Section 380.10  Purpose

Section 48(2)(a) of the Illinois Banking Act [205 ILCS 5/48(2)(a)] requires the Commissioner to examine, at least once within each time period specified in the Act, the affairs of every state bank, except that an examination conducted by an eligible state bank's appropriate federal banking agency may suffice as a substitute for the Commissioner's own examination during alternating time periods, provided the appropriate federal banking agency has made such an examination.  The purpose of this Part is to define "eligible state bank" in a manner that enables identification of those state banks for which an examination conducted by the appropriate federal banking agency may be acceptable in lieu of the Commissioner's own examination on an alternating basis.

(Source:  Amended at 21 Ill. Reg. 8380, effective June 24, 1997)