The Treasurer's Office will require all financial institutions to sign a community reinvestment pledge before receiving or renewing state deposits effective June 1, 2009. The pledge builds on the Community Reinvestment Act and is designed to help unbanked residents and communities receive traditional banking services.

Financial institutions that do not sign the form will not be eligible for state deposits. As of March 2009, Illinois had deposits worth $1.4 billion in 205 banks, 26 credit unions and 20 savings and loans.

The public can determine if the Treasurer’s Office is doing business with a particular financial institution by checking Time Deposits page under the Finances menu at the left. The list, posted as a pdf, is updated monthly.

If residents believe a financial institution on the list is not fulfilling its community investment pledge, they should submit a complaint form to the Treasurer’s banking division. The state will work with the residents to mediate a solution with the bank and consider nonrenewal of future deposits.

Download the pledge form here.

Read the press release announcing the pledge here.

The pledge language, developed in conjunction with the Monroe Foundation, is below.

Institution’s Commitment to Community Reinvestment

________________________________(Depository name) pledges not to reject
arbitrarily mortgage loans for residential properties within any specific part of the
community served by this Depository because of the location of the property. This
Depository also pledges to make loans available on low and moderate income residential
property throughout the community within the limits of its legal restrictions and prudent
financial practices.
________________________________ (Depository name) will make best faith efforts to
provide community development investments that assist in promoting and increasing
homeownership, foreclosure prevention, and efforts to promote and sustain community
and economic development for the benefit of low to moderate income or rural customers
in communities served by this Depository, within the limits of the Depository’s legal
restrictions and prudent financial practices and to the extent that such investments or
efforts do not create a conflict of interest for the Depository.
________________________________(Depository name) will make best faith efforts
that it will not deny access to banking and savings products and services to customers
within the community served by this Depository on the basis of such customers’ or
potential customers’ low to moderate income status or because such customers or
potential customers are from a low income, moderate income or rural community, within
the limits of its legal restrictions and prudent financial practices.
________________________________ (Depository name) to the extent that it
participates in any small business loan program, will make best efforts to market such
small business loan program in an effort to meet the needs of minority-owned, femaleowned,
or rural businesses within the community served by this Depository, within the
limits of the Depository’s legal restrictions and prudent financial practices.