Policy Development

People with disabilities, advocates, and government officials recently celebrated the 20th anniversary of the Americans with Disabilities Act (ADA) at the White House. While acknowledging that much progress has been made, participants agreed there is still a long way to go to achieve inclusion and opportunities for the one in five U.S. residents who have disabilities—that’s 54 million people, including 7 million who receive federal Supplemental Security Income (SSI) benefits.

At last, consumers who seek debt relief through debt settlement companies will be protected from deceptive and predatory practices that often leave consumers worse off than they were before. Gov. Pat Quinn signed the Debt Settlement Consumer Protection Act (HB 4781) on August 3, ending some of the worst debt settlement industry abuses in Illinois.

Woodstock Institute applauds the passage of the Dodd-Frank financial reform bill, which represents the most dramatic and pro-consumer overhaul of the financial system in 70 years. The bill, which President Obama is expected to sign soon, will stabilize the financial system, prevent the need for future bailouts, and create a new Consumer Financial Protection Bureau (CFPB) to guard against unfair and deceptive products and practices.

Thanks to your support, House and Senate conferees have passed a strong financial reform bill (read the summary and full text) that will protect consumers and introduce transparency to the financial system. The bill now goes to the full House and Senate for consideration. These reforms are major steps towards preventing another crisis and creating a sustainable financial system where all consumers can safely borrow and save for a brighter future.

In a crackdown on 700 percent interest rate payday loans, Governor Quinn signed HB 537, capping rates and closing the legal loophole that has allowed some payday loan companies in Illinos to operate almost completely unregulated.  Starting in March 2011, the law caps rates for nearly every short-term credit product in the state, prevents the cycle of debt caused by frequent refinancing, and gives regulators the tools necessary to identify potentially predatory lending practices before they become widespread.

As unemployment continues to remain high, we must look for ways to allow small businesses to expand and create jobs. Small businesses are engines for job creation—they create 80 percent of new jobs—but the recession has taken a toll on small business owners’ ability to access the credit they need to expand their businesses. A number of initiatives have the potential to increase small business lending to sound borrowers.