Advancing Economic Security & Community Prosperity
pred loan store
What’s next on predatory lending: learning, sharing resources & building prosperity
Predatory lenders are history in Illinois communities, but for many families the financial need remains. Since passage in March of the 36% APR cap, Woodstock and other advocates are adapting new strategies to promote access to financial opportunity.

We’re collaborating with our partners to disseminate consumer resources and continue advocacy for financial practices that prevent and ultimately help reverse policies that led to wealth-stripping from our communities.
We Prosper Website

Hosted by New America Chicago, www.WeProsperIL.org features the Affordable Alternatives to Predatory Loans Resource Guide for consumers.

It offers tips to lower bills, boost income and find safe and affordable loans. (A Spanish-language version of the resource guide will be available in early October).

The site also:

WeProsper includes Chicago Urban League, New America Chicago, and Woodstock Institute. The initiative is underwritten by The Chicago Community Trust and JPMorgan Chase Foundation.
WVON
Outreach Campaign on WVON 1690 AM
We’re getting the word out about the new WeProsper site and sharing tips over the airwaves.

With support from 9 financial institutions, Woodstock has created an outreach campaign featuring financial tips and weekly interviews about the state of lending on WVON, one of the Chicago region’s major African-American-owned and -focused media outlets.

Tune in at 5:30 p.m. tonight (9/29) to hear an interview with our CEO Horacio Mendez and Audra Wilson, CEO of Shriver Center on Poverty Law.
LEO image-city hall
Victory! LEO adds
accountability for city depositories

The Lending Equity Ordinance (LEO) will support more equitable investment in Chicago communities by banks. City Council passed the ordinance on September 14.

To learn more about the ordinance, read Horacio Mendez’s testimony before the City Council Finance Committee, a fact sheet by Local Initiatives Support Corp Chicago, Metropolitan Planning Council, Neighborhood Housing Services Chicago, and Woodstock, and an op ed in The Chicago Crusader.
change the map cra report cover
New report highlights impact of CRA regulators' grade inflation

CRA reform efforts must address the fact that federal regulators have rated 95% of banks satisfactory or better even though data show fewer regulated lenders are meeting the law’s goals. Last week we posted our analysis of data on this topic.

‘CRA Mortgages: A Failure to Implement’ is the first of two based on Community Lending Fact Book data presented in oral form at our June Change the Map Economic Justice Awards event. A second report will focus on the racial wealth gap in Chicago.
Comment on GSE Appraisal Rules at FHFA Listening Session
Horacio Mendez spoke at a Federal Home Finance Agency listening session Sept. 28:

One practice by the GSEs, in particular, works counter to the goals of building generational wealth for minority families, he noted:

"[I]f a borrower feels that their appraisal is inaccurate or biased and has the luxury of affording a second appraisal mortgage lenders have informed us that it is the policy of the GSEs to accept the lowest appraised value thus institutionalizing the bias and hurting the buyer, the seller and the surrounding community.

Can you please stop that?"
advocacy network form
Join Woodstock's advocacy network

We have a new Advocacy Network! Help educate policymakers and others on initiatives to increase access to economic opportunity and close the racial wealth gap in Chicago, in Illinois and nationally. This network is not the same as our general mailing list. We contact advocates on an as-needed basis and only when your action could directly impact the outcome in a positive way. 
Talking CRA at Resilient
Communities conference Oct. 4
Will you be at the Resilient Communities conference national gathering of community development practitioners? Horacio Mendez will join a panel on CRA Monday, Oct. 4, The Big Questions Surrounding CRA Reform, to help kick the conference off.

He’ll join Tom Callahan of Massachusetts Affordable Housing Alliance, Sharon Legenza of Housing Action Illinois, and Frank Woodruff of National Alliance of Community Economic Development Associations.  
In the news
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