Community Reinvestment Act into law, making Illinois the second state with oversight to ensure equitable investment
The Predatory Loan Prevention Act (SB1792 - PLPA), signed into law by Governor Pritzker today, marks a significant milestone for economic equity in Illinois and potentially sets the stage for other states to follow. Years in the making, advocates—including...
A new Woodstock Institute report assesses the PLPA’s impact on Illinois’ economy and refutes claims by the legislation’s opponents that the new law will cost the state jobs.
SB 1792 would cap the interest rate on loans at 36% APR Looking for alternatives to high-interest-rate payday or car-title loans? We have a guide for that! Read our Resource Guide on Affordable Alternatives A coalition of more than...
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...