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.
This lunch and learn continues a series for community leaders and lenders, policy experts and others on the topic of redlining, beginning earlier this year with the (somewhat provocatively titled) Bank / Community Benefits Agreements – Game Changer or Consolation Prize?
This time around, our expert panel discussed the pros and cons of including race in the Community Reinvestment Act, CRA, responding to each others’ points.
About the panelists
- Warren W. Traiger, Senior Counsel at Buckley has played a leading role in formulating the banking industry’s position on CRA modernization, coordinating and preparing the responses of leading national trade associations and several banks to the proposed federal inter-agency rulemaking. More
- Calvin Bradford is an independent researcher and consultant who worked on the original CRA proposals and legislation. He is a board member of Woodstock Institute.
- Horacio Mendez is President & CEO of Woodstock Institute and brings experience as a former banker and policymaker as well as advocate to his role.
Now is a good time to discuss what’s next for the Community Reinvestment Act as federal bank regulators review comments on proposed CRA regulatory reform. Join us for a virtual ‘lunch and learn’ on the topic with two experts...
The FDIC released proposed rules for an interagency Community Reinvestment Act reform process today. The long-awaited proposal represents the most recent of many stalled efforts to update this anti-redlining law.
The most effective way to ensure real compliance with any law or regulation is to make the punishment associated with non-compliance much more expensive than the cost to do it well.
Illinois has a historic opportunity to ensure state banks, state credit unions, and mortgage companies invest mortgage capital equitably. The ability for the State of IL to hold all lenders accountable for the impact they have on the residents...
The Illinois Department of Financial and Professional Regulation (IDFPR) kicked off their rulemaking process for the new Illinois Community Reinvestment Act May 26 with a conversation between Illinois and Massachusetts regulators.
Massachusetts is the only other state to have its own state-level CRA that covers credit unions and mortgage companies in addition to banks. The conversation was a deep dive into how the Massachusetts regulators implement their law.
This was just the kick-off event and IDFPR plans to hold more public events and conversations to answer questions and take comments and feedback.
Woodstock Institute was excited to see this rulemaking process begin and we look forward to strong Illinois CRA regulations that are informed by input from local communities and stakeholders like advocates, banks, credit unions, and mortgage companies. Effective implementation of our state CRA will mean more investment in the communities that need it most.
On March 23, 2021, in a historic victory for low-income and communities of color in Illinois, Governor Pritzker signed the Illinois Community Reinvestment Act (IL CRA) into law. With the passage of this legislation, Illinois joins Massachusetts to become...
Woodstock Institute submitted a comment letter to respond to the Federal Reserve Board of Governors’ Advanced Notice of Proposed Rulemaking (ANPR) on the Community Reinvestment Act (CRA).
Woodstock Institute, Housing Action Illinois, and 55 other organizations wrote to Gov,. Pritzker asking him to support S. 1608, the Black Caucus' bill to create an Illinois Community Reinvestment Act modeled on the federal anti-redlining law that was pioneered...