WOODSTOCK INSTITUTE
67 E MADISON NO 2108, CHICAGO, IL 60603 www.woodstockinst.org

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Organizations Filed Purposes: TO CREATE A JUST FINANCIAL SYSTEM IN WHICH LOWER-WEALTH PERSONS AND COMMUNITIES AND PEOPLE AND COMMUNITIES OF COLOR CAN ACHIEVE ECONOMIC SECURITY AND COMMUNITY PROSPERITY.

SAFE & AFFORDABLE FINANCIAL PRODUCTS SERVICES AND SYSTEMS: WOODSTOCK CONDUCTS RESEARCH, PUBLIC EDUCATION, ADVOCACY, AND COMMUNITY MOBILIZATION TO EXPAND ECONOMIC OPPORTUNITIES AND SECURITY FOR LOW-WAGE WORKERS, LOW-WEALTH PEOPLE AND COMMUNITIES OF COLOR THROUGH ACCESS TO SAFE AND AFFORDABLE FINANCIAL PRODUCTS AND SERVICES, ACCESS TO CONSUMER, MORTGAGE AND SMALL BUSINESS CREDIT, OPPORTUNITIES TO BUILD OR RE-BUILD GOOD CREDIT HISTORIES AND SCORES, AND INVESTMENTS IN UNDERSERVED COMMUNITIES. DEREGULATION AND RISKY LENDING PRACTICES CAUSED THE FINANCIAL AND FORECLOSURE CRISIS, WHICH DISPROP0RTIONATELY AFFECTED PEOPLE AND COMMUNITIES OF COLOR. WOODSTOCK DEVELOPS RESEARCH REPORTS, POLICY PROPOSALS, MODEL REGULATIONS, AND ADVOCACY CAMPAIGNS TO EDUCATE THE PUBLIC AND POLICYMAKERS REGARDING FINANCIAL REFORM AND CONSUMER PROTECTION ISSUES. FOR EXAMPLE, WOODSTOCK WORKS WITH ADVOCATES AND REGULATORS TO ENFORCE THE COMMUNITY REINVESTMENT ACT, SUPPORTS FINANCIAL REFORM INITIATIVES, AND PARTICIPATES IN THE CONSUMER PROTECTION RULE-MAKING PROCESS AT THE CONSUMER FINANCIAL PROTECTION BUREAU.

EQUITABLE LENDING & INVESTMENT: WOODSTOCK PRODUCES RESEARCH ON THE OFTEN PREDATORY AND DISPROPORTIONATE IMPACT OF FINANCIAL PRODUCTS AND PRACTICES ON LOW-WAGE WORKERS, LOW-WEALTH PEOPLE AND COMMUNITIES OF COLOR, DEVELOPS MODEL REFORMS, AND ADVOCATES WITH REGIONAL STAKEHOLDERS FOR CONSUMER PROTECTIONS AND FAIR RATES FOR MORTGAGE AND CONSUMER CREDIT. FOR EXAMPLE, WOODSTOCK PLAYED A CRITICAL LEADERSHIP ROLE IN ELIMINATING MANY OF THE SHORT-TERM CREDIT INDUSTRY'S WORST PRACTICES IN ILLINOIS WITH THE PASSAGE OF HB537, WHICH INCLUDED ALL OF THE KEY CONSUMER PROTECTIONS IDENTIFIED IN WOODSTOCK'S SUBSTANTIAL BODY OF CONSUMER CREDIT RESEARCH. THAT LAW CAPS RATES FOR SHORT-TERM CREDIT PRODUCTS, PREVENTS THE CYCLE OF DEBT CAUSED BY FREQUENT REFINANCING, AND GIVES REGULATORS THE TOOLS NECESSARY TO IDENTIFY PREDATORY PRACTICES BEFORE THEY BECOME WIDESPREAD. AT THE FEDERAL LEVEL, WOODSTOCK WORKS TO ENSURE THAT THE LENDING AND CONSUMER LAWS AND RULES APPLY TO THE WIDEST POSSIBLE RANGE OF PRODUCTS AND EFFECTIVELY PROTECT CONSUMERS, LOW-WAGE WORKERS AND SMALL BUSINESS OWNERS BEFORE INDUSTRY ABUSES BECOME WIDESPREAD. WOODSTOCK'S GOALS ARE TO REDUCE THE NUMBER OF CONSUMERS USING PREDATORY CREDIT PRODUCTS AND THE LEVEL OF DEBT HELD BY LOW-WEALTH PEOPLE, AND TO HELP LOWER-WEALTH PEOPLE AND COMMUNITIES OF COLOR BUILD AND PRESERVE WEALTH.

WEALTH CREATION AND PRESERVATION: WOODSTOCK USES INNOVATIVE RESEARCH TO IDENTIFY BARRIERS TO AND OPPORTUNITIES FOR WEALTH CREATION FOR LOW-WEALTH PERSONS AND COMMUNITIES, AND ENGAGES IN COALITION BUILDING AND ADVOCACY TO EXPAND POLICIES THAT PROMOTE EQUITABLE WEALTH CREATION. FOR EXAMPLE, WOODSTOCK CONDUCTED RESEARCH ON THE EXTENT OF RETIREMENT SECURITY IN ILLINOIS AND COLLABORATED WITH THE ILLINOIS ASSET BUILDING GROUP TO PERSUADE ILLINOIS TO CREATE A FIRST-EVER STATE PROGRAM FOR EMPLOYMENT-BASED RETIREMENT SAVINGS PLANS TO SAVE THROUGH AUTOMATIC ENROLLMENT AND PAYROLL DEDUCTION INTO A ROTH IRA, WITH THE ABILITY TO OPT OUT.

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