150323 CFPB Prepaid Comments_Final.pdf Woodstock Instituted submitted comments to the Consumer Financial Protection Bureau (CFPB) regarding its proposed rule to regulate the prepaid card market. Despite being one of the fastest growing payment types in the country, the industry...
he U.S. Consumer Financial Protection Bureau held a public hearing Thursday as a backdrop for its proposals, which include limits on loan rollovers, freezes on new loans and limits on how lenders tap borrowers’ bank accounts. The proposals apply...
Woodstock Institute is part of the Monsignor John Egan Campaign for Payday Loan reform and the Stop the Debt Trap Campaign, which are fighting for an end to abusive lending. In Illinois, short-term payday loans carry a 391 percent...
Sen. Durbin’s proposed bill: Establishes a maximum APR equal to 36% and apply this cap to all open-end and closed-end consumer credit transactions, including mortgages, car loans, credit cards, overdraft loans, car title loans, refund anticipation loans, and payday...
Sarah Thebaud’s Newsweek article noted that accumulating education and skills is not sufficient for women to attain financial equality. Thebaud conducted an experiment in which male and female entrepreneurs pitched ideas to participants, the majority of whom were in...
Once again, Woodstock Institute, dozens of fellow Illinoisans, and hundreds of colleagues from across the country will descend upon Washington, DC, March 25-28, to learn new skills; visit our elected officials on Capitol Hill; meet with banking, housing, and...
Our nation continues to face a student debt crisis, with students and graduates carrying nearly $1.2 trillion in outstanding student loan debt. Balances of student loans have surpassed both auto loans and credit cards, making student loan debt the...
According to the Federal student loan website, loans are considered to be in default after 270 days of no payments, if monthly payments are scheduled. When loans are in default, the Department of Education uses debt collection agencies to...
We believe the proposed rules are a good start and commend the CFPB for their work. There are ways to make the rules even stronger, but the CFPB needs to hear from advocates for that to happen. Comments are...
You might wonder whether a mortgage lender places more weight on one applicant’s financial profile than the co-applicant’s. After all, couples who apply for a home loan together often have incomes that differ. When evaluating borrowers for a joint...