TOMORROW on WVON!
Woodstock's Brent Adams and former State Senator Jacqueline Collins will join WVON's Rufus Williams to discuss Woodstock's new report, "The PLPA Is Still Working; But the Predatory Lenders Strike Back!"
Tune in here: www.iheart.com/live/wvon-16...
By requiring APR disclosure, the Small Business Financing Transparency Act (HB744 HA # 1) would empower small business owners to shop for the best price “apples-to-apples” when comparing financing options.
Contact your Illinois legislators and encourage them to support this bill at aprforall.com!
Every year, Illinois small businesses lose an estimated $450 million as a result of nontransparent loans that often conceal predatory triple-digit interest rates of more than 100% —raising costs for consumers as well.
Thank you to all the IL leaders that have stood up for small businesses by endorsing APR For All legislation, including AG Kwame Raoul, Comptroller Susana Mendoza, Treasurer Mike Frerichs, Cook County Board President Toni Preckwinkle, & Mayor Brandon Johnson.
woodstockinst.org/press-releas...
"Bad math justifying economic harm to everyday Americans seems to have found fertile ground with this Administration."
woodstockinst.org/press-releas...
Alongside the Corporate Coalition of Chicago, we've been working directly with both lenders and banks to develop a product like this here in Chicago.
A pilot program from Great Lakes Credit Union will launch this year!
www.chicagobusiness.com/elevate/chic...
By bridging the gap workers often experience trying to meet essential expenses while waiting for their next paycheck, employer-sponsored small dollar loan products have the potential to address households' need for safe and affordable credit.
www.americanbanker.com/payments/new...
However, the industry continues to strike back: Since the PLPA's enactment, predatory lenders have successfully lobbied state legislators to file at least seven bills that weaken the PLPA and have evaded the 36% cap by partnering with out of state banks.
www.chicagotribune.com/2024/03/05/o...
Contrary to industry predictions that the PLPA would "create havoc" and dry up credit, consumer lending has been robust.
In 2019, the total principal amount of all loans reported statewide was a little over $1b. In 2023 and 2024, the total principal amount reported was $1.4b for each year.
88% of Illinois voters support an interest rate cap of 36% or lower. Support is even higher among former high-cost loan borrowers.
woodstockinst.org/press-releas...
In 2011 Illinois had 518 licensed payday loan stores. Today there are zero.
Our new report details the positive impact of Illinois's 36% APR cap on consumer loans as well as industry’s attempt to circumvent the law.
woodstockinst.org/research/rep...
The spotlight these hearings put on lending inequities matters. This data consistently spurs conversations with financial institutions on how they can strengthen their lending metrics —with real results.
The data and testimony are available on our website: woodstockinst.org/mortgage-len...
Yesterday, we presented new data to the Chicago City Council Committee on Finance regarding the lending patterns of the City's banking partners.
These annual hearings evaluate whether Chicago’s banking partners are making progress in closing historical racial and economic lending disparities.
Learn more about the Coalition for Small Business Financing Transparency at APRForAll.com.
We're glad to be working with the American Fintech Council to pass common sense small business lending protections in Illinois!
american-fintech-council-new.webflow.io/press-releas...
Last week’s Small Business Town Hall with Majority Leader Robyn Gabel, Rep. @gonggershowitz.bsky.social, Senator Laura Fine, and Commissioner Samantha Steele was a great opportunity to connect with local small business owners and learn more about their experiences with accessing financing.
The Woodstock Report on WVON 1690 AM returns this Wednesday, February 4 at 8:20am!
Rep. Kam Buckner will be on this week to discuss the Small Business Financing Transparency Act, which would codify critical lending protections for IL small businesses.
Listen here: www.iheart.com/live/wvon-16...
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https://www.wandtv.com/news/statehouse/advocates-call-for-il-small-business-loan-transparency-plan/article_299307ee-90a4-49a3-b62a-75518a0df2ff.html
Learn more about APR For All legislation and the Coalition for Small Business Lending Transparency: aprforall.com
Our efforts to pass critical lending protections for Illinois small businesses were featured on @wandnews.bsky.social.
"In 2023, a growing number of business bankruptcies were directly tied to merchant cash advances and similar products," said Rep. Kam Buckner.
www.youtube.com/watch?v=6r5n...
"The share of Financially Vulnerable households in Cook County decreased from 19% in 2022 to 18% in 2025, including notable improvements among Black (39% to 33%) and Latino residents (30% to 26%)."
www.cct.org/research-and...
Illinois legislators and consumer advocates want to hear from small business owners about their experiences with financing their businesses and accessing capital.
Free breakfast from Habibi In will be provided!
Register here: evanstonthm.eventbrite.com
“This idea forces credit card companies and banks to make less money... then you’re going to see them take a number of actions to limit those losses and try to find different ways to make money," said Woodstock President & CEO Horacio Mendez.
news.wttw.com/2026/01/20/t...
Leader Kam Buckner joined small business owners & advocates this morning at the Illinois State Capitol to amplify the Small Business Financing Transparency Act.
Learn more and watch the full press conference here:
woodstockinst.org/press-releas...
Multiple polls have shown that the PLPA enjoys overwhelming bipartisan support and that consumers are finding other ways to manage a cash crunch.
One poll found that 95% of former predatory loan borrowers support the Illinois rate cap:
woodstockinst.org/press-releas...
In 2022 alone, the Predatory Loan Prevention Act (PLPA)'s 36% consumer loan rate cap saved consumers at least $600 million in loan interest and fees, and bankruptcies declined more in Illinois than in our neighboring states following passage of the law.
woodstockinst.org/predatory-le...
The President’s 10% rate cap proposal would be a windfall for payday, auto title, and predatory installment lenders.
In contrast, in states like Illinois that have imposed a cap for nearly all types of consumer loans, it’s consumers who enjoy the windfall.
woodstockinst.org/press-releas...
Woodstock and our partners are not dropping our lawsuit demanding Vought keep the CFPB funded and open.
This latest funding request is only for a quarter, and we expect to be in the same spot we were last month once this latest round of funding runs out.
www.citizen.org/litigation/r...
This is great news and we’re glad to see the Trump Administration is being forced to keep the Consumer Financial Protection Bureau (CFPB) on life support.
However...
www.americanbanker.com/news/vought-...
