SB3182 Summary

• Changes the title of the "Commissioner of Banks and Real Estate" to "Secretary" throughout the Illinois Banking Act and Savings Bank Act

• Adds requirement that Secretary find "future prospects of the institution will not jeopardize the financial stability of the bank or prejudice the interests of the depositors" when approving changes in control of State banks

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

• Clarifies definition of "acting in concert" to mean acting in concert under federal laws or regulations for both State banks and savings banks

• Adds authorization for banks to disclose confidential supervisory information to professionals needed to comply with Secretary enforcement actions