For 25 years, Chicago region community organizations, lenders, banking regulators, and the media have relied on Woodstock’s analysis of local lending patterns to highlight community investment success stories, and show how some communities have been passed over.
“While there is room for improvement, we believe this bill goes a long way towards creating a financial system in which all Americans can safely borrow, save, and flourish,” says Woodstock Institute president Dory Rand. “We support Sen. Dodd’s efforts to stand strong against the interests of Wall Street and create a bill that puts Main Street first.”
We must ensure that the result of negotiations is not a toothless and ineffectual regulator that lacks the resources and authority it needs to keep financial products safe, sustainable, and available.
If you are…
- Paying off credit cards that are charging you from 16% to 300% interest and penalties,
- Forced to use payday loans with interest rates over 200%,
- Unable to find credit to pay your household bills, and
- A small business owner dependent on credit cards to pay your operational expenses and increased health care insurance for you, your family and your employees
Then you know that Senate banking reforms need to kick-start small businesses and protect our families.
At the meeting of about 70 persons, which included representatives of all of the major French banks, Federal Reserve Board Director of Consumer and Community Affairs Sandra Braunstein and I shared information regarding how regulators, bankers and nonprofits use the publicly available data required under HMDA and CRA to evaluate if and how banks are serving the financial needs of lower-wealth persons and communities and small businesses.