IL HR1305

House Resolution urging the Secretary of Financial and Professional Regulation to grant Covenant Bank in Chicago an extension until February 1, 2013 (180 days after notice) to correct capital impairment under Section 51 of the Illinois Banking Act.

Requests ongoing extension periods for Covenant Bank as long as the bank's capital does not become critically undercapitalized as defined by the Federal Deposit Insurance Act.

Urges the Secretary to establish a general policy granting any community bank subject to a Section 51 order a maximum initial 180-day period to take corrective action.

Requests ongoing extensions for community banks based on capital status as reported on CALL reports or following capital infusions, provided capital does not fall to critically undercapitalized levels.

Directs delivery of the resolution to the Secretary of Financial and Professional Regulation.