Woodstock Institute staff work with the press to provide research and policy expertise on issues ranging from foreclosures to predatory lending to banking reform and more. To reach a Woodstock expert, contact Drew Dickerson at 312-368-0310.
CHICAGO—Woodstock Institute is participating at the 2015 CGI America meeting in Denver, Colorado today to report on its successful CGI America Commitment to Action to advance retirement security with automatic retirement savings accounts in Illinois. Since Woodstock announced its commitment in 2013, Illinois has enacted the Secure Choice savings program to expand access to employment-based retirement savings to an estimated 2.5 million people.
CHICAGO—Students from two-year for profit colleges are more likely to borrow and often borrow more than similar students at two-year public colleges, new research from Woodstock Institute shows. Latino and white students at four-year for-profit colleges were more likely to borrow than Latino and white students of similar backgrounds at public and nonprofit schools.
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.
CHICAGO—Both foreclosure filings and foreclosure auctions declined substantially in the Chicago six county region between 2013 and 2014, new data from Woodstock Institute show. Foreclosure filings, which indicate the beginning of the foreclosure process, fell by 33.7 percent in the Chicago six county region between 2013 and 2014. Foreclosure auctions, which indicate the completion of the foreclosure process and transfer to new owners, declined by 22.4 percent in the Chicago six county region over the same time period.
Legislation will help millions of Illinois Workers Save for Retirement
Chicago, IL — On a vote of 30-25-02 in the Senate and 67-45 in the House, the Illinois Secure Choice Savings Program (SB2758) was approved by the Illinois General Assembly today. The bill will give millions of private sector workers in Illinois the opportunity to save their own money for retirement by expanding access to employment-based retirement savings accounts.
CHICAGO—Woodstock Institute released two new data tools today that give users important insight into the economic well-being of neighborhoods in Chicago and Illinois. The interactive map covers the entire state and empowers users to understand geographic patterns of foreclosures, mortgage lending, employment, income, vacancy, and more. The data compendium allows the public to explore and conduct their own analyses on over 100 datasets that cover a wide range of topics, from arts to economic development to health services.
See the interactive map
See the data compendium
CHICAGO: Woodstock Institute applauds the Consumer Financial Protection Bureau (CFPB) for proposing strong rules to regulate prepaid cards, but urges the Bureau to strengthen the final rules by prohibiting all credit on prepaid cards. The CFPB presented the proposed rules this morning at a field hearing in Wilmington, Delaware.
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.
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The Community Reinvestment Act (CRA) has been instrumental in promoting investment and financial services in low- and moderate-income communities, but it hasn’t kept pace with changes in the financial industry. Instead of branch-based banking, many transactions take place through ATMs, computers, kiosks, or mobile phones. CRA must be updated so that banks have community responsibilities wherever they do significant business, not just where they have branches (the current basis for CRA assessment areas). And we need ways to hold banks accountable for providing important services--such as affordable checking and savings accounts--to low- and moderate-income communities.