HB5569 Summary

• Replaces "Commissioner" with "Secretary" throughout the Illinois Banking Act and Savings Bank Act to reflect current references to the Secretary of Financial and Professional Regulation

• Adds requirement that the Secretary must find the future prospects of a State bank or savings bank will not jeopardize its financial stability or prejudice depositors' interests before approving any change of control

• Exempts established holding companies from change of control approval requirements if the transaction is subject to approval under federal law (Bank Holding Company Act, Federal Deposit Insurance Act, or Home Owners' Loan Act)

• Permits State banks and savings banks to disclose confidential supervisory information to attorneys, accountants, consultants, or other professionals as needed to comply with enforcement actions issued by the Secretary

• Takes effect immediately upon becoming law