Illinois CRA Comment Letter
Considering the absence of race in this NPR, it would seem that there is a disconnect between the legislative intent of the IL-CRA and the law’s proposed implementation and enforcement.
Pawnbrokers and Their Lobbyists Win at the Expense of Illinois Consumers
Pawnbrokers and their lobbyists stopped the Illinois General Assembly from passing legislation that would have made it illegal for pawn shops to charge triple-digit interest rates on consumer loans, despite the passage of the 2021 Predatory Loan Prevention Act...
Pawn Loans and the Wealth Gap in Illinois
Households that do not have a bank account are nearly five times as likely to be pawnshop borrowers as households with a bank account. Over 80% of pawnshop loan borrowers are unbanked, which is one reason consumers turn to...
Religious Leaders Condemn Predatory Pawn Loans Over the Holidays
Faith leaders held a press conference December 23 to caution consumers about turning to predatory loans over the holidays.
Illinois CRA proposal released; comment deadline extended to 3-16
Woodstock Institute staff are eagerly reading through the newly released proposed rules implementing the Illinois Community Reinvestment Act. Join us and the Illinois CRA Coalition to weigh in on final rules for the state's new bank regulation.
What’s next for the Community Reinvestment Act? Should race be included?
This lunch and learn continues a series for community leaders and lenders, policy experts and others on the topic of redlining, beginning earlier this year with the (somewhat provocatively titled) Bank / Community Benefits Agreements – Game Changer or Consolation Prize?
This time around, our expert panel discussed the pros and cons of including race in the Community Reinvestment Act, CRA, responding to each others’ points.
About the panelists
- Warren W. Traiger, Senior Counsel at Buckley has played a leading role in formulating the banking industry’s position on CRA modernization, coordinating and preparing the responses of leading national trade associations and several banks to the proposed federal inter-agency rulemaking. More
- Calvin Bradford is an independent researcher and consultant who worked on the original CRA proposals and legislation. He is a board member of Woodstock Institute.
- Horacio Mendez is President & CEO of Woodstock Institute and brings experience as a former banker and policymaker as well as advocate to his role.
Testimony of Horacio Mendez at 2022 City Council Finance Committee Lending Equity Ordinance hearing on municipal depositories
CEO Horacio Mendez joined Neighborhood Housing Services of Chicago President Anthony Simpkins in presenting analysis of lending in communities by banks seeking to hold city deposits.
Letter to the Editor: Cap Pawn Loan Rates for Veterans
Reprinted from Nov. 16 Chicago Sun-Times letters to the Editor Friday was Veterans Day, when we honor and recognize veterans for their sacrifice of blood sweat and tears in service to our country. In Illinois, though, one way veterans...
Making Loans at 240% APR and Higher, Pawn Brokers Preying on Illinois Military Families
Download our latest Close the Pawn Broker Loophole Fact Sheet and read the release for a November 30 news conference. The release highlights progress in Springfield toward capping pawn broker rates and fees at 36% under the Predatory Loan...
What’s next for the Community Reinvestment Act? Should race be included? Lunch & Learn
Now is a good time to discuss what’s next for the Community Reinvestment Act as federal bank regulators review comments on proposed CRA regulatory reform. Join us for a virtual ‘lunch and learn’ on the topic with two experts...