2021 data show increase in banked households & growth in mobile banking
This fact sheet highlights that across the nation, the rate of banked households has grown since 2019, according to the latest biennial FDIC survey data release.
OCC Fair Access to Financial Services Comment Letter
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...
Digitally Divided: Older Adult Banking Vulnerabilities in the Chicago Region
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...
The World Turned Upside Down
The famous lyrics from Hamilton: An American Musical, “the world turned upside down,” are an apt description of what is happening in the financial justice field these days. Here’s what we’re concerned about at the federal level: The Department...
Comment Letter to the Office of the Comptroller of the Currency Regarding Concerns Over the Closure of Chase’s West Garfield Park Branch
Letter to OCC re West Garfield Park Chase branch.pdf Woodstock expresses deep concerns over the closure of Chase Bank’s closure of a branch in West Garfield Park, a majority minority, low-income community. Woodstock believes that the completeness and substance...
Comment letter to the Federal Reserve, OCC, and FDIC on the Interagency Q&A Regarding Community Investment
Comment letter to the Federal Reserve, OCC, and FDIC on the Interagency Q&A Regarding Community InvestmentThis letter to the Federal Reserve, OCC, and FDIC supports several provisions of the Interagency Q&A Regarding Community Investment, including additional ways to determine...
Unequal Opportunity: Disparate Mortgage Origination Patterns for Women in the Chicago Area
Unequal Opportunity Fact Sheet, March 2013 Using available Home Mortgage Disclosure Act (HMDA) data and controlling for loan-to-income ratios, we find significant disparities in access by women across racial and ethnic groups to mortgages for purchasing and refinancing their...
New report finds dramatic gap in credit scores between communities of color and predominantly white communities in Illinois
• Statewide, 20.3 percent of people had credit scores below 620, a common boundary for consideration for prime credit. In contrast, 54.2 percent of the population in highly African-American neighborhoods had scores below 620 and only 16.5 percent of...
TARP-Supported Banks Reduced Lending in Chicago, New Data Show
The report, Paying More for the American Dream IV, examines the mortgage lending patterns of banks, including the nation’s four largest financial institutions, in seven metropolitan areas in the United States: Boston, Charlotte, Chicago, Cleveland, Los Angeles, New York...
Overdraft fees, other products, increase economic insecurity in retirement
Automatic enrollment in overdraft programs means that many older persons are being charged high fees for products that do not want or need. In fact, 75 percent of older persons would prefer to have a transaction declined than...