Illinois HB1700 mandates public agencies to consider a financial institution's community reinvestment record when deciding to deposit public funds.
Illinois HB1700 amends the Deposit of State Moneys Act and the Public Funds Investment Act to require public agencies to consider a financial institution's record and level of commitment to its community when deciding to deposit public funds. Effective January 1, 2022, no public funds can be deposited in a financial institution subject to the federal Community Reinvestment Act unless it has a current rating of satisfactory or outstanding.
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