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predatory lending

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Truth in Lending Small Business Reform

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...

September 19, 2022 at 8:11 pm read more

Comment Letter: Downgrade TAB Bank’s CRA Exam Rating

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,...

July 5, 2022 at 11:36 am read more

Letter of Support: Close the ILC Loophole Act

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...

May 24, 2022 at 10:39 am read more

Coalition Letter: Urging FDIC to Stop Banks from Using Predatory Rent-A-Bank Schemes

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.

February 7, 2022 at 4:05 pm read more
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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...

January 11, 2022 at 4:33 pm read more
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Chicago Sun-Times: High-interest loans in Chicago target Black neighborhoods

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...

November 30, 2021 at 9:40 am read more

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...

November 5, 2021 at 3:18 pm read more

Letter of Support: Veterans and Consumers Fair Credit Act

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%...

July 29, 2021 at 2:16 pm read more

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...

July 23, 2021 at 12:12 pm read more
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Will Illinois borrowers find predatory loan alternatives? They already are, says Capital Good Fund’s Andy Posner

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...

July 23, 2021 at 10:48 am read more
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