Considering the absence of race in this NPR, it would seem that there is a disconnect between the legislative intent of the IL-CRA and the law’s proposed implementation and enforcement.

Are you looking for the proposed rule? Find it here.

The goal of the IL-CRA was not to cut and paste the failings of the Federal CRA and apply it to credit unions and mortgage companies throughout the state. That would result in little to no change in standards for state-chartered banks and would just hold two additional sectors to the same historically weak standard. On the contrary, the goal of the law was to hold all three major segments of the mortgage industry to a higher standard of community reinvestment. We accomplish nothing for Illinois communities in need by following a model that has been proven time and again to be largely toothless.