We have a rare opportunity to shape a critical new oversight system in Illinois.
Right now, rules are being made that will determine how strong of a tool the Illinois Community Reinvestment Act (IL CRA) will be for building a fair, inclusive system of lending and investment that meets the needs of low- and moderate-income Illinoisans, especially people of color.
The IL CRA, signed into law last spring, compliments the federal CRA by providing oversight for state-regulated financial institutions. With this legislation, Illinois became the second state with an oversight system to ensure that residents are equitably served by all three major segments of the credit and mortgage lending markets: state-chartered banks, state-chartered credit unions, and state-licensed mortgage companies. Read our IL CRA overview here »
The public has the chance to comment on the proposed rules for the IL CRA by March 16.
Please have your organization sign on to the Illinois CRA Coalition’s recommendations for these implementing rules and making the IL CRA into a more effective tool to increase financial inclusion for all Illinoisans. Read the letter here »
We’ll be accepting organization signatures until 5:00 pm CT on Wednesday, March 15.
Not speaking up on behald of an organization? We hope you’ll still raise your voice! Individuals can use our letter as a template and submit comments via our easy-to-use portal »
About IL CRA Coalition
The Illinois CRA Coalition is a group of organizations dedicated to protecting and strengthening the federal and the Illinois Community Reinvestment Acts as tools for building more equitable communities and addressing the racial wealth gap.