SB1332sam002 101ST GENERAL ASSEMBLY

Sen. Cristina Castro

Filed: 3/15/2019

10100SB1332sam002 LRB101 08411 RJF 57942 a

AMENDMENT TO SENATE BILL 1332

AMENDMENT NO. ______. Amend Senate Bill 1332 as follows:

on page 2, by replacing lines 1 through 10 with the following:

"(c) The Illinois Bank On Initiative Commission is created, and shall be chaired by the Comptroller, or his or her designee, and consist of the following members appointed by the Comptroller: (1) 4 local elected officials from geographically diverse regions in this State, at least 2 of whom represent all or part of a census tract with a median household income of less than 150% of the federal poverty level; (2) 3 members representing financial institutions, one of whom represents a statewide banking association exclusively representing banks with assets below $20,000,000,000, one of whom represents a statewide banking association representing banks of all asset sizes, and one of whom represents a statewide association representing credit unions; (3) 4 members representing community and social service groups; and (4) 2 federal or State financial regulators."; and

on page 3, by replacing lines 2 through 6 with the following:

"(f) For the purposes of this Section:

"Certified Financial Product" means a financial product offered by a financial institution that meets minimum requirements as established by the Comptroller.

"Financial institution" means a bank, savings bank, or credit union chartered or organized under the laws of the State of Illinois, another state, or the United States of America that is:

(1) adequately capitalized as determined by its prudential regulator; and

(2) insured by the Federal Deposit Insurance Corporation, National Credit Union Administration, or other approved insurer.".