The newly released data also show:
The task force is charged with developing recommendations for a universal, statewide children’s savings plan which could help ensure that all Illinois children have the opportunity to build assets. Opened at birth and linked to financial education, the accounts would offer youth and their families the tools and incentives to accumulate savings. The proceeds could be used for long-term goals such as college or post-secondary training, buying a home, starting a business, or retirement.
“Beyond Foreclosures: The Impact of the Financial Crisis on the Wealth Gap and Economic Opportunity” will explore how the economic and foreclosure crisis has changed the landscape of access to financial services, and in particular, how it has affected credit scores and bankruptcy rates in communities of color.
“Beyond Foreclosures: The Impact of the Financial Crisis on the Wealth Gap and Economic Opportunity”
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.”
At issue is a 2007 federal guidance, which requires banks making refund anticipation loans, or RALs, through paid tax preparers to review both the advertising and the professional qualifications of paid tax preparers arranging the loans. Advertising violations and incorrectly prepared tax returns suggest that the guidance has not been adequately implemented.