HB4933 Summary

• Reorganizes the State Banking Board of Illinois from a class-based system (Class A, B, C members) to 11 members representing different bank asset sizes plus 2 public members, all appointed by the Governor with Senate confirmation.

• Transfers banking regulatory authority from the "Commissioner of Banks and Real Estate" to the "Secretary of Financial and Professional Regulation" and creates the "Director of Banking" as the head of the Division of Banking.

• Restructures the Illinois Bank Examiners' Education Foundation governance, transferring control from a separate board of trustees to the State Banking Board of Illinois, which now manages the endowment fund and determines which continuing education programs are funded.

• Updates definitions and terminology throughout the Illinois Banking Act, Illinois Bank Holding Company Act of 1957, and Corporate Fiduciary Act to reflect the new departmental structure and eliminate obsolete references.

• Modifies removal and prohibition procedures for bank officers and directors by eliminating the requirement for State Banking Board hearings and allowing direct administrative review under the Administrative Review Law.