Federal CRA reform process has begun
The FDIC released proposed rules for an interagency Community Reinvestment Act reform process today. The long-awaited proposal represents the most recent of many stalled efforts to update this anti-redlining law.
WeProsper IL coalition launches media campaign to reach more consumers where they are
We’ve launched a 3-month campaign that leverages multiple media streams to direct consumers to the resources available at WeProsperIL.org, prompting them to share their story and inviting them to join the advocacy network.
Comment Letter: The CFPB’s Inquiry into Buy Now Pay Later Industry
The Consumer Financial Protection Bureau (CFPB) issued a call for comments on the agency's inquiry into the Buy Now Pay Later, or BNPL, industry. BNPL is a rapidly expanding industry offering consumers the option to pay for purchases in...
Illinois consumers find affordable alternatives to predatory loans: survey
Capping payday loan interest rates worked, allowing more wealth to stay in communities as consumers find new sources of fast cash.
Latino legislative & community leaders discuss predatory lending in Illinois and nationally
Raul Raymundo and TRP’s Director of Financial Wellness Lizette Carretero joined U.S. Rep. Chuy García, D-Ill. and the Woodstock Institute team in briefing 50 Latino legislative and community leaders Monday about prospects for a national 36% APR cap, affordable...
Comment letter: Request for Information Regarding the HMDA Rule Assessment
The CFPB issued a call in November for information on the HMDA Rule Assessment. Woodstock Institute's comments address “the effectiveness of the HMDA Rule in meeting its stated goals and the purposes and objectives of the Dodd-Frank Act.”
Comment Letter: Opposing the Merger of First Mid Bank & Trust and Jefferson Bank & Trust
Update: here’s our October letter opposing the merger of First Mid, their response, followed by our reply. RE: Application by First Mid Bancshares to acquire Delta Bancshares Company and Jefferson Bank and Trust Woodstock Institute submits this comment on...
The PLPA’s 36% rate cap is working – and the data proves it
With the start of a new year, we decided to look back on the impact of the 36% interest rate cap set by the Predatory Loan Prevention Act (PLPA) on Illinoisans in 2021. The bottom line is that the...
Comment Letter: CFPB Proposed Rule for Section 1071 Small Business Lending Data Collection
The proposed rules for collecting small business loan data required by Section 1071 of the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 (Section 1071 rules) have been one of Woodstock Institute’s top policy priorities for...
Comment letter: Illinois CRA Advanced Notice of Proposed Rulemaking
The issues associated with the drafting of implementing rules from which to enforce the IL-CRA are not dissimilar to those facing the Federal bank regulatory agencies as they strive to modernize the Federal CRA.