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May 05, 2009 |
Woodstock Institute joined Illinois State Treasurer Alexi Giannoulias
and the Community Reinvestment
Organizing Project in announcing the adoption of the state’s Commitment
to Community Reinvestment Policy. The policy requires all
state depositories to certify that they provide access to mortgages, financial
services and small business lending throughout their service area, including
low-wealth communities.
The policy
is the culmination of a 15-month organizing effort of the Community Reinvestment Organizing Project, convened
by the Monroe
Foundation. The adoption of the Commitment to Community Reinvestment makes explicit the practices
that are unacceptable in this state. It also makes explicit the Illinois
State Treasurer’s community reinvestment expectations for each and every bank
receiving state funds.
Woodstock
Institute believes that community reinvestment commitments are the linchpins of
access to capital and financial services. The Illinois Community Investment Coalition, which Woodstock
Institute convenes, has pushed financial institutions to set measurable goals
for lending and basic transaction accounts, including landmark agreements with JP
Morgan Chase, Charter
One, and most recently, a commitment from Bank of America to
maintain the strong community reinvestment presence of LaSalle Bank, which it
acquired in 2007.
During
a national debate on the community obligations of financial institutions, it is
reassuring that Illinois’
Treasurer is taking this important step to hold financial institutions
accountable.
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