Illinois SMBs Face Tighter COVID-19 Restrictions

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Illinois Passes Marijuana Legalization Bill

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The governor of Illinois signed a marijuana legalization bill on Tuesday (June 25), making it the 11th state to legalize pot. In addition, Illinois has become the first state to legalize the selling of the drug. Illinois’ 55 medical- cannabis dispensaries will be the first to apply for licenses because they’re proven businesses, Cassidy said. Regulation Cannabis Illinois Legislation marijuana dispensary Marijuana Legalization News state law What's Hot

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Illinois credit unions welcome lower deposit insurance fees

American Banker

Illinois Litigation Credit unions Regulatory relief

Illinois caps consumer rates at 36%, adopts state-level CRA

American Banker

Consumer lending Illinois CRATwo banking bills signed by Gov. Pritzker carry implications for payday lenders, auto title lenders, credit unions and nonbank mortgage lenders. Pritzker, a Democrat, said the bills will address racial-equity gaps in the state. ]].

Surge of credit unions buying banks continues with deal in Illinois

American Banker

Illinois Credit unions M&A Community banks

Illinois Regulator First In US To Join R3 Blockchain Consortium

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One of the recent groups to add their name to the list is the Illinois Department of Financial and Professional Regulation. In its involvement, the Illinois regulator will be responsible for working with 80 financial institutions of R3’s membership to build out secure and scalable blockchain-based applications. Among its R3 counterparts, Illinois will be joining the Bank of Canada and the Securities & Futures Commission of Hong Kong.

Illinois Predatory Loan Prevention Act signed into law and now effective

CFPB Monitor

On March 23 , Illinois Governor Pritzker signed into law SB 1792 , which contains the Predatory Loan Prevention Act (the “Act”). The Act applies to “any person or entity that offers or makes a loan to a consumer in Illinois.”

Illinois publishes proposed student loan servicing rules

CFPB Monitor

The Illinois Department of Financial and Professional Regulation (IDFPR) published a notice of proposed rules implementing the Student Loan Servicing Act in the July 10, 2020 issue of the Illinois Register. Regulatory and Enforcement State regulation Student Loans illinois rulemaking

Bitcoin Daily: Deribit Crypto Exchange Flees Netherlands’ Tight Regulation; Illinois Now Recognizes Blockchain Contracts As Legally Binding

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On another note, Illinois has become the most recent state to recognize blockchain-based records, including smart contracts, as legal, according to CoinDesk. Illinois’s Blockchain Technology Act went into effect on Jan.

Illinois provides guides and templates for Know Before You Owe Private Education Loan Act reporting requirements

CFPB Monitor

Private education lenders doing business in Illinois now have access to official informational guides and templates for meeting the November 1, 2022, reporting requirements under the state’s new Know Before You Owe Private Education Loan Act (“KBYO”). .

Do Consumers Own Digital ID Algorithms? Look To Illinois.

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Illinois’ Role. Many of those efforts are likely to center on Illinois, which has what is commonly regarded as the strictest law in the U.S. The Illinois Biometric Information Privacy Act , a state law enacted in 2008, gives users a “property interest” in the algorithms that establish their digital identities. Plaintiffs were seeking more than $5 million for the “hundreds of thousands” of Illinois residents affected.

Wells Fargo Shut Out Of Illinois Bond Business; Chicago May Follow Suit

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The Wells Fargo fake account scandal has resulted in more fallout for the beleaguered bank — this time, with Illinois announcing a ban on bond and investment work with Wells Fargo. According to a report , Illinois Governor Bruce Rauner’s administration said it won’t include Wells Fargo until further notice. Banking Chicago fake account scandal Illinois News wells fargo What's Hot

Blockchain Tracker: 88 Bales Of Cotton, Illinois State Gov. And Adoption

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At the state level, Illinois’ government has shown interest in delving into incorporating blockchain into how it does business. The state of Illinois is taking an important step forward by directly recognizing the many ways in which blockchain and distributed ledger technologies can improve the workings of a variety of state- and county-level governmental functions,” said Lewis Cohen at Hogan Lovells. “By

Old Second Bancorp buying West Suburban to bulk up in Chicago

American Banker

Illinois M&A Community banks

Illinois regulator issues FAQs on Predatory Loan Prevention Act and notice on database reporting

CFPB Monitor

The Illinois Department of Financial and Professional Regulation (DFPR) has issued Predatory Loan Prevention Act Frequently Asked Questions (PLPA). Regulatory and Enforcement State Enforcement State regulation Usury illinois Predatory Loan Prevention Act

Illinois blockchain task force is a welcome boost for competition

Payments Source

ISO and agent Digital currencies Blockchain Digital payments IllinoisThe move will explore the risks and opportunities of the new technology, and the group membership allocation across agencies and stakeholder groups seems to be a reasonable way to include a range of opinions, writes Rob Viglione, co-founder of ZenCash.

