It's time to confirm strong leaders at FHFA and CFPB

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Woodstock Developments

A monthly update on new research, analysis, and advocacy from Woodstock Institute

May 16, 2013

 


From the President: Bank payday rules show what can be done with strong regulatory leaders--and we need them at CFPB and FHFA

Dory Rand

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 safe and sound lending practices such as lending only after conducting proper underwriting and considering the borrower's ability to repay the loan.
 
The proposed rules are the culmination of hard work of advocates across the country at the local, state, and federal level. They could prevent millions of consumers from entering a debt trap, saving them thousands of dollars each year. But they also demonstrate a larger point: federal regulators can do great things when given effective leadership.

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Comment today on CRA guidance

CRA CommentsThe Community Reinvestment Act (CRA) has been instrumental in promoting investment and financial services in low- and moderate-income communities, but it hasnít kept pace with changes in the financial industry.

Bank regulators have proposed changes to the documents that implement CRA, but they don't go far enough. We have until May 17 and 
 let bank regulators know that itís high time to update CRA for the modern era. 

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Related: 
Regulators bring necessary reform to bank payday lendingónow itís time to reform all high-cost credit

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7,000 Illinoisans tell Sen. Kirk it's time to support CFPB director Cordray 

CFPB Press ConferenceWoodstock Institute and Illinois PIRG delivered a message from more than 7,000 Illinoisans to Sen. Mark Kirk: itís time to stop the obstructionism and confirm Director Richard Cordray to a full term at the helm of the Consumer Financial Protection Bureau (CFPB).

The petitions were delivered as part of a national movement during which over 160,000 Americans signed a petition from Americans for Financial Reform asking members of Congress to confirm Cordray let the CFPB continue to do its job of protecting consumers.

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Related: Woodstock Supports the Creation and Expansion of CFPB Consumer Complaint Database

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Nomination of Mel Watt to FHFA is welcome news

Mel WattEarlier this month, President Obama nominated North Carolina congressman Mel Watt to lead the Federal Housing Finance Agency. Woodstock praised Watt as a candidate candidate with strong qualifications in economic policy who understands the issues facing consumers in the financial marketplace.

Advocates, including Woodstock, have called for Obama to replace current acting director Ed DeMarco, who has refused to implement principal reduction for struggling homeowners serviced by Fannie Mae and Freddie Mac. 

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New at Regional HOPI: State of Rental Housing in Cook County

State of Rental HousingDepaul University's Institute for Housing Studies released a report entitled "State of Rental Housing in Cook County." The report "examines shifting patterns of renter and owner occupancy in Cook County from 2000 to 2011 with a focus on the period from 2007 to 2011. examines shifting patterns of renter and owner occupancy in Cook County from 2000 to 2011 with a focus on the period from 2007 to 2011." 

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Related: City Council panel OKs protections for renters after foreclosure (WBEZ)

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In this issue

  Recent Work

File IconUnequal Opportunity: Mortgage Disparate Morgage Origination Patterns for Women in the Chicago Area
March 2013

File IconSecond Half 2012 Foreclosure Filings and Auctions
February 2013

File IconComing Up Short: The Scope of Retirement Insecurity in Illinois
September 2012

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Woodstock in the News

Crain's Chicago Business
Mark Kirk Pressured on Economic Nominees


"Chicago's Woodstock Institute has set a rally for tomorrow morning to push its campaign to get Mr. Kirk to vote to confirm Richard Cordray to a full term as head of the new federal Consumer Financial Protection Bureau. I reported a while ago that the financial watchdog group was on Mr. Kirk's case, but now they're stepping it up a notch, with a scheduled demonstration right outside the senator's office at 230 S. Dearborn St."


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