Illinois Compiled Statutes 15 ILCS 520/16.3 – Consideration of financial institution’s commitment to its community
Current as of: 2024 | Check for updates
|
Other versions
(a) In addition to any other requirements of this Act, the State Treasurer shall consider the financial institution’s record and current level of financial commitment to its local community when deciding whether to deposit State funds in that financial institution. The State Treasurer may consider factors including, but not necessarily limited to:
(1) for financial institutions subject to the federal
(1) for financial institutions subject to the federal
|
Community Reinvestment Act of 1977, the current and historical ratings that the financial institution has received, to the extent that those ratings are publicly available, under the federal Community Reinvestment Act of 1977;
|
(2) any changes in ownership, management, policies,
|
or practices of the financial institution that may affect the level of the financial institution’s commitment to its community;
|
(3) the financial impact that the withdrawal or
|
denial of deposits of State funds might have on the financial institution; and
|
(4) the financial impact to the State as a result of
|
withdrawing State funds or refusing to deposit additional State funds in the financial institution.
|
(a-5) Effective January 1, 2022, no State funds may be deposited in a financial institution subject to the federal Community Reinvestment Act of 1977 unless the institution has a current rating of satisfactory or outstanding under the Community Reinvestment Act of 1977.
(a-10) When investing or depositing State funds, the State Treasurer may give preference to financial institutions that have a current rating of outstanding under the federal Community Reinvestment Act of 1977.
(b) Nothing in this Section shall be construed as authorizing the State Treasurer to conduct an examination or investigation of a financial institution or to receive information that is not publicly available and the disclosure of which is otherwise prohibited by law.
Terms Used In Illinois Compiled Statutes 15 ILCS 520/16.3
- Community Reinvestment Act: The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977. Source: OCC
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(a-10) When investing or depositing State funds, the State Treasurer may give preference to financial institutions that have a current rating of outstanding under the federal Community Reinvestment Act of 1977.
(b) Nothing in this Section shall be construed as authorizing the State Treasurer to conduct an examination or investigation of a financial institution or to receive information that is not publicly available and the disclosure of which is otherwise prohibited by law.