“‘There were a few things that happened in 2020,’ recalled Jane Doyle of the Chicago-based Woodstock Institute, one of the main backers of the bill. ‘Of course, the pandemic, the ways that the pandemic exposed racial disparities in our economy and our health care system, pretty much all parts of society. There was the murder of George Floyd and the Black Lives Matter protests that ensued after that.’

But more specific to Chicago and the lending industry, Doyle said, was an investigative news story entitled “Where Banks Don’t Lend,” by public radio station WBEZ and the nonprofit news organization City Bureau. It was released June 3, 2020, less than two weeks after Floyd’s death.

‘The sort of big summary data point that came out of that is that there was more mortgage capital invested in one majority-white community in Chicago than all majority-Black communities combined,’ Doyle said.

It was against that backdrop that the Legislative Black Caucus pushed through the Illinois Community Reinvestment Act, a part of its “Economic Access, Equity, and Opportunity” pillar.”