Yes, many of the details of evaluations under the Illinois CRA are left to administrative rulemaking by the Illinois Department of Financial and Professional Regulation (IDFPR). The IDFPR’s forthcoming administrative rules will establish the standards for Illinois CRA evaluations of covered banks to determine whether they are meeting the financial services needs of local communities. The IDFPR’s rules have been proposed but not yet adopted. We have included a link to the proposed rules for banks in the resources below.
If the IDFPR’s proposed rules are finalized as proposed, small banks (as defined by the federal CRA rules) will have the option of being evaluated under a separate set of performance standards and will be subject to reduced data collection, reporting, and disclosure requirements.
For resources related to our guidance, please see:
- IDFPR, Notice of Proposed Rules, Bank Community Reinvestment, 46 Ill. Reg. 19726, 19805 (December 16, 2022) (“‘Small Bank’ means a bank that is a small bank under federal administrative rules established by the bank’s primary federal financial supervisory agency pursuant to the federal Community Reinvestment Act and an intermediate small bank means a bank that is an intermediate small bank under federal administrative rules established by the bank’s primary federal financial supervisory agency pursuant to the federal Community Reinvestment Act.”)
- FDIC CRA Regulations, 12 CFR 345.12(u)(1) (“Small bank means a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $1.503 billion.”)
- IDFPR, Notice of Proposed Rules, Bank Community Reinvestment, 46 Ill. Reg. 19726, 19818 (December 16, 2022) (“Small Bank Performance Standards”)
- IDFPR, Notice of Proposed Rules, Bank Community Reinvestment, 46 Ill. Reg. 19726, 19827 (December 16, 2022) (“Loan information required to be collected and maintained. A bank, except a small bank, shall collect, and maintain in machine readable form (as prescribed by the Secretary) until the completion of its next ILCRA examination, the following data for each small business or small farm loan originated or purchased by the bank: . . .”)
- IDFPR, Notice of Proposed Rules, Bank Community Reinvestment, 46 Ill. Reg. 19726, 19827 (December 16, 2022) (“Loan information required to be reported. A bank, except a small bank or a bank that was a small bank during the prior calendar year, shall report annually by March 1 to the Secretary in machine readable form (as prescribed by the Secretary) the following data for the prior calendar year: . . .”)
- IDFPR, Notice of Proposed Rules, Bank Community Reinvestment, 46 Ill. Reg. 19726, 19829 (December 16, 2022) (“Assessment area data. A bank, except a small bank or a bank that was a small bank during the prior calendar year, shall collect and report to the Secretary by March 1 of each year a list for each assessment area showing the geographies within the area.”)
- IDFPR, Notice of Proposed Rules, Bank Community Reinvestment, 46 Ill. Reg. 19726, 19830 (December 16, 2022) (“Banks other than small banks. A bank, except a small bank or a bank that was a small bank during the prior calendar year, shall include in its public file the following information pertaining to the bank and its affiliates, if applicable, for each of the prior two calendar years: . . .”)
- IDFPR, Notice of Proposed Rules, Bank Community Reinvestment, 46 Ill. Reg. 19726, 19831 (December 16, 2022) (“Small banks. A small bank or a bank that was a small bank during the prior calendar year shall include in its public file:
A) The bank’s loan-to-deposit ratio for each quarter of the prior calendar year and, at its option, additional data on its loan-to deposit ratio; and
B) The information required for other banks by subsection (b)(1), if the bank has elected to be evaluated under the lending, investment, and service tests.”)