Illinois Amends Community Reinvestment Act Fees, Implementation Period

The Illinois Department of Financial and Professional Regulation (IDFPR) recently amended its examination fees for the state’s community reinvestment act (CRA).  The amendment requires covered licensees to pay an annual CRA fee based upon its total number of Illinois mortgage loans for the previous calendar year; however, covered licensees are no longer required to pay a per-day fee for examinations where no out-of-state travel occurs.  The fee for fiscal year 2025 is due on January 1, 2025.

The amendment also pushed back the first date that the IDFPR could initiate a CRA examination of a covered licensee that made at least 100 home mortgage loans in Illinois in the last calendar year from November 1, 2024, to February 1, 2025.