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The Illinois Community Reinvestment Act
The Illinois Community Reinvestment Act (ILCRA) requires covered financial institutions including state-chartered banks, credit unions, and non-bank mortgage licensees to meet the financial services needs of communities throughout Illinois including historically underserved low-to-moderate income neighborhoods.
The Division of Banking (DOB) examines Illinois-chartered banks and covered mortgage lenders for compliance with the Illinois CRA. Information about the exam schedule and ratings can be found in the Division of Banking page here.
The Division of Financial Institutions (DFI) examines Illinois-chartered credit unions for compliance with the Illinois CRA. Information about the exam schedule and ratings can be found in the Division of Financial Institutions page here.
History of the ILCRA
- March 2021 - signed into law
- September - October 2021 - Public hearings held by DOB and DFI
- December 2022 – IDFPR filed the first notice for CRA rules
- March 2023 – Public hearings held by DOB and DFI
- September 2023 - IDFPR filed the second notice for CRA rules
- May 1, 2024 – CRA rules adopted
- July 2024 – August 2024 – DOB and DFI outreach about the implementation process
