Definitions

Section 345.20  Definitions For purposes of this Part, the following definitions apply: "Affiliate" means any company that controls, is controlled by, or is under common control with another company. The term "control" has the meaning given to that term in 12 U.S.C. 1841(a)( 2), and a company is under common control with another company if both companies are directly or indirectly controlled by the same company. "Alternative financial products or services" means financial products or services offered by persons other than an insured depository institution at a higher cost than comparable services offered by an insured depository institution. "Area median income" means: the median family income for the Metropolitan Statistical Area (MSA), if a person or geography is located in an MSA, or for the metropolitan division, if a person or geography is located in an MSA that has been subdivided into metropolitan divisions; or the statewide nonmetropolitan median family income, if a person or geography is located outside an MSA. "Assessment area" means a geographic area delineated in accordance with Section 345.400. "Bank" means a bank that has a charter issued under the Illinois Banking Act [205 ILCS 5], a savings bank that has a charter issued under the Savings Bank Act [205 ILCS 205], and an FDIC-insured banking office of a foreign banking corporation issued a certificate of authority under the Foreign Banking Office Act [205 ILCS 645]. "Branch" means a staffed banking facility defined as a branch under Section 2 of the Illinois Banking Act [205 ILCS 5/2] or Section 1007.20 of the Illinois Savings Bank Act [205 ILCS 205/1007.20], and a branch of a banking office of a foreign banking corporation issued a certificate of authority under the Foreign Banking Office Act [205 ILCS 645], whether shared or unshared, including, for example, a mini-branch in a grocery store or a branch operated in conjunction with any other local business or nonprofit organization. "Community development" means: Affordable housing (including multifamily rental housing) for low- or moderate-income individuals; Community services targeted to low- or moderate-income individuals; Activities that promote economic development by financing businesses or farms that meet the size eligibility standards of the Small Business Administration's Development Company or Small Business Investment Company programs (13 CFR 121.301) or have gross annual revenues of $1 million or less; or Activities that revitalize or stabilize − Low-or moderate-income geographies; Designated disaster areas; Distressed or underserved nonmetropolitan middle-income geographies designated by the Board of Governors of the Federal Reserve System, FDIC, and Office of the Comptroller of the Currency, based on − Rates of poverty, unemployment, and population loss; or Population size, density, and dispersion. Activities revitalize and stabilize geographies designated based on population size, density, and dispersion if they help to meet essential community needs, including needs of low- and moderate-income individuals; or Unbanked or underbanked geographies; and Activities targeted to directly and tangibly − Increase climate resilience in low-income to moderate-income neighborhoods; or Mitigate environmental harm in low-income to moderate-income neighborhoods. "Community development loan" means a loan that: Has as its primary purpose community development; and Except in the case of a wholesale or limited purpose bank: Has not been reported or collected by the bank or an affiliate for consideration in the bank's assessment as a home mortgage, small business, small farm, or consumer loan, unless the loan is for a multifamily dwelling (as defined in 12 CFR 1003.2(n)); and Benefits the bank's assessment area or a broader statewide or regional area that includes the bank's assessment area. "Community development service" means a service that: Has as its primary purpose community development; Is related to the provision of financial services; and Has not been considered in the evaluation of the bank's retail banking services under Section 345.240(d). "Consumer loan" means a loan to one or more individuals for household, family, or other personal expenditures. A consumer loan does not include a home mortgage, small business, or small farm loan. Consumer loans include the following categories of loans: Motor vehicle loan, which is a consumer loan extended for the purchase of and secured by a motor vehicle; Credit card loan, which is a line of credit for household, family, or other personal expenditures that is accessed by a borrower's use of a "credit card," as this term is defined in 12 CFR 1026.2; Other secured consumer loan, which is a secured consumer loan that is not included in one of the other categories of consumer loans; and Other unsecured consumer loan, which is an unsecured consumer loan that is not included in one of the other categories of consumer loans. "Department" means the Illinois Department of Financial and Professional Regulation. "FDIC" means