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.
Latino legislative & community leaders discuss predatory lending in Illinois and nationally
Raul Raymundo and TRP’s Director of Financial Wellness Lizette Carretero joined U.S. Rep. Chuy García, D-Ill. and the Woodstock Institute team in briefing 50 Latino legislative and community leaders Monday about prospects for a national 36% APR cap, affordable...
The PLPA’s 36% rate cap is working – and the data proves it
With the start of a new year, we decided to look back on the impact of the 36% interest rate cap set by the Predatory Loan Prevention Act (PLPA) on Illinoisans in 2021. The bottom line is that the...
Evanston Now: State law causing payday loan stores to close
By Jeff Hirsch, November 4, 2021 Brent Adams, of the Illinois-based Woodstock Institute, a liberal policy study group, says borrowers initially feel they will be able to repay say, $500 on time. But, he says, “research shows that a...
We Prosper, a new partnership & site for financial justice
WeProsper is a new partnership - and new site at weprosperil.org - dedicated to educating lawmakers and the public about predatory financial practices that strip wealth from communities, with a special focus on lower-income communities and communities of color....
Consumer Reports: New Lending Law Could Protect Car Buyers From High Fees
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...
Congress Rejects Trump-Era Banking Rule
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...
U.S. Senate Votes to Repeal Trump-Era Banking Rule
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...
PLPA Coalition Fact Sheet
The Predatory Loan Prevention Act coalition created a fact sheet in support of Illinois’s new 36% interest rate cap on consumer loans. More than 140 supporters have signed on to the fact sheet, including lenders, government and elected officials,...