paydayloan 082720CHICAGO – State Senator Jacqueline Y. Collins (D-Chicago) released the following statement Monday commending Attorney General Kwame Y. Raoul for challenging the Federal Deposit Insurance Corporation’s rule that exempts buyers of high-interest loans from state interest-rate caps.

“Illinois has worked diligently for years to ensure our residents aren’t victims of predatory lenders that target low-income and minority residents. Lenders should not be able to take advantage of our state’s most vulnerable consumers.

“The FDIC’s rule is just another attempt to allow predatory lenders to profit at the expense of the people who can least afford it. I thank Attorney General Raoul for his effort to overturn it.”