IL SB3235

Amends the Commission on Equity and Inclusion Act to add Commission responsibility for completing studies required by the Illinois Community Reinvestment Act.

Commission shall conduct studies to identify Illinois geographies with significant disparities by protected classes regarding access to financial products, services, and lending/investments by covered financial institutions.

Commission shall identify policies, procedures, patterns, or practices that have or may have disparate impact or discriminatory effect, and identify opportunities for establishing Banking Development Districts in underbanked and unbanked areas.

Secretary of Financial and Professional Regulation may implement study findings into the examination process through rules adopted under the Illinois Administrative Procedure Act.

Study costs require separate appropriation and cannot be funded by examination fees paid by covered financial institutions; Commission shall provide public reports to the General Assembly and Department, with results posted on both agencies' websites.