Requires commission to conduct studies to identify and delineate geographies in Illinois exhibiting significant disparities by protected classes as identified by Human rightsact.
With respect to access to product/services, lending, investment by financial institutions
Identify policies/practices that have/may have disparate impact/discriminatory effect.
Also, identify opportunities for establishing and growing banking development districts.
In geographic locations where there are greatest underbanked, unbanked populations and opportunities for partnerships between depository institutions local communities.
In addition, bill authorizes the Secretary of Financial and Professional Regulation to implement the findings and other results from such studies into examination process.
Results of every study performed under the act to be publicly available on websites.
Costs incurred in conducting the studies required under the amendatory act shall not be funded by the examination fees paid by relevant covered financial institutions.
Legislative History
On Feb. 6, 2024, bill introduced in Senate; on Apr. 18, 2024, bill passed in the Senate.
On Apr. 18, 2024, bill introduced in the House; on May 23, 2024, bill passed in House.
Effectiveness
If enacted, this act takes effect on Jan. 1, 2025.
Aug. 2024 ILL LEG Bill Approval
On Aug. 9, 2024, ILL LEG approved Bill SB 3235, and became Public Act 103-0959.
Regulators
ILL LEG
Entity Types
Bank; CU; MG Orig; Thrift
Reference
Public Act 103-0959, 8/9/2024; Bill SB3235, 5/23/2024; ESG; Citation: *ILL FIN* 205-735/35-5, 205-735/35-15;
