Woodstock Developments 

 

From the President: Building wealth through retirement savings and small business in 2015, looking forward to 2016

dory_rand_lowres2015 was a big year for Woodstock Institute and allies working to expand opportunities for workers to save for retirement and to receive unbiased investment advice. The Illinois Secure Choice Retirement Savings Act was signed into law in January, after three years of advocacy with Illinois Asset Building Group and a broad coalition of worker, business, retiree, and other advocacy groups. We hope you will join us and take action on two Department of Labor rules by signing on in support of the proposed ERISA rule and telling Congressman Roskam you support the fiduciary rule and ask that he stop trying to derail it.
 
Woodstock was pleased to work with local partners such as Accion Chicago and national leaders in developing high road standards for small business lending entitled the Small Business Borrowers’ Bill of Rights (BBOR). We participated in the Treasury Department’s roundtable on marketplace lending and the BBOR launch in Washington, DC, this past August, and we look forward to policymakers taking action to properly regulate this field and protect small business owners from the predatory lending that has been so common in the mortgage and small dollar consumer lending markets. We were pleased to see that in 2016 the Consumer Financial Protection Bureau (CFPB) will hire a new assistant director for small business lending and begin to use its authority under the Dodd-Frank Act (section 1071) to collect better data on small business loan applications and originations. read more ›

Proposed Department of Labor rule ensures Illinois Secure Choice retirement savings program will not be subject to ERISA law 

Secure%20Choice%20Press%20Conference.jpg?itok=dirgnBb_It was my honor to join United States Secretary of Labor Thomas Perez, Illinois Treasurer Michael Frerichs, Senator Daniel Biss, John Rogers of Ariel Investments, and others for a roundtable and press conference to announce the much anticipated proposed rule on retirement savings that will positively impact over a million Illinois private-sector workers. The proposed rule is open for public comments for 60 daysread more ›

Related

New York Times Op-Ed
Chicago Tribune Article

Woodstock instrumental in developing Small Business Borrowers Bill of Rights

spencer_cowan_lowresOver the past year, Woodstock has expanded the work it has done to promote greater access to safe and affordable credit for small businesses, building on our 2014 report, Discredited: Disparate Access to Credit for Businesses in the Chicago Six County Region.  That report examined lending by large banks to businesses in lower-income neighborhoods and communities of color, specifically small loans that are most likely to go to locally-owned, neighborhood businesses that provide jobs to local residents.  The analysis of lending patterns showed that businesses in those neighborhoods were much less likely to have received loans from large banks than businesses in more affluent, predominantly white neighborhoods. read more ›

Related
Apply through December 23rd Assistant Director, Small Business Lending Markets, CFPB

No Right Turn: Illinois' Auto Title Loan Industry and its impact on Consumers

No_Right_Turn_Thumbnail 2This study examines the auto title lending industry in Illinois. Auto title loans are a type of high-cost, small-dollar loan. They are similar to payday loans, but are secured by the title to the borrower's automobile. Title lenders operate in 25 states across the country, and each year an estimated two million American consumers take out title loans. This report examines data from two reports on the consumer lending industry released by the Illinois Department of Financial and Professional Regulations (IDFPR) and loan-level data from court records of collection cases filed in Cook County. read more ›

Related
Watch the Webinar
Chicago Sun-Times Editorial
Progress IL Blog
Partner IABG Customer Testimonial Blog


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