Federal Banking Regulatory Reform - Blog Posts

May 21, 2015

A proposal to relax federal standards in mortgage lending and bank regulation could undo years of work to enhance consumer protections and prevent financial crises. U.S. Senate Banking Committee chairman Richard Shelby (R-AL) proposed legislation that would change criteria used to define big banks, sharply reducing the number of banks that would fall under federal regulation, as well as loosen mortgage lending standards. The proposal will be marked up tomorrow at 9:00 a.m. CT. Woodstock Institute is firmly opposed to these proposed changes.

October 29, 2014

Mortgage data from the Home Mortgage Disclosure Act (HMDA) allows researchers and advocates to examine trends in the mortgage and housing market and, more importantly, detect patterns of discrimination.

August 4, 2014

Results of mystery shopping conducted by Woodstock Institute and allies in four cities across the country reveal that banks often provide confusing and inaccurate information to consumers about overdraft programs and fees for checking accounts. The report released today by California Reinvestment Coalition of Oakland, CA; New Economy Project of New York City, NY; Reinvestment Partners of Durham, NC; and Woodstock Institute of Chicago, IL, calls on federal banking regulators and the Consumer Financial Protection Bureau (CFPB) to strengthen consumer protections for all overdraft products and improve oversight of banks who offer overdraft products.

July 21, 2014

The Consumer Financial Protection Bureau (CFPB) is blowing out the candles on its third birthday cake today, and I hope their hard-working staff is taking a moment to celebrate a job well done. They’ve made substantial progress towards their mission of “making financial markets work for American consumers — whether they’re applying for a mortgage, borrowing for college, choosing a credit card, or using any number of other consumer financial products.”

June 6, 2014

The House of Representatives’ Oversight Committee last week called for an end to a critical Department of Justice (DOJ) anti-fraud investigation called “Operation Choke Point.” Eliminating the operation could hamper DOJ’s ability to prevent the financial abuse of some of the most financially vulnerable consumers.

May 28, 2014

You may have heard about the Consumer Financial Protection Bureau (CFPB), but what can it do for you and your constituents?

May 14, 2014
Six years after the financial collapse of 2008, the fight to rebuild our communities has not ended.
April 15, 2014

The Illinois House last week took the first step towards ensuring that workers who receive their wages on payroll cards are protected from deceptive fees that can eat away at their earnings.

March 26, 2014

The Consumer Financial Protection Bureau (CFPB) is in the “late stages” of making a rule to regulate payday lenders. It is critical to let them know that the rule should not include loopholes that lenders can exploit to make expensive, unregulated loans.

March 6, 2014

U.S. Bank announced earlier this year it intended to purchase Chicago-area branches of RBS Citizens/Charter One Bank.

November 15, 2013

Ten mortgages to African Americans in 2012. Zero bank branches in low-income communities or communities of color. And below-peer-level lending to low-income communities in all of its assessment areas.

November 12, 2013

The Consumer Financial Protection Bureau (CFPB) announced last week that it will begin collecting consumer complaints on payday loans.

October 14, 2013

Chicagoans had an opportunity last week to voice their concerns about different types of consumer credit to the director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray.

September 24, 2013

We have a unique opportunity to tell the Consumer Financial Protection Bureau (CFPB) our concerns at a hearing CFPB will hold in Chicago on October 2.

August 9, 2013
The men and women who serve our armed forces are uniquely vulnerable to debt traps caused by high-cost credit products.
August 8, 2013
The Consumer Credit Access, Innovation, and Modernization Act (H.R. 1566) does anything but promote credit access, innovation, and modernization.
July 24, 2013

On the surface, the Consumer Mortgage Choice Act (HR.1077/S.949) sounds like legislation that would be good for consumers.  In actuality, it poses some serious threats to mortgage protections recently put in place by the Consumer Financial Protection Bureau (CFPB).

Dory Rand
July 17, 2013

Yesterday I celebrated my first five years with Woodstock Institute. When I joined Woodstock as president in 2008, the financial crisis was just getting into full swing and the future was quite uncertain. 

July 8, 2013

A battle for the future of the Consumer Financial Protection Bureau is gearing up in the Senate this week.

July 2, 2013
It’s coming down to the wire to make sure that Richard Cordray is confirmed as the Director of the Consumer Financial Protection Bureau.
June 27, 2013

The recent focus on payday loans by federal regulators is causing some payday lenders to modify their products from traditional short-term loans to longer installment loans in the hope that longer-term loans may fall outside the scope of anticipated regulations. 

May 23, 2013
As we mentioned earlier this week, two federal regulators have released proposed rules that would put an end to the worst practices of payday lending by banks.
May 20, 2013

Senate Majority Leader Harry Reid announced plans to hold a vote on Consumer Financial Protection Bureau (CFPB) director Richard Cordray’s confirmation. It’s no surprise that some Senators—including Illinois’ Mark Kirk—are threatening to filibuster the vote. The vote to overcome the filibuster will happen tomorrow. 

Dory Rand
May 16, 2013
 Last month fair lending advocates cheered when the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation proposed new guidance that would require banks under their supervision that offer bank payday or deposit advance products to comply with traditional...
May 14, 2013
Bank regulators released proposed rules on April 30 that, at long last, would enact strong consumer protections for “deposit advance products”—essentially, payday loans offered by a mainstream bank. To hear it from the banks, making sure that borrowers can pay back loans and...
April 29, 2013

The Consumer Financial Protection Bureau (CFPB) recently released information that makes it easier for the public to detect worrisome practices in financial services and assess whether financial institutions are adequately serving consumers.  

April 26, 2013

CHICAGO—Proposed new guidance released today by two of the federal banking regulators could put an end to the worst practices of payday lending by  banks. The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) proposed standards that the banks they regulate would have to comply with regarding what they call “deposit advance” features on bank accounts and reloadable prepaid cards. 

April 24, 2013
A staggering amount of support is pouring in from around the country calling on federal regulators to end payday lending practices by banks and through bank support. News reports indicate that prudential regulators will release guidance on Thursday strongly limiting bank payday. Yesterday, our partners at the Sargent Shriver National Center on Poverty Law authored a blog post demonstrating the large role banks play in these short-term, high-cost loans. Reinvestment Partners went further, identifying exactly how much banks are giving to fringe lenders.
April 16, 2013
Last week Illinois Senator Dick Durbin introduced the Protecting Consumers from Unreasonable Credit Rates Act to protect consumers of short-term loans such as payday loans and car-title loans. The bill complements the SAFE Lending Act, sponsored by many of the same Senators, which would protect consumers’ bank accounts and level the playing field for all payday lenders.

Pages