Illinois General Assembly - Bill Status for SB2414

Amends the Illinois Banking Act and the Savings Bank Act. Replaces "Commissioner" with "Secretary" in provisions related to the disclosure of information in order to update references to the Secretary of Financial and Professional Regulation. Allows the Secretary to provide confidential supervisory information to the Federal Home Loan Bank of Chicago under certain circumstances. Amends the Illinois Credit Union Act. Includes the Federal Home Loan Bank of the Federal Home Loan Bank System district in which the credit union is located as an entity that confidential supervisory information may be disclosed to by the Secretary if it has a legitimate regulatory interest. Effective immediately.

In provisions amending the Illinois Banking Act and the Savings Bank Act, removes references to the Federal Home Loan Bank of Chicago. Provides that the Secretary may furnish confidential supervisory information to a Federal Home Loan Bank in connection with any bank that is a member of the Federal Home Loan Bank or in connection with any application by the bank before the Federal Home Loan Bank. Provides that a bank or other financial institution or its officers, agents, and employees may disclose confidential supervisory information to a Federal Home Loan Bank of which it is a member. In provisions amending the Illinois Credit Union Act, removes the reference to the Federal Home Loan Bank of the Federal Home Loan Bank System district in which the credit union is located. Provides that relevant confidential supervisory information may be disclosed under specified circumstances to other agencies or entities having a legitimate regulatory interest, including, but not limited to, a Federal Home Loan Bank.

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