As you may know, Capital One recently applied to regulators to acquire ING Direct. The deal would create the fifth-largest bank in the country and raises substantial concerns about how the deal would impact communities.

Whether it’s sharing best practices, catching up with colleagues at like-minded organizations, or meeting with policy makers, the National Community Reinvestment Coalition’s 2011 Annual Conference promises to brings together hundreds of community leaders, development experts, bankers, legislators, regulators, academics and others. Participants explore and debate the state of the industry and measures needed to ensure fair access to capital and to bring more people into the financial mainstream.

It is likely that the ongoing financial and economic crisis has left a lasting, negative impact financial stability of many of Chicago’s most vulnerable populations, including communities of color.  Credit scores, bankruptcy filings, and other issues have become increasingly important to long-term financial stability because they directly impact access not only to credit, but also access to basic banking and even employment.

Woodstock Institute staff and members of the Illinois Community Investment Coalition (ICIC) left a big impression at last month’s National Community Reinvestment Coalition Annual Conference. Woodstock President Dory Rand, Senior Vice President Geoff Smith, and Vice President Tom Feltner shared Woodstock’s expertise with community investment advocates from across the country as presenters on panels with topics inlcuding strategies to influence elected officials, foreclosure prevention, and promoting sustainable lending.

For community investment advocates, it’s been a year of successes as well as challenges. A bill to create a Consumer Financial Protection Agency (CFPA) passed the House and is under negotiations in the Senate. Communities came together to creatively address the foreclosure crisis. Illinois Senate Bill 655 is on the path to create meaningful consumer protections for small consumer loans. However, foreclosure filings continue to rise and badly-needed credit for homeowners and small businesses continues to be scarce. The strength and independence of the CFPA is being challenged in the Senate and industry opponents are working eliminate the reasonable rates proposed in SB 655. The annual Woodstock Institute Community Investment Reception gave more than 100 advocates and leaders a chance to celebrate our accomplishments and prepare for the hard work yet to come.

Financial reform is at a critical juncture in Washington. The House has already passed a bill to create a strong and independent Consumer Financial Protection Agency (CFPA) to put consumers’ interests over those of Wall Street and crack down on the risky lending that spurred the financial crisis. However, Senate Banking Committee Chairman Chris Dodd (D-CT) continues to compromise the agency’s independence in the interest of bipartisan support.