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.

More women will declare bankruptcy than get college degrees this year. Over one quarter of U.S. households are unbanked or underbanked, and 85 percent of these consumers are people of color. For every dollar that white Americans have, Latinos have 12 cents and African-Americans have 10 cents.

Have a question about Woodstock research? Want to keep up with the latest on foreclosures, financial reform, mortgage lending, asset building, and more? Woodstock Institute is now bringing you important research, analysis, multimedia, and news on your favorite social networks.

Woodstock Vice President Tom Feltner joined Sen. Dick Durbin (D-IL) at a press conference to announce the passage of the Senate financial reform bill. Sen. Durbin, along with representatives from the Illinois Main Street Alliance, the Illinois Restaurant Association, Illinois PIRG, and the Chicago Federation of Labor, explained how the financial reform bill will help our communities recover and prevent another devastating financial crisis. For example, limits on the fees credit card companies charge small businesses will help small businesses invest in expansion and job creation. Another provision protects taxpayers from funding another bank bailout. Woodstock applauds Sen. Durbin on his leadership on financial reform.

Woodstock Institute president Dory Rand addressed Chicago media to discuss the savings potential of young people when they have access to children’s savings accounts and to announce the creation of a new statewide task force to investigate the issue.

Woodstock Institute staff and members of the Illinois Community Investment Coalition (ICIC) left a big impression at last month’s National Community Reinvestment Coalition Annual Conference. Woodstock President Dory Rand, Senior Vice President Geoff Smith, and Vice President Tom Feltner shared Woodstock’s expertise with community investment advocates from across the country as presenters on panels with topics inlcuding strategies to influence elected officials, foreclosure prevention, and promoting sustainable lending.