STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE

Posted By: Oursisnottoreasonwhy

STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE - 04/22/21 06:47 PM

New State CRA Notice Requirement
The new Illinois State CRA law is currently in effect. The law includes a posting notice for lobbies and websites regarding the new law. According to Section 35-20, each covered financial institution shall provide, in the public lobby of each of its offices, if any, and on its website, a public notice that is substantially similar to the following:

STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE

The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this community, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encouraged. You may obtain a copy of our evaluation. You may also submit signed, written comments about our performance in meeting community financial services needs to the Department.

205 ILCS 735/20

Added by P.A. 101-0657,ยง 35-20, eff. 3/23/2021.
Posted By: Comply 101

Re: STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE - 04/26/21 08:40 PM

At least credit unions in Illinois will now be subject to some CRA analysis.