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.

Cannabis Banking in Illinois: Mitigating Reputation Risk to Financial Institutions

Abrigo

Despite Federal ambiguity, Illinois State Regulators defined their stances on cannabis banking. While marijuana is legal in the state of Illinois, it remains illegal at the federal level. Illinois State Banking Regulators. Key Takeaways.

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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.

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. Plaintiffs were seeking more than $5 million for the “hundreds of thousands” of Illinois residents affected.

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.

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.

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

PYMNTS

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

First Mid-Illinois to Buy First Clover in Illinois

American Banker

First Mid-Illinois Bancshares in Mattoon, Ill., has agreed to buy First Clover Leaf Financial in Edwardsville, Ill. breaking_news community-banking il dealmaking-strategy

Illinois Adds Facial Recognition To Driver’s ID Applications

PYMNTS

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.

Marijuana Business Burns Small Illinois Bank

American Banker

Millennium Bank is said to have been the target of an enforcement action related to its work with the pot industry. The episode shows why many banks remain reluctant to serve the fast-growing cannabis industry. community-banking consumer-finance compliance fdic kyc aml il national-regional

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. Education loan” means “a loan made to a borrower in accordance with this Act to finance an Illinois resident student’s attendance at an institution of higher education.”.

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.

Deadline Extended for Harvard Illinois Sale

American Banker

Wonder Bancorp and Harvard Illinois Bancorp have extended the deadline for their merger to May 31, according to a joint news release issued Friday. breaking_news dealmaking-strategy m-a il community-banking

NBT in New York buying employee benefits firm

American Banker

The company agreed to acquire Alliance Benefit Group of Illinois, which has more than 600 clients and 40,000 plan participants. Community banking Fee income M&A New York Illinois

Wintrust lines up next-gen leadership with exec promotions

American Banker

Timothy Crane is set to succeed Ed Wehmer as president, though Wehmer will remain the Illinois company's CEO. Community banking Career moves Succession planning Illinois

Home Federal in Illinois to Raise $7.5M from Stock Conversion

American Banker

Home Federal Savings and Loan Association of Collinsville in Illinois is planning to raise at least $7.5 million as part of its conversion from a mutual to a stock-owned company. breaking_news dealmaking-strategy il community-banking

State privacy bills try to cut banks a break, but not completely

American Banker

Illinois Data privacy rules New York California Data security State of WashingtonRecent proposals considered or passed by legislatures around the country grant banks certain exemptions, but they differ from state to state and may pose new compliance headaches.

Midland States in Illinois Plans $120M IPO

American Banker

Midland States Bancorp in Effingham, Ill., is planning to raise $120 million through an initial public offering. The $company said in a regulatory filing Monday that it has applied to list shares on the Nasdaq Global Select Market. breaking_news community-banking il capital dealmaking-strategy

Amazon Opening Package Pickup Spot At Chicago’s University Of Illinois

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15) that it has entered into an agreement with the University of Illinois at Chicago to open a package pickup location inside the student center on the UIC campus, Amazon said in a press release. Amazon announced on Monday (Aug. The center, called Amazon@UIC, will be a staffed package pickup location where students, faculty and staff can pick up and return Amazon orders. The 2,300-square-foot Amazon@UIC is expected to open later this year. “We

Chicago de novo bank effort cleared to raise capital

American Banker

Community banking Capital De novo institutions WIB scan IllinoisOrganizers of First Women's Bank have also filled two key executive posts.

As Biometrics Advances, Laws And Regulations Try To Catch Up

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But the laws and regulations governing biometrics have yet to catch up to the reality of their use, and that’s perhaps most apparent when it comes to two recent, high-profile cases in Illinois. The Supreme Court in Illinois ruled on Jan.

Wintrust to Buy First Community Financial in Illinois

American Banker

Wintrust Financial in Rosemont, Ill., has agreed to buy First Community Financial in Elgin, Ill. breaking_news community-banking m-a il dealmaking-strategy

Fed Terminates Crisis-Era Order with First Personal in Illinois

American Banker

The Federal Reserve has terminated a written agreement with First Personal Financial in Orland Park, Ill., that had existed for more than six years. breaking_news il community-banking

First Community to Buy First Mazon in Illinois

American Banker

First Community Financial Partners in Joliet, Ill., has agreed to buy First Mazon Bancorp in Mazon, Ill. breaking_news community-banking m-a il dealmaking-strategy

Wintrust in Illinois to Raise $160M Through Stock Sale

American Banker

Wintrust Financial in Rosemont, Ill., is planning to raise about $160 million through a common stock offering. breaking_news community-banking national-regional il dealmaking-strategy

Six Flags Biometrics Ruling Could Affect Facebook, Google

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The Supreme Court in Illinois ruled on Friday (Jan. 25) that a teen can sue Six Flags amusement park over violation of an Illinois privacy law, in a case that could have repercussions for tech giants like Google and Facebook.

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Buy a Branch, Get a Vice Chairman in Illinois Deal

American Banker

Some branch deals come with added value. A case in point is the $2 billion-asset Old Second Bancorp's agreement to buy a branch in Chicago from Talmer Bancorp in Troy, Mich. in a deal that includes deposits, assets and a vice chairman. breaking_news community-banking branch-deals m-a people il mi dealmaking-strategy

Midwest banks resist urge to loosen lending standards

American Banker

Community banking Commercial lending CRE Wisconsin Illinois IndianaEven in the face of soft loan demand, banks in the region have held firm on terms. That should position them well for the next economic downturn.

Facebook Facing $35B Fine Over Facial Recognition Lawsuit

PYMNTS

A class action lawsuit against Facebook , alleging that people in Illinois didn’t consent to have their photos used with the company’s facial recognition technology , will move forward despite Facebook’s efforts to halt it.

Auto-Tracking Road Warrior Employees As The Wheels Go ‘Round

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In Illinois, and a handful of other states, changes in how employees are reimbursed for business-related expenses herald changes on a broader scale, and in how firms use technology to make sure that expenses are being recorded accurately.

Amazon (And Others) Brace For India’s New eCommerce Tax

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Separately, Facebook has reportedly settled a lawsuit for violating laws in the state of Illinois tied to facial recognition technology, agreeing to pay a fine of $550 million. The jousting over eCommerce taxes — especially for U.S.

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Central Bancshares to Buy Brimfield Bank in Illinois

American Banker

Central Bancshares in Muscatine, Iowa, has agreed to buy Brimfield Bank in Brimfield, Ill. breaking_news community-banking ia dealmaking-strategy

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6 takeaways from bank M&A in 2019

American Banker

Community banking Regional banks M&A Credit unions Illinois Texas WisconsinThough there were several high-profile mergers of equals among bigger banks, deal activity rose only slightly, and the vast majority of transactions involved the smallest of institutions.

How Credit Unions Face — And Embrace — Digital Disruption

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That would seem to apply to credit unions (CUs), and to Consumers Credit Union of Illinois specifically, one of the largest CUs around, which has been in business since 1930 (before the Great Depression reached its worst depths).

Facebook Expands Facial Recognition To All Users

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It’s been in the middle of a privacy dispute that resulted in a 2015 lawsuit filed by users in Illinois. Facebook Biometric Information Privacy Act facial recognition Illinois Lawsuit News privacy Tag Suggestions What's Hot