Our 50th Anniversary Celebration brought together a diverse crowd united around a common goal of building an equitable financial system. Woodstock Institute’s 50th Anniversary Celebration was a success! We’re thrilled to have brought together a diverse crowd of professionals...
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....
SB 1792 would cap the interest rate on loans at 36% APR Looking for alternatives to high-interest-rate payday or car-title loans? We have a guide for that! Read our Resource Guide on Affordable Alternatives A coalition of more than...
On January 13, the Illinois General Assembly passed legislation creating an Illinois Community Reinvestment Act (IL CRA) to help ensure that state regulated financial institutions better meet the needs of low- and moderate-income neighborhoods, including areas where there is...
It’s easy to go down a very dark path with regard to the motives behind these Congressional decisions, but at a time when the racial wealth gap is front and center, the current stimulus package leaves us massively disappointed....
With checks likely coming soon, hold off getting a loan or look at options at 36% or less APR By Brent Adams How much and how soon are still open questions because of the dispute between Congress and the President...
Horacio Mendez Named New President of Woodstock Institute FOR IMMEDIATE RELEASE: July 21, 2020 CONTACT: Jenna Severson, 616-914-2844, jseverson@woodstockinst.org CHICAGO: Horacio Mendez, an experienced executive with expertise in policy, regulation, finance, research and strategy, has been named President of Woodstock Institute by its Board...
This report finds businesses in low- and moderate-income and communities of color received fewer loans from banks than businesses in higher-income and predominantly white areas across Illinois. The report, which examines and compares lending reported by banks under...
Digitally Divided: Older Adult Banking Vulnerabilities in the Chicago Region April 17, 2019 Lauren Nolan This report reveals neighborhoods at highest risk of being left out of mainstream financial services, and offers solutions for financial institutions and policymakers. This...
2018 Chicago Area Community Lending Fact Book Lauren Nolan The Chicago area 2018 Community Lending Fact Book identifies local mortgage and small business lending trends in the City of Chicago, Chicago’s 77 community areas, and the seven-county region of...
Support SB 2433 – Check Cashing Fairness Act Ford-Harper-Lilly- Pritchard-Lang Feigenholtz-Thapedi-Harris-Hernandez-Tabares This bill, which passed the Senate 54-0, reflects an agreement among the major stakeholders on the issue of check-cashing fees at currency exchanges. The major stakeholders...
Governor’s Check-Cashing Rate Hike Slams Lower-Income Communities FOR IMMEDIATE RELEASE: December 6, 2017 CHICAGO, IL— Austin community members gathered Wednesday, December 6, 2017, to speak out about Governor Rauner’s proposed rate hike for check-cashing fees at currency exchanges. The town...
February 10 – the Community Currency Exchange Association of Illinois (CCEA) submitted a petition to the Illinois Department of Financial & Professional Regulation (IDFPR) to increase the check cashing rate cap March 10 – IDFPR accepted CCEA’s petition and...
Woodstock Institute opposes the Illinois Department of Financial and Professional Regulation’s (IDFPR) proposed across-the-board rate increase on check cashing fees, as requested by the currency exchange industry. Please contact Jenna Severson at jseverson@woodstockinst.org or (312)368-0310 for more information. ...
Woodstock Institute’s research on racial and economic disparities in Chicago’s vehicle ticketing practices is featured in this article from the Chicago Reader: “In “The Debt Spiral,” a 2018 report from Chicago’s Woodstock Institute (a nonprofit research and policy organization...
Woodstock Institute is helping Illinois student borrowers prepare as student forbearance period ends tomorrow *media interviews available* CHICAGO – The end of the student loan forbearance period will be a financial setback for the estimated 1.5 million Illinois student...
Our Director of Research Amber Hendley lent her expertise on blockbusting and contract selling for this piece. Contract buying was often the only option for Black families looking to buy a home. These had much higher interest rates than...
Woodstock Institute Senior Vice President of Policy and Advocacy Brent Adams sat down with KSDK NBC’s Mark Maxwell to talk about the many Illinois consumers struggling under the weight of unaffordable, exploitive debt along with the pawn industry’s efforts...
The Mortgage Lending Matters report and corresponding Fact Book are an in-depth, comprehensive look at mortgage lending in Massachusetts to low- and moderate-income households and borrowers of color. The new report was covered by several Massachusetts outlets: WCVB –...
Throughout 2022, Woodstock Institute worked to advance economic justice and racial equity. We advocated for stronger consumer protections, produced research that sheds light on financial disparities, and brought together stakeholders to collaborate on addressing financial sector discrimination. Woodstock Institute...
“Research shows that students from low-income families with even a small amount of savings are significantly more likely to attend and finish college,” said Horacio Mendez, president and CEO at the Woodstock Institute in Chicago. “We need to make...
Woodstock Institute has signed onto two letters supporting Section 1071 of the Dodd Frank Wall Street Reform and Consumer Protection Act. Section 1071 requires lenders to small businesses to collect and report on the racial, ethnic, gender, and sexual...
The report’s policy recommendations are the result of work between community organizations and different kinds of mortgage lenders, as part of the Mortgage Access Initiative led by Woodstock Institute and Neighborhood Housing Services of Chicago **Media Interviews Available Upon...
Woodstock Institute is joining a broad coalition of advocacy organizations calling on the IRS to streamline our tax filing system by adopting a free and fully accessibly direct tax filing tool. Our current tax filing system drains billions from...
