The issues associated with the drafting of implementing rules from which to enforce the IL-CRA are not dissimilar to those facing the Federal bank regulatory agencies as they strive to modernize the Federal CRA.
Woodstock Institute co-leads the Illinois Community Reinvestment Act Coalition with Housing Action Illinois. The coalition submitted a letter with 32 organizations signed on to comment on the Illinois Department of Financial and Professional Regulation’s (IDFPR) Advance Notice of Proposed...
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...
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.
… The speed at which the package passed surprised even community development and fair housing groups. “There was really a demand, on all levels of government, local state and federal elected officials representing Illinois, wanting to do something to...
Governor Pritzker signed the Illinois Community Reinvestment Act into law, making Illinois the second state with oversight to ensure equitable investment
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...