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Reviewing the Laws


Illinois CRN


The State of Illinois recognizes the importance of community reinvestment in fostering economic growth, promoting affordable housing, and supporting the development of underserved communities. To this end, the Illinois Department of Financial and Professional Regulation (IDFPR) has implemented the Community Reinvestment Act (CRA) to encourage financial institutions to invest in the communities they serve.

The CRA requires banks, credit unions, and other financial institutions to meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It aims to prevent redlining, a discriminatory practice where financial institutions avoid providing services or making investments in certain areas based on demographic characteristics.

Under the CRA, financial institutions are assessed on their record of community reinvestment activities, which include providing loans, investments, and services to individuals and organizations in low- and moderate-income communities. The IDFPR evaluates these institutions' performance and assigns them ratings based on their level of community reinvestment.

The ratings assigned to financial institutions range from "Outstanding" to "Satisfactory" to "Needs to Improve" and "Substantial Noncompliance." These ratings reflect the institution's commitment to community reinvestment and their efforts to meet the credit needs of the communities they serve.

Financial institutions are required to publicly disclose their CRA ratings and performance evaluations to inform the public about their community reinvestment efforts. This transparency allows community members and organizations to assess the institution's commitment to providing fair and equitable access to financial services and investment opportunities.

The State of Illinois actively encourages individuals and community organizations to participate in the CRA process. Citizens are encouraged to provide comments on financial institution's CRA performance and to report any concerns regarding redlining or unequal access to financial services.

By promoting community reinvestment, the State of Illinois aims to create stronger, more inclusive communities by ensuring that all residents have access to affordable housing, small business financing, and other essential financial services.

If you would like to learn more about the Community Reinvestment Act in Illinois or obtain information about financial institutions' CRA ratings and evaluations, please visit the Illinois Department of Financial and Professional Regulation's website or contact their office directly.


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