COMMUNITY REINVESTMENT FUNDS

Provides that if and only if Senate Bill 1608 of the 101st General Assembly, as amended by House Amendment No. 2, becomes law, then the Illinois Community Reinvestment Act, the Deposit of State Moneys Act, and the Public Funds Investment Act are amended. Excludes banks organized under the Illinois Banking Act, savings banks organized under the Savings Bank Act, and credit unions organized under the Illinois Credit Union Act from within the meaning of "covered financial institution" under the Illinois Community Reinvestment Act. Provides that when investing or depositing State or public funds, the State Treasurer or a public agency may give preference to financial institutions that are not subject to the federal Community Reinvestment Act of 1977 and are established and doing business as not-for-profit consumer owned financial cooperatives, including credit unions. Makes conforming changes. Effective immediately.