Illinois SMBs Face Tighter COVID-19 Restrictions
PYMNTS
OCTOBER 26, 2020
Economy Coronavirus economy Illinois News SMBs What's Hot
Illinois Related Topics 
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Illinois credit unions welcome lower deposit insurance fees
American Banker
APRIL 30, 2021
Illinois Litigation Credit unions Regulatory relief
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Illinois Passes Marijuana Legalization Bill
PYMNTS
JUNE 26, 2019
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
Illinois caps consumer rates at 36%, adopts state-level CRA
American Banker
MARCH 23, 2021
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
AUGUST 20, 2021
Illinois Credit unions M&A Community banks
Study of Illinois 36% interest rate cap finds reduced access to credit
CFPB Monitor
JANUARY 30, 2023
Continue Reading State regulation Usury illinois rate capOver the past few years, numerous states have imposed interest rate caps on consumer credit. In recent blog posts, we discussed the efforts of both Michigan and New Mexico to impose a 36% annual interest rate cap.
Illinois Predatory Loan Prevention Act signed into law and now effective
CFPB Monitor
MARCH 25, 2021
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.”
Do Consumers Own Digital ID Algorithms? Look To Illinois.
PYMNTS
JANUARY 7, 2019
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.
Cannabis Banking in Illinois: Mitigating Reputation Risk to Financial Institutions
Abrigo
FEBRUARY 24, 2020
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.
Wells Fargo Shut Out Of Illinois Bond Business; Chicago May Follow Suit
PYMNTS
OCTOBER 5, 2016
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
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USDA picks 5 states for mobile SNAP payments pilot
Payments Dive
MARCH 9, 2023
Illinois, Louisiana, Massachusetts, Missouri and Oklahoma are working with the government agency to expand payment options for SNAP consumers
First Mid in Illinois to acquire Blackhawk in Wisconsin for $90 million
American Banker
MARCH 22, 2023
Community banking M&A
Illinois publishes proposed student loan servicing rules
CFPB Monitor
JULY 15, 2020
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
PYMNTS
JANUARY 10, 2020
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.
Old Second Bancorp buying West Suburban to bulk up in Chicago
American Banker
JULY 26, 2021
Illinois M&A Community banks
Illinois provides guides and templates for Know Before You Owe Private Education Loan Act reporting requirements
CFPB Monitor
JULY 27, 2022
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”). .
Blockchain Tracker: 88 Bales Of Cotton, Illinois State Gov. And Adoption
PYMNTS
OCTOBER 26, 2016
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
Illinois caps interest rates on consumer loans at 36%
American Banker
JANUARY 15, 2021
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 blockchain task force is a welcome boost for competition
Payments Source
JULY 17, 2017
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 regulator issues FAQs on Predatory Loan Prevention Act and notice on database reporting
CFPB Monitor
APRIL 6, 2021
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
First Mid in Illinois discloses plan to close branches
American Banker
DECEMBER 4, 2020
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.
Maine-Illinois credit union merger could foreshadow a trend
American Banker
NOVEMBER 6, 2020
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.
Illinois Legislature Passes New “All-In” Finance Charge Cap
CFPB Monitor
JANUARY 19, 2021
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.
Illinois officials unveil proposals to widen regulatory powers
American Banker
FEBRUARY 22, 2023
Politics and policy Small business banking Cryptocurrencies
Old National, First Midwest agree to $2.5 billion merger
American Banker
JUNE 1, 2021
Illinois Community banking M&A Community banks
Lumin Digital To Power Banking, Bill Pay For University Of Illinois Credit Union
PYMNTS
DECEMBER 3, 2019
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.
Illinois banks eye merger to create $5B group
Banking Exchange
AUGUST 26, 2022
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
Credit Union 1, NuMark Credit Union buying Illinois banks
American Banker
JUNE 3, 2022
Credit unions M&A
Old National fills Chicago-sized void with latest deal
American Banker
JUNE 1, 2021
Illinois M&A Commercial lending Commercial banking
Midland States in Illinois to close 13 branches
American Banker
SEPTEMBER 3, 2020
Illinois Branch network Revenue and expenses Community bankingThe company also plans to shed some corporate office space by the end of this year.
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Longtime CEO of NuMark Credit Union retires
American Banker
APRIL 9, 2021
Illinois Career moves Credit unions Succession planning
How racial justice push sparked new CRA law in Illinois
American Banker
MARCH 30, 2021
Consumer lending CRA Under-served populations
Illinois Adds Facial Recognition To Driver’s ID Applications
PYMNTS
MAY 19, 2016
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.
Illinois enacts law to fund income share agreements; distinguishes them from loans
CFPB Monitor
OCTOBER 28, 2019
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
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