Woodstock Institute Senior Vice President of Policy and Advocacy Brent Adams sat down with KSDK NBC’s Mark Maxwell to talk about the many Illinois consumers struggling under the weight of unaffordable, exploitive debt along with the pawn industry’s efforts...
This industry needs to be regulated under the 36% rate cap like all other consumer loans, writes Woodstock Institute Board Chair Tommy FitzGibbon. From Tommy FitzGibbon, Woodstock Institute Board Chair, for the Chicago Sun-Times, June 26, 2023: While Illinois’ pawnbrokers...
Pawn Shop charged more than 240% APR on pawn loan to active-duty servicemember For Immediate Release: June 8, 2023 Contact: Brent Adams | badams@woodstockinst.org | (773) 844-5544 *Interviews available upon request* SPRINGFIELD – The State’s chief regulatory agency, the...
The state’s Predatory Loan Prevention Act is working, we need to protect it, and the pawn industry must be included.
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...