the Federal Deposit Insurance Corporation. "Geography" means a census tract delineated by the United States Bureau of the Census in the most recent decennial census. "Home mortgage loan" means a closed-end mortgage loan or an open-end line of credit as these terms are defined under Section 1003.2 and that is not an excluded transaction under 12 CFR 1003.3(c)(1) through (10) and (13). "Income level" includes: Low-income, which means an individual income that is less than 50 percent of the area median income or a median family income that is less than 50 percent in the case of a geography. Moderate-income, which means an individual income that is at least 50 percent and less than 80 percent of the area median income or a median family income that is at least 50 and less than 80 percent in the case of a geography. Middle-income, which means an individual income that is at least 80 percent and less than 120 percent of the area median income or a median family income that is at least 80 and less than 120 percent in the case of a geography. Upper-income, which means an individual income that is 120 percent or more of the area median income or a median family income that is 120 percent or more in the case of a geography. "Limited purpose bank" means a bank that offers only a narrow product line (such as credit card or motor vehicle loans) to a regional or broader market and for which a designation as a limited purpose bank is in effect, in accordance with Section 345.250(b). "Loan location" means a loan is located as follows: A consumer loan is located in the geography where the borrower resides; A home mortgage loan is located in the geography where the property to which the loan relates is located; and A small business or small farm loan is located in the geography where the main business facility or farm is located or where the loan proceeds otherwise will be applied, as indicated by the borrower. "Loan production office" means a staffed facility of a bank, other than a branch, that is open to the public and that provides lending-related services, such as loan information and applications. "Metropolitan division" means a metropolitan division as defined by the United States Director of the Office of Management and Budget. "Metropolitan Statistical Area" or "MSA" means a metropolitan statistical area as defined by the United States Director of the Office of Management and Budget. "Nonmetropolitan area" means any area that is not located in an MSA. "Qualified investment" means a lawful investment, deposit, membership share, or grant that has as its primary purpose community development. "Remote Service Facility" or "RSF" means an automated, unstaffed banking facility owned or operated by, or operated exclusively for, the bank, such as an automated teller machine, cash dispensing machine, point-of-sale terminal, or other remote electronic facility, at which deposits are received, cash dispersed, or money lent. "Small Bank" means a bank that is a small bank under federal administrative rules established by the bank's primary federal financial supervisory agency pursuant to the federal Community Reinvestment Act and an intermediate small bank means a bank that is an intermediate small bank under federal administrative rules established by the bank's primary federal financial supervisory agency pursuant to the federal Community Reinvestment Act. "Small business loan" means a loan included in "loans to small businesses" as defined in the instructions for preparation of the Consolidated Report of Condition and Income (Federal Financial Institution Examination Council (FFIEC) 031 and 041 ). "Small farm loan" means a loan included in "loans to small farms" as defined in the instructions for preparation of the Consolidated Report of Condition and Income (FFIEC 031 and 041). " Special credit program " means any credit program offered by a bank to meet special social needs which is in conformity with and explicitly authorized by the Equal Credit Opportunity Act (15 U.S.C. 1691(c)) and Regulation B (12 C.F.R. 1002.8). "Substantial majority" means a portion of the bank's lending activity so significant by number and dollar volume of loans that the lending test evaluation would not meaningfully reflect its lending performance if consumer loans were excluded. "Unbanked person" means an individual that does not have a checking or savings account with an insured depository institution. "Underbanked person" means an individual that has a checking or saving account with an insured depository institution but that used financial products or services from a person other than an insured depository institution in the past 12 months. "Very Small Bank" means a bank that is eligible for the Very Small Bank Examination Procedure set forth in Section 345.450(b). "Wholesale bank" means a bank that is not in the business of extending home mortgage, small business, small farm, or consumer loans to retail customers, and for which a designation as a wholesale bank is in effect, in accordance with Section 345.250(b).