COMMUNITY REINVESTMENT ORGANIZING ALERT
ILLINOIS TREASURER FRERICH TO ADD CRA ENFORCEMENT POLICY
TO CRA PLEDGE AND CRA COMPLAINT FORMS
Today, Illinois Treasurer Mike Frierich's senior policy team, spoke with leaders of the Community Reinvestment Oranizing Project and the P.A.C.T Project to inform its' leaders that the Treasurer' Office CRA policy for state depositories, will be more rigorously enforced with improved monitoring and complance of how depositories are leveraging the annual investment of $ 150 million of public monies to create community benefits through investment and reinvestment goals this reflects the State Treasurer's CRA Pledge for banks to commit to doing (attached).
Key to the revised policy will be::
1. Monitor the number of CRA complaints form submitted by the public regarding regulatory, compliance and commitment concerns
2. Making the process of complaints transparent so that the public know which banks the Office of the Treasurer is taking enforcement measures against. Enforcement means the withdrawal of deposits from a bank.
Otis C Monroe, of the Monroe Foundation, stated, "This is the leadership our coalition as always sought from this office when we negotiated these policies and forms with former Treasurer Alexi Giannoulias, and attempted to do so with former Treasurer Rutherford. We commend Treasurer Frierich for reaching out to us and accepting our policy input".
The Community Reinvestment Organizing Project of the Monroe Foundation recognizes the leadership roles of State Senator Mattie Hunter, State Representative Ken Dunkin, States Senator Kimberly Lightford and most recently, State Representative Emanuel "Chris" Welch in advocating and supporting these bank accountability policies.
The Monroe Foundation thanks the support of the Woods Fund of Chicago and the Field Foundation of Illnois for supporting aspects of this public policy and organizing work.
The original 2007 negotiation team consisted of: Mark Allen, National Black Wall Street -Chicago, and Harold Lucas, Black Metropolis, and Melinda Kelly, Chatham Business Assocatiion.
Otis Monroe
CEO
The Monroe Foundation
(773) 315-9720
https://theblacklist.net/
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