No, the new language for Illinois CRA signage in the proposed Illinois CRA rules is not currently required, as the proposed rules have not been finalized. Additionally, the IDFPR may rewrite the required language when the agency finalizes the Illinois CRA rules.
However, your bank should be posting the current version of the Illinois CRA notice required under the statutory text of the Illinois CRA. The Illinois CRA became effective immediately on becoming law in 2021, including its requirement to post public notices in your public lobbies and on your website. You may use the language from the text of the law itself or alternative language that the IDFPR published in a CRA Supervisory Statement, which is linked to below.
For resources related to our guidance, please see:
- IDFPR, Notice of Proposed Rules, Bank Community Reinvestment, 46 Ill. Reg. 19726, 19794 (December 16, 2022) (Appendix B, ILCRA Notice.)
- Illinois CRA, 205 ILCS 735/99-99 (“This Act takes effect upon becoming law. . . .”)
- Illinois CRA, 205 ILCS 735/35-20 (“Each covered financial institution shall provide, in the public lobby of each of its offices, if any, and on its website, a public notice that is substantially similar to the following:
‘STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE
The Department of Financial and Professional Regulation (Department) evaluates our
performance in meeting the financial services needs of this community, including the needs of
low-income to moderate-income households. The Department takes this evaluation into
account when deciding on certain applications submitted by us for approval by the
Department. Your involvement is encouraged. You may obtain a copy of our evaluation. You
may also submit signed, written comments about our performance in meeting community
financial services needs to the Department.’”)
- IDFPR, Illinois Community Reinvestment Act Supervisory Statement (May 5, 2021) (“[T]he Division of Banking (DOB) has yet to issue evaluations for DOB covered financial institutions. Accordingly, while this Statement remains in effect, DOB will consider the following notice substantially similar to the notice shown above:
‘STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE
The Department of Financial and Professional Regulation (Department) evaluates our
performance in meeting the financial services needs of this community, including the needs of
low-income to moderate-income households. The Department takes this evaluation into
account when deciding on certain applications submitted by us for approval by the
Department. Your involvement is encouraged. You may obtain a copy of our evaluation once
the Department completes our first evaluation. You may also submit signed, written comments
about our performance in meeting community financial services needs to the Department. We
will update this notice when our first evaluation has been issued.’”)