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click to enlarge Unsplash / The New York Public Library Among the flurry of bills passed in the five-day January lame duck session in Springfield was the Predatory Loan Prevention Act, a measure that would cap interest rates for consumer loans under $40,000 such as payday loans, installment loans, and auto title loans at 36 percent. These types of loans often trap consumers in cycles of debt, exacerbate bad credit, lead to bankruptcy, and deepen the racial wealth gap. Some 40 percent of borrowers ultimately default on repaying such loans. The new regulation was in a package of bills advanced by the Legislative Black Caucus as part of its four pillars of racial justice reforms in economic policy, criminal justice, education, and health care.

United statesDistrict of columbiaState houseBrent adamsRandy posnerJacqueline collinsIllinois automobile dealers associationNational consumer law centerLending clubIllinois financial services associationAmerican financial services associationAssociation of illinoisMarketplace lending associationUnited community development financial institutionsCapital good fundWoodstock institute