IL HR1013

A Chicago City Hall clerk embezzled nearly $750,000 by depositing checks intended for the city into a personal bank account between August 2008 and January 2014.

Urges all Illinois financial institutions offering checking accounts to verify that the entity receiving deposits by paper check or electronic payment matches the intended payee entity.

Directs the Illinois Banking Association, Community Bankers Association of Illinois, and Illinois Credit Union League to study the embezzlement incident and consult with forgery detection and electronic security experts.

Requests banking associations recommend whether Illinois public sector entities should be mandated to require payors to spell out the full name of intended payees on checks and electronic payments.

Directs copies of the resolution to be sent to the presidents and CEOs of the three banking associations named.