The Healthcare Consortium of Illinois Charges Banks for not being Compliant to the Law
Community Banks are Against the Community Reinvestment Act
The Healthcare Consortium of Illinois (HCI) charges community banking institutions for not following the Community Reinvestment Act. They are holding a press conference on Sunday August 28, at 2:30pm in the lobby of US Bank, 1350 E. Sibley Blvd, Dolton, IL. HCI, the Dolton community and other concerned stakeholders will be in attendance.
The Act instructs the appropriate federal financial supervisory agencies to encourage regulated financial institutions to help meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation (Section 802). To enforce the statute, federal regulatory agencies examine banking institutions for Community Reinvestment Act compliance, and take this information into consideration when approving applications for new bank branches or for mergers or acquisitions (Section 804).
“In these hard times our community banks do not seem to be prepared to share with helping our communities,” Salim Al Nurridin, CEO of the Healthcare of Illinois. In particular US Bank, MB Financial, and Belmont Bank & Trust, to name a few have not been supportive. All three of these banks have refused to make loans based on the receivables as collateral.
The Black Lives Matter (BLM) movement has made the statement that the banks have not been sensitive to the Black business community needs. One way to address this issue was Black Lives Matter urged people to put money into Black banks in response to other banks not helping the Black business communities.
They plan on producing a report card on all community banks in their compliance with the Community Reinvestment Act. They have asked media to give attention to this matter and community attention to impact and cause change in the way communities do business.
About: The Healthcare Consortium of Illinois (HCI)
MISSION & VISION STATEMENTS
The Healthcare Consortium of Illinois is an organization of partners committed to developing and maintaining targeted, community-based, integrated health and human service delivery systems which increase the well-being of individuals, families and communities throughout Illinois by means of advocacy, awareness and action.
To become a national leader committed to facilitating health and human service through advocacy, awareness and action through cutting-edge, quality-driven and diversified best practices and processes.