Indepth analysis of persistant problems in the field of community development. Woodstock's research reports contribute to the body of knowledge used by policymakers and community development practitioners.
Whitni Thomas and Jessica Brown, new economics foundation
Malcolm Bush and Geoff Smith, Woodstock Institute
This report seeks to reinvigorate the debate on bank disclosure in the UK and to create a better understanding of why it should be demanded of banks. This analysis is carried out through detailed case studies comparing Charter One Bank in Chicago in the US – where banks have disclosed local lending practices since 1975- with its parent company Royal Bank of Scotland in Manchester – to review the level of information available and the impact that this has.
To do this we evaluate the available information on small-business lending, bank branch availability and basic bank account opening in underserved areas of Manchester. Our analysis indicates that data on these factors is generally difficult to obtain, inconsistent, and in many cases incomplete.
This report examines the results of foreclosure auctions in the Chicago region held between 2005 and first half 2008 for regional municipalities, Chicago community areas and Chicago wards. The analysis provides the total number of properties going to auction, changes in the share of properties going to auction that become lender-owned, the auction values of these properties, and the property types of lender-owned properties in the City of Chicago.
An analysis of 2007 foreclosure filings shows that 35 percent, or over 4,800 foreclosure filings, were on 2- to 6-units multifamily properties. Communities with the highest concentrations of foreclosures on 2- to 6-unit properties include West Garfield Park, East Garfield Park, Austin, Humboldt Park on the West Side and New City, Englewood, and West Englewood on the South Side.
This study finds that a number of basic financial
services are lacking in Pilsen. Only two institutions offer
checking accounts and only two provide ATM service. In a
community that is 88 percent Latino, only one institution distributes
literature in Spanish. The study also finds that a majority of
residents use currency exchanges for their primary financial needs.
Describes the regulatory and other industry trends that impact the penetration of lower-income markets by credit unions. The report recommends that the Community Reinvestment Act (CRA) be amended to include credit unions.
