Consumer Lending Reform - Press

April 25, 2016

by Bruce Rushton

A bill to regulate online lenders that target small businesses with loans that can carry more than 100-percent annual interest rates is moving, albeit slowly, through the Illinois General Assembly.

January 4, 2016

By Peter Rudegeair, Emily Glazer, and Ruth Simon

J.P. Morgan Chase & Co. spent about $8 billion this year on technology. But when it came to developing a new online loan for small business, the bank turned to an unlikely outsider.

November 30, 2015

Dory Rand was a featured guest on WVON's Real Talk Real People with Art Chat Daddy Sims urging home owners to submit complaints to the Consumer Financial Protection Bureau’s consumer complaint database who have been affected by unfair or predatory financial products and services.

July 31, 2015

By Elizabeth Peace

A group of advocacy organizations have called on the NCUA to look into potentially predatory loans being offered by for-profit colleges to college students through credit unions.

July 1, 2015

By Allie Grasgreen

On Wednesday, the Obama administration will begin choking off the financial lifeline of for-profit colleges whose graduates can’t find well-paying jobs — and the move is likely to accelerate a wave of shutdowns for an industry taking assaults from all sides.

June 29, 2015

By Justin da Rosa

According to a report released by the Woodstock Institute Wednesday, women in Chicago are 14.5 percent less likely to qualify for a mortgage than men.

June 29, 2015

By Phil Hall

A new study covering home loan applications in the Chicago metro region points to a disparity between the number of men and women that receive a mortgage. However, the study’s sponsor is not rushing to declare a lethal case of Windy City gender discrimination.

June 23, 2015

Gender-based discrimination is alive and well, and may make it harder for some Chicago women to buy a home.

June 17, 2015

By Gregory Karp

Women in the Chicago area are generally less likely to receive mortgages than men, a phenomenon that could hinder women's ability to build wealth and establish financial security, according to a report to be released Wednesday by the Woodstock Institute.

May 29, 2015

By Jody Baylock

Honoring the Passage of Secure Choice

This month, Heartland Alliance for Human Needs & Human Rights was honored for their work passing the Secure Choice Savings Program. With the passage of Secure Choice, Illinois became the first state in the country to address the issue of retirement insecurity in this way. The program will expand access to retirement savings accounts for millions of Illinois workers.

May 29, 2015

By Ellyn Fortino

The Consumer Financial Protection Bureau (CFPB) has launched a public inquiry into student loan servicing practices and ways to help ease student debt stress.

May 20, 2015

By John Sandman

NEW YORK (MainStreet) — In December, the Department of Education (ED) announced plans to establish a new web-based system for receiving complaints on student loan servicers. In March, President Obama directed ED to build a web-based portal for student loan borrowers to manage payments, view all of their loans and lodge complaints against servicers as part of his Student Aid Bill of Rights.

May 4, 2015

By Liz Farmer

Los Angeles restaurateur Jorge Rodriguez Assereto doesn’t need much sleep. He gets about five hours per night and the rest of his time is devoted to running Los Balcones, a successful Peruvian restaurant he opened in Hollywood in 2004 and recently shepherded through an expansion. The remodel was a major investment. Assereto spent more than $130,000 over two years just renting the vacant space next to him while he tried to find financing for his expansion. He even switched banks in an attempt to get a loan. It didn’t work.

March 27, 2015

By Fred O. Williams

The nation's consumer financial protection cop unveiled new restrictions for payday loans and other forms of short-term credit, in a move to stop emergency loans from turning into debt traps

March 13, 2015

[WASHINGTON, D.C.] – U.S. Senator Dick Durbin (D-IL) led a group of 12 other Senators today in introducing a bill that will help address the student debt crisis by treating privately issued student loans in bankruptcy the same as other types of private unsecured debt.

February 27, 2015

Today, Rainbow PUSH and PUSH Excel stand with the Jackie Robinson West Little League Team (JRW). We invite parents, community leaders, pastors and concerned citizens to join us at the Rainbow PUSH Saturday Morning forum on February 14, 2015 to show our love for JRW in a championship affirmation rally at 9:30 a.m. located at 930 E. 50th Street (PUSH Headquarters).

February 27, 2015

By Alex Swoyer

Women usually pay more at a salon for a haircut than men, but it turns out deodorant, razors and cars actually have “The Woman’s Tax” — causing them to pay more than men for essentially the same product, KOMU 8 News reported.

January 20, 2015

By Mary Ellen Podmolik

Tanis Group Realty's quarterly bus tours of foreclosed homes for sale still draw a big crowd of potential buyers but the pickings just aren't what they once were and the prices tend to be higher.

Tags: foreclosures
November 19, 2014

By John Sandman

NEW YORK( MainStreet) - Late last month the Department of Education (ED) released its final rule that spells out what for-profit colleges must do to remain eligible for federal aid, money used by students to attend these schools, which have been criticized for their low graduation rates and low value credentials.

ED said these regulations were designed to ensure that these institutions improve their outcomes for students or risk losing access to federal student aid if they fail to make the grade.
 

November 19, 2014

Military deserves protection from loan sharks before, after serving their country 

CHICAGO— As our nation marks this day in honor of those who have served the country, Woodstock Institute calls on the Illinois Congressional delegation to follow the lead of the Department of Defense and put action behind the platitudes, honoring our veterans by reining in abusive payday lending.

August 11, 2014

By Steve Sadin

Lake County Circuit Judge Mitch Hoffman of Highland Park has been stemming the tide of foreclosure suits one home at a time, taking his message about the court’s Mortgage Foreclosure Mediation Program on the road.

Tags: foreclosures
August 11, 2014

By Herb Weisbaum

Checking accounts—and the debit cards that come with them—should be a simple and straightforward way to handle routine financial transactions. And yet, many people simply don't understand the overdraft policies at their bank or credit union.

July 9, 2014
Almost six years after the financial crisis, JPMorgan, Citigroup, and Bank of America face potential fines of around $12 billion each for their role in mortgage malfeasance. In the context of the damage done and the bailout money poured into banks; the fines are miniscule and won't even cover reparations in one or two blighted areas.
July 9, 2014
Almost six years after the financial crisis, JPMorgan, Citigroup, and Bank of America face fines of around $12 billion each for their role in mortgage malfeasance. In the context of the damage done and the bailout money poured into banks; the fines are miniscule and won’t even cover reparations in one or two blighted areas.
July 9, 2014

The government wants to make it easier for parents with flawed credit to take out loans to pay for their children’s college education. Currently the U.S. Department of Education rejects Parent PLUS loan applicants with debt payment delinquencies of 90 days or more within the past five years. A proposal would cut the period under scrutiny to two years and allow for almost $2,100 in bad debt, according to a department document released in May. In either case, applicants can be rejected for other problems, including a default, bankruptcy, or foreclosure during the past five years.

May 27, 2014
Parents whose financial standing disqualify them from most loans may have an easier time borrowing to pay their children’s college costs under a U.S. government proposal to ease credit standards.
May 27, 2014
Parents whose financial standing disqualify them from most loans may have an easier time borrowing to pay their children’s college costs under a U.S. government proposal to ease credit standards.
April 24, 2014

After decades of work by advocates across the country, national policymakers are — at long last — poised to take action on payday loans.

January 31, 2014
More good news keeps coming for consumers in early 2014. On the heels of new mortgage rules that took effect January 10, the following week four banks making payday loans pulled their products from the market. Announcing a halt to their triple-digit interest rates were Wells Fargo, Regions, Fifth...

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