Ill. Admin. Code tit. 38 § 185.10

Current through Register Vol. 48, No. 45, November 8, 2024

Section 185.10 - Authority, Purposes and Scope

a) The Illinois Community Reinvestment Act (ILCRA) [205 ILCS 735] authorizes this Part.

b) Purposes. This Part is intended to carry out the purposes of the Illinois Community Reinvestment Act (ILCRA) by establishing the framework and criteria by which the Secretary assesses a covered credit union's ILCRA record. These rules shall be liberally construed to effectuate their purpose. Without limiting the aforementioned purpose, specific purposes of this Part include:

1) Establishment of rules pursuant to Section 35-10(b) of the ILCRA, which requires that this Part incorporate federal rules promulgated under the federal Community Reinvestment Act (12 U.S.C. 2901; see also 12 CFR Part 345). Specifically, Section 35-10(b) of the ILCRA states, in relevant part: To assist in carrying out this Act, the Secretary shall adopt rules incorporating the regulations applicable to covered financial institutions under federal law, and the Secretary may make such adjustments and exceptions thereto as are deemed necessary. [205 ILCS 735/35-10(b)]

2) Accordingly, this Part

A) may include references to federal statutes or rules established pursuant to the federal Community Reinvestment Act; and

B) except where this Subpart A makes adjustments or exceptions to the administrative rules established pursuant to the federal Community Reinvestment Act or where inconsistent with the ILCRA or this Subpart, this Subpart shall be construed and interpreted consistently with the appropriate federal financial supervisory agency's construction and interpretation of the federal rules.

3) Establishment of rules as required by Section 35-10(c) of the ILCRA. These rules shall be liberally construed to effectuate their purpose.

4) Establishment of rules as the Secretary may deem appropriate as authorized by the Act under Section 35-15(a), Section 35-35, or otherwise.

c) Scope. This Part applies to credit unions. Except as context otherwise indicates, this Part does not apply to a bank chartered under the Illinois Banking Act [205 ILCS 5], a savings bank chartered under the Savings Bank Act [205 ILCS 205], an entity licensed under the Residential Mortgage License Act of 1987 [205 ILCS 635] which lent or originated 50 or more residential mortgage loans in the previous calendar year, and any other financial institution under the jurisdiction of the Department as designated by rule by the Secretary.

Ill. Admin. Code tit. 38, § 185.10

Added at 48 Ill. Reg. 7004, effective 5/1/2024