Woodstock Institute staff are eagerly reading through the newly released proposed rules implementing the Illinois Community Reinvestment Act. Join us and the Illinois CRA Coalition to weigh in on final rules for the state’s new bank regulation.
Update: we submitted comment on Jan. 31, you can read it here.
The Illinois Department of Financial and Professional Regulation released its proposed rules for implementing the Illinois Community Reinvestment Act December 16 — the state law spearheaded by the Illinois Legislative Black Caucus in January 2021 and signed by Gov. Pritzker that March.
The proposed rule — available for download here — will cover credit unions, banks and mortgage companies serving Illinois. Congrats to IDFPR on this very thorough set of rules, and we look forward to continued work to improve lending throughout the state.
In addition to reviewing the rules and considering submitting your own comments, we encourage organizations and community leaders to join the Illinois CRA Coalition of organizations dedicated to protecting and strengthening the federal and the Illinois Community Reinvestment Acts as tools for building more equitable communities and addressing the racial wealth gap.