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Reinvestment Alert #7: Saving CRA Reform: Key Performance, Disclosure Measures Threatened

April 11, 2018

Although Community Reinvestment Act has been only a partial success in improving access to housing loans, it is clear that the combination of CRA and the earlier Home Mortgage Disclosure Act has contributed to increased residential lending in low and moderate income urban neighborhoods. Federal Reser Chairman Alan Greenspan himself has lamented the fact that CRA has not been as effectively used in the area of small business lending.   The lack of data on small business loans has clearly been a primary contributor to this imbalance.  Community development organizations, policy groups and researchers have come to the table armed with housing loan data, making it easier to identify residential credit needs and to argue for policies and programs to address these needs.  Pushed by housing activists utilizing CRA, many banks themselves have become advocates for housing subsidies and programs to spur development of affordable housing.  

Research Brief: Can Illinois Households Afford a Check-cashing Rate Increase?

February 13, 2018

In February of 2017, the check-cashing industry petitioned the Illinois Department of Financial and Professional Regulation to increase the maximum rate currency exchanges can charge to cash a check in Illinois. Woodstock Institute analyzed income data from 2007 -- the last year in which check-cashing rates were increased -- through 2016 to determine to what degree Illinois households could absorb this increase.

Testimony of Lauren Nolan to City of Chicago Committee on License and Consumer Protection on Cashless Proposal

December 15, 2017

Testimony of Lauren Nolan before the Committee on License and Consumer Protection regarding the proposed ordinance under consideration that would prohibit licensees from refusing to accept cash as payment for goods or services.

Patterns of Disparity: Small Business Lending in Fresno and Minneapolis-St. Paul Regions

November 2, 2017

The report examines the state of traditional bank small business lending in Fresno County, CA, and Minneapolis - St. Paul, MN. It offers policy and practice recommendations concerning the noted disparities in lending to businesses in low- and moderate-income neighborhoods and in communities of color. It is the fourth, and final, in a series of research reports examining small business owners' access to capital in eight major metropolitan areas.

Testimony of Sen. Jacqueline Y. Collins to Illinois Department of Financial and Professional Regulation on Currency Exchange Rates

September 15, 2017

Testimony of Illinois State Senator Jacqueline Y. Collins opposing a proposal to increase the rates that may be charged y currency exchanges for check cashing.

Testimony of Brent Adams to Illinois Department of Financial and Professional Regulation on Currency Exchange Rates

September 14, 2017

Testimony of Brent Adams to Illinois Department of Financial and Professional Regulation on Currency Exchange Rates

Patterns of Disparity: Small Business Lending in the Detroit and Richmond Regions

August 9, 2017

This report examines bank lending to businesses in the Detroit and Richmond Regions. The purpose is to determine the extent to which banks are meeting the credit needs of businesses throughout those two regions. The focus of the report is on the smaller value loans under $100,000 that are most likely to support smaller, local businesses that provide employment and wealth-building opportunities for local residents.

Dory Rand to the Director of the Division of Financial Institutions, Illinois Department of Financial and Professional Regulation

June 6, 2017

Testimony of Dory Rand to the Director of the Division of Financial Institutions, Illinois Department of Financial and Professional Regulation, urging the state of Illinois not to increase the maximum rates taht may be charged by Illinois currency exchanges for any check cashing services.

Patterns of Disparity: Small Business Lending in the Buffalo and New Brunswick Regions

April 1, 2017

Part of our Patterns of Disparity series, this report examines bank lending to businesses in Buffalo, BY and New Brunswick, NJ. The purpose is to determine the extent to which banks are meeting the credit needs of businesses throughout those two regions. The focus of the report is on the smaller value loans under $100,000 that are most likely to support smaller, local businesses that provide employment and wealth-building opportunities for local residents.

Patterns of Disparity: Small Business Lending in the Chicago and Los Angeles-San Diego Regions

January 23, 2017

This report examines bank lending to businesses in the Chicago five county region and in the Los Angeles and San Diego region. The purpose is to determine the extent to which banks are meeting the credit needs of businesses throughout those two regions. The focus of the report is on the smaller value loans under $100,000 that are most likely to support smaller, local businesses that provide employment and wealth-building opportunities for local residents.

Analysis of Business Loan Terms

July 12, 2016

This Fact Sheet examines the terms of loans from major online lenders to small businesses. This analysis revealed that non-bank "fintech" loans to small businesses lack transparency regarding costs and terms, have effective interest rates up to over 350%, and include junk fees averaging $795 per loan. These loans, which resemble payday loans and the toxic subprime mortgage loans that led to the Great Recession, are made without regard to small business borrowers' ability to repay and often trap borrowers in debt.

Regional Housing Partnership: A Housing Blueprint for the Chicago Region

June 17, 2016

This report summarizes some of the successes of the work of the organizations that participated in the Regional Housing Partnership (RHP), which was supported by the Chicago Community Trust.