The CFPB’s database is the largest public database of federal consumer financial complaints, providing information on over 90,000 complaints regarding particular financial institutions or financial products. The database enables the public to see what types of products consumer complained...
The proposed standards require an assessment of the borrower’s eligibility for the product and financial capacity to repay the loan and meet other financial obligations, limit the number of such loans borrowers can receive in one year, and mandate...
Last month, Woodstock joined more than 250 organizations in sending a letter to leaders of the Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, Federal Reserve Board, and Federal Deposit Insurance Corporation to end the practice...
Our voices were heard loud and clear this year at the National Community Reinvestment Coalition annual conference, where we had the opportunity to take our priorities to bank regulators and 15 members of the Illinois Congressional delegation. We were...
These short-term, small-dollar loans can have triple-digit annual percentage rates (APR) and are known to disproportionately affect low-wealth consumers and communities of color, often trapping them in a vicious cycle of debt. A recent Center for Responsible Lending report...
If you’ve ever received a foreclosure notice or thought about walking away from your mortgage, you may think twice after you watch this story. If you get hit with a foreclosure notice, do not assume that you have to...
130328_woodstock_CFPB_complaintdatabase.pdf Testimony of Spencer Cowan before the Consumer Financial Protection Bureau field hearing on its consumer complaint database discussing how the data could be used and how it should be expanded to include the critical elements of fair lending analysis.
The Consumer Financial Protection Bureau (CFPB) recently asked the public for ideas on how to promote loan affordability for private student loan borrowers, especially in periods of hardship. Woodstock Institute submitted a comment letter synthesizing some of the lessons...
130408_woodstock_studentloans_CFPB.pdfWoodstock Institute’s response to the Consumer Financial Protection Bureau’s request for information on promoting affordability in the private student loan market. The letter describes the growing need for better options to help private student loan borrowers avoid defaulting on...
We have written to regulators manytimes saying that bank payday loans have the same effect on communities as storefront payday loans. Our own research shows that payday loans disproportionately affect low-wealth families and communities of color. Banks often get...