What’s next for the Community Reinvestment Act? Should race be included?

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. 

Illinois CRA Rulemaking Process Begins

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.

Community Reinvestment Act

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...