Dozens of Chicago region community reinvestment stakeholders, including Woodstock Institute, called on Wells Fargo to keep credit flowing to Illinois small businesses. The event was part of the the June 11 National Day of Action, organized by the National Community Reinvestment Coalition.
“There is a very real concern that one of the barriers to
economic recovery is the reluctance of financial institutions to lend
and invest in Chicago’s low-wealth communities” said Dory Rand,
President of Woodstock Institute.
During its annual Fall Forum, the Illinois Community Investment Coalition brought together some of those on the front lines, including Heather Booth of Americans for Financial Reform, to reflect on the progress we’ve made so far and outline what’s left to be done.
Chicago has a long and vibrant history of nonprofit organizations engaged in community reinvestment organizing. Many ideas that were incorporated into the original Community Reinvestment Act were developed in Chicago such as the efforts against redlining, restrictive racial covenants, and contract buying fraud.
During the 1970s a critical mass of neighborhood activitists and academics founded several advocacy and policy analysis groups dedicated to ending financial discrimination which still operate effectively today. However, as the burden of bricks and mortar housing development and social service provision is shifted to the non-profit sector, many younger, single issue organizations with a deep-seated interest in community reinvestment are unable to participate in the debate because of resource or staff time constraints. The Illinois Community Investment Coalition serves as an umbrella organization for these types of organizations whose mission depends on critical lending and investment activity by private sector financial institutions.
Join the Illinois Community Investment Coalition by completing the mailing list registration process to the right. You will be contacted by a coalition member shortly to discuss your specific interests. Membership is only open to individuals and representatives from nonprofits and government agencies. There is no cost associated with membership.
If you are a representative of a financial institution and wish to meet with members of the Illinois Community Investment Coalition, please contact Woodstock Institute. To receive regular information on community reinvestment issues, subscribe to Woodstock Institute's mailing list accessible on the front page of this website.
Comment letter opposing the application of Capital One to acquire the credit card business of HSBC Bank Nevada, NA and its credit card business
