The Community Reinvestment Act (CRA), enacted by Congress in 1977 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, consistent with safe and sound banking operations. Congress passed the Act to reduce discriminatory credit practices against low income neighborhoods, a practice known as redlining.

The CRA requires that each insured depository institution's record in helping meet the credit needs of its entire community be evaluated periodically. That record is taken into account in considering an institution's application for deposit facilities, including mergers and acquisitions. This aspect was the result of the Gramm-Leach-Bliley Act that was signed into law in 1995. CRA examinations are conducted by the federal agencies that are responsible for supervising depository institutions: the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS).

The Treasurer's Office will require all financial institutions to sign a community reinvestment pledge before receiving or renewing state deposits. 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 2011, Illinois had deposits worth $114 million in 87 banks, 6 credit unions and 8 savings and loans.

CRA complaint form