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Merrily the State CRAs Roll Along

March 8, 2023 By Caroline Eisner

A&B ABstract: While we wait on the final interagency rule from the Federal Reserve, OCC, and FDIC, Illinois and New York are continuing along with their state Community Reinvestment Acts (CRA). Illinois CRA Developments Illinois announced that it would hold public hearings, two on March 2, 2023 and a third on March 8, 2023, to […]

Filed Under: Community Reinvestment Act, State Law Tagged With: #New York, Community Reinvestment Act, CRA, Fair Lending, Illinois

Illinois Proposes Rules Implementing Its Community Reinvestment Act for Banks, Mortgage Lenders, and Credit Unions

January 26, 2023 By Caroline Eisner

A&B ABstract: 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 […]

Filed Under: Community Reinvestment Act, Mortgage Loans, State Law Tagged With: Community Reinvestment Act, CRA, Illinois, mortgage lending

State Community Reinvestment Acts Reaching Beyond Banks

September 28, 2022 By Caroline Eisner

A&B ABstract: When Congress passed the federal Community Reinvestment Act (“CRA”) in 1977 to address redlining, it imposed affirmative requirements on insured depository institutions to serve the credit needs of the communities where they receive deposits. At that time, banks were extending the vast majority of mortgages nationally. However, non-banks have become the dominant mortgage […]

Filed Under: Community Reinvestment Act, Mortgage Loans Tagged With: #Massachusetts, #New York, #redlining, Connecticut, CRA, District of Columbia, Illinois, mortgage lending

State Community Reinvestment Acts Reaching Beyond Banks

September 23, 2022 By Caroline Eisner

A&B ABstract: When Congress passed the federal Community Reinvestment Act (“CRA”) in 1977 to address redlining, it imposed affirmative requirements on insured depository institutions to serve the credit needs of the communities where they receive deposits. At that time, banks were extending the vast majority of mortgages nationally. However, non-banks have become the dominant mortgage […]

Filed Under: Mortgage Loans, State Law, Uncategorized Tagged With: #Massachusetts, #New York, Community Reinvestment Act, Connecticut, CRA, DC, District of Columbia, Illinois, mortgage lending

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