Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 385 - RULES GOVERNING THE REQUEST FOR RECONSIDERATION OF EXAMINATION FINDINGS › Section 385.60 - Final Review

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the
			 Regulated Financial Institution disagrees with the Division Director's written
			 disposition of initial review or if the initial review is waived pursuant to
			 Section
			 385.50(d),
			 it may seek a final review before the Assistant Commissioner.
b) Any request by a Regulated Financial
			 Institution for final review of a Material Supervisory Determination shall be
			 initiated no later than 15 calendar days from the receipt of the written
			 disposition of initial review, unless the time is extended at the discretion of
			 the Commissioner. The Regulated Financial Institution's board of directors,
			 local management, or senior management, as applicable, shall approve any
			 request for final review of a Material Supervisory Determination. Any request
			 for final review of a Material Supervisory Determination shall be in writing
			 and shall be made to the Assistant Commissioner.
c) The Assistant Commissioner may select a
			 final review panel consisting of Division Directors and the Chief Counsel or
			 their designated representatives. In addition, the Assistant Commissioner may
			 appoint others, including but not limited to examiners, attorneys, or outside
			 experts, to sit on the final review panel. The Assistant Commissioner may also
			 choose to sit on the final review panel. Neither the Division Director
			 responsible for the written disposition of initial review nor his designated
			 representative shall be selected as a member of the final review panel. In
			 addition, the Assistant Commissioner may not select as a member of the final
			 review panel a Division Director who conducted the examination that is the
			 basis for the Material Supervisory Determination being appealed. If the
			 Assistant Commissioner appoints a final review panel, the Assistant
			 Commissioner shall notify the Regulated Financial Institution of the
			 appointment and of the time frame within which the final review panel will make
			 its recommendation and the Assistant Commissioner will act on it.
d) The Assistant Commissioner, or the final
			 review panel if one is appointed, shall review all documents, evidence, and
			 information considered in connection with the written disposition of initial
			 review. Additional evidence, documents, or information not previously submitted
			 may be reviewed at the discretion of the Assistant Commissioner or final review
			 panel, if one is appointed, provided that the documents, evidence, and
			 information that may be considered are limited to facts and circumstances that
			 existed prior to or at the time of the Material Supervisory Determination. The
			 provisions of this subsection are subject to the provisions of Section 48.3 of
			 the Illinois Banking Act and Section 5-2 of the Corporate Fiduciary Act
			 regarding confidential supervisory information.
e) If the Assistant Commissioner appoints a
			 final review panel, within 30 calendar days from the receipt by the Assistant
			 Commissioner of a request for final review, that panel shall make a written
			 recommendation to the Assistant Commissioner to sustain, modify, or overturn
			 any Material Supervisory Determination.
f) Within 15 calendar days from the receipt
			 of the written recommendation of the final review panel, the Assistant
			 Commissioner shall provide written notification to the Regulated Financial
			 Institution of his or her final decision related to the request for
			 reconsideration. The Assistant Commissioner may accept, reject, or modify the
			 recommendation received from the final review panel.
g) If the Assistant Commissioner does not
			 appoint a final review panel, within 30 calendar days after his or her receipt
			 of a request for final review, he or she shall provide written notification to
			 the Regulated Financial Institution of his or her final decision to sustain,
			 modify, or overturn the Material Supervisory Determination at issue.