The Illinois Senate advanced a “truth in lending” bill and worked quickly to pass an elections law change that Gov. JB Pritzker characterized as “actually an ethics bill.” Hannah Meisel and @peterqhancock report loom.ly/UtCQ6bQ

SB 2234 has passed the Illinois Senate!

This marks a significant step forward in our ongoing efforts to promote transparency and fairness in small business lending.

#SupportSB2234 #ProtectSmallBusiness #twill

Read more:

woodstockinst.org/media/press-re…

Earlier this week, the consumerfinance.gov published research finding that complex pricing models often lead to higher costs for consumers. Today, we’ve released a blog post focusing on how these models make it more difficult for consumers to compare credit cards. consumerfinance.gov/about-us/blog/…

The Small Business Financing Transparency Act requires nonbank lenders to disclose the APR for all small business loans, helping protect small businesses from being tricked into taking out a predatory loan. #SupportSB2234 #twill Senator Christopher Belt IL Senate Democrats Woodstock Institute

We're thrilled that the rules implementing the IL-CRA are finalized!

Thank you to Housing Action IL, Senator Bill Cunningham, and IDFPR for getting this across the finish line.

We look forward to seeing lower income Illinois communities benefitting from this landmark legislation.

TOMORROW: Tune into WVON 1690AM for The Woodstock Report to hear State Senator Christopher Belt discuss SB2234: the Small Business Financing Transparency Act.

iheart.com/live/wvon1690a…

New research from @cfpb reveals how #junkfees rely on complex pricing to escalate costs & prevent #consumers from keeping their hard-earned money. When prices are disaggregated thru more fees, sellers gain pricing power, driven by complexity and confusion. bit.ly/4dlYUZ8

“The consumerfinance.gov's report confirms what we’ve always known,” stated Berneta Haynes NCLC. 'The burden of medical debt disproportionately falls on Black and Latino families.” #RacialJustice #MedicalDebt #CreditReports #ProtectConsumers #DefendCFPB nclc.org/cfpb-report-co…

TOMORROW: Woodstock's Horacio "Fred" Mendez will be joined by CCLF's DeMario Greene and Housing Action IL's Sharon Legenza on WVON 1690AM for a discussion on the Illinois Community Reinvestment Act!

Tune in to learn how this law will benefit IL communities:
iheart.com/live/wvon1690a…

'...Over five years, seniors in the Near North Side community area alone were approved for $713 million in refinancing or home improvement loans —an amount on par with total lending in all 28 of the city’s majority Black communities combined, $785 million.'

For Investigative Project on Race and Equity & Block Club Chicago, my colleagues @angelatcr, sujay kumar, Maia McDonald 💫, Khadija Ahmed & I examined how the lack of access to home repair loans and grants hinders Black seniors in Chicago from aging in place and building generational wealth. blockclubchicago.org/2024/04/23/onl…

Last week, Woodstock had the honor of joining Rep. Jan Schakowsky, Illinois Attorney General Raoul, FTC Chair Lina Khan, and fellow advocates in highlighting current efforts to root out predatory junk fees.

So great to join Congresswoman Jan Schakowsky, Illinois Attorney General Raoul, and Illinois consumer protection advocates to share FTC’s work tackling junk fees, subscription traps, and other predatory tactics that inflate costs for families and punish honest businesses.

Consumers need our help! Thanks to Illinois Attorney General, Lina Khan, and all the Illinois consumer protection advocates who joined me for a conversation on junk fees and lowering costs.

Increased competition will help lower prices and create a fairer playing field for everyone.

Our 2022 banking and credit survey found 20% of Latinos paid a late fee on their credit card in the previous year. Credit card late fees have typically averaged $30, but the consumerfinance.gov recently finalized a rule to cap these fees to only $8. But this rule is in jeopardy.🧵

#DidYouKnow consumerfinance.gov and President Biden have taken bold steps in reducing credit card late fees which will save the families that typically pay these fees $220 a year.

Read more: bit.ly/43F7sG8