How about a ‘Presumption of “Needs to Improve?’”
The most effective way to ensure real compliance with any law or regulation is to make the punishment associated with non-compliance much more expensive than the cost to do it well.
Finance tips and more on WVON Radio
WeProsper coalition launches media campaign to reach more consumers with historic Black Chicago radio station WVON 1690AM Predatory lenders are history in Illinois communities but for many families the financial need remains. Since the 36% APR cap became law...
Woodstock Institute mourns the passing of Alan Fisher
We join our colleagues at California Reinvestment Coalition in mourning the loss Friday to cancer of their founding director Alan Fisher.
Make Chicago Home for Everyone – Pass the Lending Equity Ordinance
Last year, millions of Americans rediscovered the importance of home. Besides safe havens, their homes became makeshift offices, schools, theaters and gyms— and the centers of family life like never before. A home is more than a place of...
We Prosper, a new partnership & site for financial justice
WeProsper is a new partnership - and new site at weprosperil.org - dedicated to educating lawmakers and the public about predatory financial practices that strip wealth from communities, with a special focus on lower-income communities and communities of color....
Announcing Woodstock’s Advocacy Network
The Advocacy Network will be our go-to base of activists, community leaders, and other individuals who want the financial sector to benefit all communities.
Will Illinois borrowers find predatory loan alternatives? They already are, says Capital Good Fund’s Andy Posner
Illinois’ 36% APR cap on personal loans took effect March 23, the day Governor Pritzker signed the Predatory Loan Prevention Act. “Within days, we saw an increase in Illinois’ daily application volume of about 70%," says Andy Posner, CEO...
The Lending Equity Ordinance will support more equitable investment in Chicago communities by banks
Woodstock and fellow Chicago affordable housing advocates have been working with Ald. Harry Osterman (48th Ward) on a Lending Equity Ordinance (LEO), which was recently introduced in City Council.
Change the Map: call to action at 2021 Economic Justice Awards
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...
Illinois CRA Rulemaking Process Begins
The Illinois Department of Financial and Professional Regulation (IDFPR) kicked off their rulemaking process for the new Illinois Community Reinvestment Act May 26 with a conversation between Illinois and Massachusetts regulators.
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.