Woodstock Institute Vice President for Policy and Communication Brent Adams wrote recently to U.S. Rep. Sean Casten and the other members of the Illinois Congressional delegation on the House Financial Services Committee to urge them to co-sponsor H.R. 6054...
Woodstock Institute joined a coalition letter led by the National Community Reinvestment Coalition (NCRC) urging the FDIC to downgrade the Community Reinvestment Act (CRA) exam rating for TAB Bank. TAB Bank, based in Utah and regulated by the FDIC,...
Woodstock Institute signed on to a coalition letter in support of the Close the ILC Loophole Act (HR 5912) introduced by Rep. Chuy García (IL-04). Industrial loan corporations (ILCs) operate under a special exemption in federal law that permits...
Woodstock Institute joined a coalition letter with other national consumer advocacy groups urging the Federal Deposit Insurance Corporation (FDIC) to stop permitting its supervised institutions to front for predatory lenders evading state interest rate laws.
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...
By Stephanie Zimmerman, November 26, 2021 Using 2019 borrower loan data obtained from state regulators, the nonprofit Woodstock Institute found the top ZIP codes for payday loans, excluding the Loop, were majority-Black… Brent Adams, senior vice president of the...
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...
Woodstock Institute recently signed on to a letter led by the Consumer Federation of America (CFA) in support of the Veterans and Consumers Fair Credit Act (S.2508) (VCFCA). The VCFCA would extend the Military Lending Act (MLA)’s all-in 36%...
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...