2015 Community Investment Awards

This year we are honoring Heartland Alliance, Rohit Chopra of the Consumer Financial Protection Bureau, and The Resurrection Project for their outstanding leadership.

News

In a city as large as Chicago, it can be difficult for communities to find the economic support they need. A lack of access to financial services and limited community development can inhibit the growth of these neighborhoods, but one organization has dedicated itself to ensuring that communities can thrive. The Resurrection Project (TRP) stands as a pillar of support for Chicago’s Southwest Side, including Pilsen, Back of the Yards and Little Village.

One of our movement’s accomplishments of which I’m proudest is the creation of the Consumer Financial Protection Bureau (CFPB). The CFPB has already dramatically improved the lives of millions of consumers, for example, through enacting and enforcing mortgage loan and servicing rules that protect homebuyers and homeowners in foreclosure, taking action against for-profit colleges that trap students in debt without providing quality education, and creating groundbreaking rules to protect consumers of products such as  prepaid cards and payday loans. The CFPB has delivered over $5 billion in financial relief to over 15 million consumers who have been harmed by abusive and deceptive financial services. Consumers now have more information they can use to make sound financial decisions thanks to the CFPB’s efforts to improve disclosures for mortgages and student loans and expose consumers to financial education at critical points in their lives. Consumers in Illinois and across the country are getting a fairer shake because of the CFPB.  

Illinois Attorney General Lisa Madigan and Senator Dick Durbin are taking a stand for student loan borrowers by urging the federal government to forgive the federal student loans of Corinthian Colleges students. Student loans are often regarded as “good debt”: they help consumers build their assets by giving them access to more prestigious and higher-paying jobs. However, an unwelcoming job market has left student loan borrowers with fewer job options and thus fewer opportunities to pay back their debt. One of the populations that was the hit the hardest is for-profit college students. Woodstock Institute research shows that for-profit college students are graduating with more debt and fewer job opportunities than their peers. 

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