Illinois banks eye merger to create $5B group

Banking Exchange

HBT Financial and Town and Country Bank to combine, while Virginia’s TowneBank and Farmers Bank also plan a merger Management Feature Feature3 M&A Community Banking. 1Management

Illinois caps interest rates on consumer loans at 36%

American Banker

Consumer lending Illinois Interest rates Consumer Fed of AmericaIt is the 18th state to pass a law imposing rate caps on all consumer loans, including payday and car title loans.

Illinois Legislature Passes New “All-In” Finance Charge Cap

CFPB Monitor

On January 13, 2021, the Illinois legislature overwhelmingly passed SB 1792 (the “Act”), intended to, among other things, overhaul the state’s consumer finance laws. SB 1792 separately amends the Illinois Consumer Installment Loan Act and the Payday Loan Reform Act to apply this same 36% MAPR cap.) The Illinois Small Loan Association has already expressed concerns about the ability of lenders to continue to operate in Illinois as a result of the new rate cap.

First Mid in Illinois discloses plan to close branches

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Illinois Branch network Revenue and expensesThe company is looking to shutter 10 of its 63 branches over coming months, reflecting a shift in customer preferences.

Lumin Digital To Power Banking, Bill Pay For University Of Illinois Credit Union

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Lumin Digital has signed a multi-year contract with the University of Illinois Community Credit Union (UICCU) that will have Lumin’s cloud-based platform serve as the credit union’s digital banking solution for retail banking and bill payment.

Maine-Illinois credit union merger could foreshadow a trend

American Banker

Maine Illinois Consolidations M&A Mobile banking Consumer banking Mobile technologyInfinity FCU sought out a merger partner after realizing that even at $338 million in assets it was too small to provide the technologies members wanted. It could be a harbinger of more deals among larger players.

Midland States in Illinois to close 13 branches

American Banker

Illinois Branch network Revenue and expenses Community bankingThe company also plans to shed some corporate office space by the end of this year.

Credit Union 1, NuMark Credit Union buying Illinois banks

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Credit unions M&A

Illinois Adds Facial Recognition To Driver’s ID Applications

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Among the proposed methods, facial recognition has long been a pie-in-the-sky solution, but Illinois is the latest state to show that there’s a future in the tech. The Chicago Tribune is reporting that Illinois is set to add facial recognition services to its driver’s license application process. Previously, Illinois handed new or replacement driver’s licenses to applicants immediately after all proper paperwork was processed in physical branch locations.

Old National, First Midwest agree to $2.5 billion merger

American Banker

Illinois Community banking M&A Community banks

Illinois enacts law to fund income share agreements; distinguishes them from loans

CFPB Monitor

Illinois’ Democratic legislature recently passed, and its progressive Democratic Governor, J.B. Various key terms are defined as follows: “Borrower” means “an Illinois resident student who has received an education loan or an Illinois resident parent who has received or agreed to pay an education loan, subject to approval by the State Treasurer.”. State CFS Monitor Student Loans illinois income share agreement

HBT Financial to expand in Illinois with $101 million bank deal

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Old National fills Chicago-sized void with latest deal

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Illinois M&A Commercial lending Commercial banking

How racial justice push sparked new CRA law in Illinois

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Consumer lending CRA Under-served populations

Longtime CEO of NuMark Credit Union retires

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Illinois Career moves Credit unions Succession planning

Illinois regulator issues proposed Predatory Loan Prevention Act regulations; lawsuits filed to block implementation of Act’s database reporting requirement and for declaration Act does not apply to pawn transactions

CFPB Monitor

In March 2021, Illinois Governor Pritzker signed into law SB 1792 , which contains the Predatory Loan Prevention Act (the “Act”). State regulation Usury illinois Predatory Loan Prevention Act

CEO of State Farm Federal Credit Union in Illinois to retire

American Banker

Credit unions Succession planning

This week’s podcast: SB 1792 and the Illinois Predatory Loan Prevention Act: A look at key issues

CFPB Monitor

Regulatory and Enforcement Usury illinois Predatory Loan Prevention ActUnless vetoed by Governor Pritzker, SB 1792 will soon become law and overhaul the state’s consumer finance laws.

KeyCorp’s fee income slides after it exits Illinois prepaid-card program

American Banker

Earnings Commercial banking Cards