In October 2023, after years of advocacy, long-overdue updates were made to the federal Community Reinvestment Act (CRA)—a critical law designed to ensure banks meet the credit needs of low- and moderate-income communities. These rule changes reflected the realities of modern banking, including the rise of online banking and lending services that didn’t exist when the CRA was last updated.
But in March 2025, the Federal Reserve, FDIC, and OCC announced plans to roll back those updated rules and return to outdated standards.
We at the IL CRA Coalition are deeply disappointed by this reversal. It’s a step backward for communities that deserve fair access to financial services and investment. We’re very grateful to all our partners and allies who helped shape the 2023 rules through public input and engagement.
Our work isn’t done. Our coalition will continue to advocate for a federal CRA that meaningfully addresses community credit needs and promotes racial and economic justice. We will continue to monitor changes to the federal CRA, including any potential future proposed rules, and we will keep you posted on how you can act alongside us.
This federal setback highlights why the Illinois CRA is more important than ever. Illinois became the second state in the nation to ensure all parts of the mortgage lending market—state-chartered banks, credit unions, and mortgage companies—are held accountable for fair lending and investment practices. Our state law fills in the gaps left by federal rules and ensures more lenders are investing equitably in our communities.
We’re committed to working with regulators, community groups, and financial institutions to make sure the Illinois CRA is implemented fully and effectively. Our goal is simple: a fairer financial system where every community has the opportunity to thrive.
To learn more about the Illinois CRA and how you can get involved, visit ilcracoalition.org.