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.