HB 2685, introduced in a special session of the Illinois General Assembly, caps the APR on high-cost debt at the same 36% level that protects active-service military throughout the country
In support of HB 2685 – SFA 3 and specifically the portion of the bill that establishes a 36% cap on consumer loans in Illinois. I took an Uber to the train station yesterday. When I told the driver...
Woodstock Institute requests that the Office of the Comptroller of the Currency (OCC) withdraw its proposed “Fair Access to Financial Services” proposal. This proposed rule inserts the government in countering free market forces, ignores the financial industry’s evolution of...
The OCC should strip Oportun of CDFI status, not promote it by granting bank charter Update: The Texas Tribune & ProPublica weighed in on Oportun’s application for a national bank charter Jan. 8. Oportun, one of the few Community...
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...
Testimony of Spencer Cowan to Senate Financial Institutions Joint Hearing with Senate Commerce and Economic Development Committee and Senate Executive Committee Subject Matter Hearing on Racial Equity in Lending and Homeownership October 15, 2020 – The federal Community Reinvestment...
How Communities Would Be Impacted by New Federal Banking Rules: Final Analysis In the midst of the coronavirus pandemic, the Office of the Comptroller of the Currency (OCC) issued new rules to determine how banks are regulated under the Community Reinvestment Act...
39 Illinois groups sent a letter to the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board of Governors on June 5, 2020. It urges the federal banking regulators to use...
Sign on Letter: CRA Addresses Racism To be sent June 5, 2020 **Contact Jenna to sign on** Re: Community Reinvestment Act Addresses Racism Dear Chair Powell, Chair McWilliams & Acting Comptroller Brooks: We are writing you today in a...
Mayor Lightfoot, Chicago Advocates Decry Plan to Weaken Anti-Redlining Rules During Pandemic, Federal Banking Regulator Intends to Gut Community Reinvestment Act FOR IMMEDIATE RELEASE: May 22, 2020 PRESS CONTACTS: For Woodstock Institute: Jenna Severson, 616-914-2844 (jseverson@woodstockinst.org) For Housing Action:...