Sign Letter Urging Gov. Pritzker to Make IL CRA Law
On January 13, the Illinois General Assembly passed legislation creating an Illinois Community Reinvestment Act (IL CRA) to help ensure that state-regulated financial institutions better meet the needs of consumers and small businesses in low- and moderate-income neighborhoods, especially areas that lack access to banking and lending services.
Creation of the IL CRA was included in Senate Bill 1608, legislation with many provisions supporting the Illinois Legislative Black Caucus’ economic access, equity, and opportunity agenda to stop systemic racism.
Consumer Financial Protection Bureau research shows that, nationally, a majority of mortgages—estimated to range from 60 to 70 percent—are originated by institutions that are not covered by the federal CRA, including loans originated by credit unions and residential mortgage brokers.
The IL CRA compliments the federal Community Reinvestment Act by providing oversight for state-regulated financial institutions, including state-chartered banks, savings banks, credit unions, and larger residential mortgage brokers. The IL CRA will improve access to credit for communities of color in urban and suburban areas, as well as for rural communities that often also feel the deficit of investment.
Please have your organization sign on to our letter to Governor Pritzker urging him to make the IL CRA law. We'll be accepting signatures until 12:00 p.m. CST on Friday, February 12.
Click here to read the entire letter.
Feel free to reach out with comments or questions to Brent Adams at email@example.com or Sheila Sutton at firstname.lastname@example.org.
Please complete the form below to sign the letter.
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