Rule Threatened to Re-Open the Doors to 200% APR Loans in Illinois FOR IMMEDIATE RELEASE: June 24, 2021 CONTACTS: Brent Adams, badams@woodstockinst.org, 773-844-5544 Jane Doyle, jdoyle@woodstockinst.org, 708-527-7568 CHICAGO: Consumer advocates are applauding Congress’s 218-208 vote today to repeal the...
Woodstock signed on to a letter led by Americans for Financial Reform (AFR) urging the U.S. Department of Housing & Urban Development (HUD) to extend the deadline for FHA mortgage borrowers to apply for a COVID-19 forbearance on their...
Celebrating the contributions of two outstanding women and a review of mortgage data from the past 36 years were among the highlights of Woodstock Institute’s 2021 Economic Justice Awards June 10. The theme of the virtual event centered around...
Woodstock signed on to a letter led by the National Consumer Law Center urging Congress to pass the Congressional Review Act (CRA) resolution to overturn the Office of the Comptroller of the Currency (OCC)’s harmful true lender rule. This...
Predatory loans can set-off a debt spiral and can lead to overdraft fees, loss of a bank account, bankruptcy, and even poor health. Before turning to a loan, consider some of these strategies to cut expenses and boost income....
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Massachusetts is the only other state to have its own state-level CRA that covers credit unions and mortgage companies in addition to banks. The conversation was a deep dive into how the Massachusetts regulators implement their law.
This was just the kick-off event and IDFPR plans to hold more public events and conversations to answer questions and take comments and feedback.
Woodstock Institute was excited to see this rulemaking process begin and we look forward to strong Illinois CRA regulations that are informed by input from local communities and stakeholders like advocates, banks, credit unions, and mortgage companies. Effective implementation of our state CRA will mean more investment in the communities that need it most.