On January 13, Illinois passed legislation creating an Illinois Community Reinvestment Act (IL CRA)
The Act sets state standards for the Illinois Department of Financial and Professional Regulation (IDFPR) to examine low- and moderate-income lending by state-chartered banks, credit unions, and non-bank mortgage lenders. The Act is intended to incentivize safer lending into low- and moderate-income communities by Illinois financial institutions.
What's Next?
The new law impacts all financial entities regulated by the IDFPR. Although the Act provides that it effective immediately, Illinois will need to issue guidance and take other steps to implement the law. Wolters Kluwer is the recognized industry leader in technology solutions and consulting services for compliance with federal CRA requirements. Our experts are monitoring implementation requirements for the Illinois CRA law to help guide the compliance efforts of impacted institutions.

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