- Published: Friday, June 11, 2021 04:32 PM
CHICAGO– State Senator Jacqueline Collins was honored Thursday evening with Woodstock Institute’s Scheinfeld Award for her work to protect consumers, promote economic opportunity and advance financial justice.
The Institute recognized Collins for her efforts to pass the new historic Illinois Community Reinvestment Act and the Predatory Loan Prevention Act this past year. Both pieces of legislation, the result of years of research by Woodstock and advocacy on Collins’ part, were included in reforms contained in the Illinois Legislative Black Caucus’ Economic Equity Pillar. They were signed into law earlier this year.
“I accept this award with gratitude, not just for the Woodstock Institute’s years-long partnership in fighting against these racist policies and practices, but with humility in light of the work we still have to do together to bring a true end to discriminatory and predatory lending,” Collins said. “I am honored to be recognized.”
The Predatory Loan Prevention Act puts Illinois in the same regulatory stance toward payday, auto title, and other small installment loans as 17 other states and the District of Columbia, capping the rates at 36% that lenders can charge borrowers. The Community Reinvestment Act, among other things, mandates greater efforts on the part of the State of Illinois to invest in businesses and financial institutions that can demonstrate a commitment to fairer lending practices.
Named for Aaron and Sylvia Scheinfeld, who in 1973 founded the nonprofit Woodstock Institute to fight on behalf of those suffering from the policies that have fueled economic segregation, the Scheinfeld Award is bestowed upon those with a long-term and visionary commitment to financial justice. Prior to Senator Collins, the last Scheinfeld Award winner was Illinois Attorney General Lisa Madigan in 2013.
