JDSUPRA, January 27, 2023, Illinois Proposes Rules Implementing Its Community Reinvestment Act for Banks, Mortgage Lenders, and Credit Unions
The Illinois Department of Financial and Professional Regulation (“IDFPR”) has issued a notice of proposed rules to implement the newly passed Illinois Community Reinvestment Act (“ILCRA”), aimed at serving the credit needs of low- and moderate-income communities and individuals. The proposal includes a separate set of rules applicable to state-chartered banks, non-depository mortgage lenders, and credit unions.
