Ill. Admin. Code tit. 38 § 346.30

Current through Register Vol. 48, No. 33, August 16, 2024

Section 346.30 - Application for Creation of a Banking Development District

The governing board of a local government, in conjunction with a depository institution, may submit an application to the Department for the designation of a banking development district. Each application shall be submitted to the Secretary on a form, which is to be prescribed by the Secretary following consultation with the State Treasurer, and shall include all of the following information:

a) identification of the depository institution and of any unit of local government or portion thereof submitting the application along with documentation of the approval of the application by the governing board of the unit of local government;

b) a map, a legal description of the property, and description of geographic boundaries of the proposed banking development district which specifically identifies the location of the proposed banking branch within the proposed banking development district;

c) documentation of all current zoning classifications within the proposed banking development district and the boundaries of each identified zoning area;

d) the number of residents of the proposed banking development district along with detailed demographic information describing the members of the population, including persons that are unbanked or underbanked as identified in the application form to be provided;

e) an identification of the specific needed banking services which are not being provided within the proposed banking development district at the time of the application;

f) an identification of the number, location of existing sites of banking services within the proposed banking development district and within a reasonable distance of the proposed banking development district which identification shall include, but not be limited to:

1) the identification and location of all full-service branches of all depository banking institutions;

2) the identification and location of all sites which offer deposit-taking ATMs;

3) the identification and location of all existing alternatives to providers of banking services including, but not limited to, currency exchanges, money transmitters, payday lenders or pawnbrokers;

4) the identification and location of deposit-taking RSFs (other than those sited at full-service branches); and

5) the identification and location of non-deposit-taking RSFs (other than those sited at full-service branches);

g) income measures of the proposed banking development district, including, but not limited to, per capita annual income and median household annual income utilizing either the most recent United States Census Bureau data or the most recent Department of Housing and Urban Development ("HUD") annual income estimates;

h) other economic indicators, where readily available, including, but not limited to, unemployment data, percentage of the population at or below the poverty level, percentage of the population at or below 200% of the poverty level, and percentage of the population receiving public assistance within the proposed banking development district. Unemployment data may be submitted for a political subdivision in which the proposed banking development district is located;

i) description of the public transportation systems and major roadways, if any, in the proposed banking development district maps and/or diagrams may be included in the description;

j) narrative establishing that a branch would be economically viable within the banking development district if a deposit of public funds as identified by Section 25 of the Act is provided, along with a statement of any limitations on the types of public funds the branch would be willing to accept;

k) specification of whether the proposed banking development district, or any portion thereof, lies within an area which has been designated an enterprise or empowerment zone or has received similar designation from any federal, State, or local government entity;

l) a narrative description of the natural and man-made geographic barriers, if any, that may impede physical access to existing banking services;

m) a narrative description of the distances and travel times from the applicant's proposed site to banking institutions and alternative providers of banking services both within the proposed banking development district and within the reasonable distance specified in subsection (f);

n) affirmation by the applicant depository institution that it will not establish the proposed banking development district branch with the intention of closing or relocating any existing nearby branch or branches;

o) an identification of all CBOs that are in favor of the establishment of the proposed District along with all written statements of support, if any, from all supporting CBOs;

p) a description of all banking and financial educational programs that will be provided by the branch directly or in cooperation with a CBO;

q) documentation of the most recent rating given to the depository institution under the Illinois Community Reinvestment Act [205 ILCS 735/35-1 ], if any;

r) a description of the criteria generally employed to determine whether to continue maintaining a branch in operation and whether the branch proposed in the application would be evaluated under any different criteria; if any different criteria would apply, state them;

s) a statement describing any preliminary or final understanding or agreement between the municipality and the applicant depository institution as to the anticipated duration of the proposed branch; and

t) such other documents or information as the Secretary may deem necessary to determine the applicants' fitness for a banking development district.

Ill. Admin. Code tit. 38, § 346.30

Repealed at 41 Ill. Reg. 11334, effective 8/28/2017

Added at 48 Ill. Reg. 12263, effective 8/2/2024