News

CHICAGO, IL—The Consumer Financial Protection Bureau (CFPB) released yesterday a working draft of a proposal to rein in abusive consumer lending schemes such as payday, auto title, and installment lending. The draft, presented at a field hearing in Richmond, VA, would require lenders to verify before making a loan that borrowers can pay it back in full and on time, without re-borrowing, and still cover their basic necessities such as rent, food, and utilities. The draft proposal importantly recognizes that making loans without verifying whether borrowers can afford to repay them is reckless and predatory. 

Sen. Dick Durbin (D-IL) reintroduced the “Protecting Consumers from Unreasonable Credit Rates Act” on Tuesday to protect borrowers of high-cost, short-term loans from usurious interest rates. The exploitative practices of many payday lenders leave consumers in financial ruin. Woodstock Institute and partners from across the country have been pushing for decades for stronger regulations of high-cost, short-term loans to prevent high interest rates and practices that exploit the financially disadvantaged.

This Women’s History Month, we at Woodstock Institute are reflecting on how women are still at a disadvantage in the areas of income and wealth and what can be done to address that disparity. One of the common ways in which people build assets is by purchasing a home. Woodstock Institute’s research has shown that women are at a distinct disadvantage in obtaining mortgage credit. The Unequal Opportunity report found that applications from women were less likely than applications from men to be originated and that female-headed joint applications were less likely than male-headed joint applications to be approved. We are completing follow-up research which includes a look into whether certain neighborhoods experience more gender disparities in access to mortgage credit than others and suggestions for policy and practice solutions to expand women’s access to mortgage credit. 

Upcoming events

Get Updates

Stay informed about ways to help, important news and the latest research.