reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart A - GENERAL PROVISIONS › Section 170.150 - Off-Site Records

Current through Register Vol. 48, No. 28, July 12, 2024
With the Secretary's prior written approval, the licensee may
				  retain physical records at a location other than the licensed location. Prior
				  approval is not required to maintain records in an electronic processing system
				  at any location. To retain physical records at a location other than the
				  licensed location, the licensee shall make a written request that shall include
				  the following:
a) Address of off-site
				location;
b) Contact person, email
				address, and telephone number for the off-site location;
c) Statement that all books, records, and
				account information shall be made available within 72 hours after the
				Secretary's request at either the licensed location, the off-site location or
				electronically;
d) At the
				Secretary's discretion, the examination may be conducted at either the licensed
				location, the off-site location, or remotely; and
e) The licensee will pay for all examination
				expenses.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart A - GENERAL PROVISIONS › Section 170.160 - Servicing of Accounts by Contract

Current through Register Vol. 48, No. 28, July 12, 2024
Upon prior approval of the Secretary, the licensee may
				  contract for servicing of accounts. A request for the Secretary's approval
				  shall be in writing and include the name, address, and contact information for
				  the proposed servicer.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart A - GENERAL PROVISIONS › Section 170.170 - Transfer of Funding Contracts

Current through Register Vol. 48, No. 28, July 12, 2024
A licensee shall notify the Department no more than 30 days
				  after pledging, hypothecating, selling, or otherwise conveying any interest in
				  a consumer legal funding contract, in whole or in part.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart A - GENERAL PROVISIONS › Section 170.180 - Revocation or Suspension of License

Current through Register Vol. 48, No. 28, July 12, 2024
If it is determined that the Secretary had the
				  authority to issue the
suspension or revocation of a license pursuant
				  to Section 135 of the Act, the Secretary
may issue orders reasonably
				  necessary to correct, eliminate, or remedy the
violations and/or harms
				  that led to the suspension or revocation. (Section 180(d) of the
				  Act)
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart A - GENERAL PROVISIONS › Section 170.190 - Office Hours

Current through Register Vol. 48, No. 28, July 12, 2024
Each licensee shall maintain a website, email address, or
				  telephone service. The website, email address, or telephone service shall, at a
				  minimum, provide consumers with capabilities reasonably adequate for
				  efficiently handling communications, questions, and other matters relating to
				  an existing consumer legal funding. In determining whether the website and
				  telephone service are provided in a reasonably adequate manner, the Secretary
				  may consider consumer complaints received regarding the licensee and
				  information obtained from examinations or investigations conducted and reports
				  filed pursuant to the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart A - GENERAL PROVISIONS › Section 170.200 - Financial Coaching Disclosure

Current through Register Vol. 48, No. 28, July 12, 2024
Each consumer legal funding contract shall include a separate
				  disclosure page entitled "FINANCIAL COACHING INFORMATION" which will provide
				  the consumer with information on accessing a financial coaching program. The
				  disclosure shall be signed by the consumer and the disclosure shall be
				  maintained as part of the individual account record.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart B - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 170.310 - Purpose and Scope

Current through Register Vol. 48, No. 28, July 12, 2024
a) Purpose. The
				purpose of this Subpart is to establish the procedures and standard by which
				the Secretary shall determine whether to disclose confidential supervisory
				information in response to a request for discovery or disclosure of such
				information.
b) Scope. This part
				applies to requests, whether by subpoena, order, or other judicial or
				administrative process, for discovery or disclosure of confidential supervisory
				information prepared or obtained by the Secretary under the Act. This Subpart
				does not apply to:
1) a request made pursuant
				to the Freedom of Information Act [5 ILCS 140 ]
				(FOIA), provided that, if the information requested constitutes confidential
				supervisory information, it shall nonetheless be exempt from disclosure;
				or
2) a request made by a party to
				whom the Secretary may furnish confidential supervisory information pursuant to
				the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart B - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 170.320 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
For purposes of this Subpart:
"Compelling need" means that no other non-confidential source
				  is available to obtain information of equal relevance.
"Complete request" means a request that provides all of the
				  information required in Section
				  170.330 of this Subpart.
"Confidential supervisory information" shall mean any report
				  of examination, visitation, or investigation prepared by the Secretary under
				  the Act, any report of examination visitation, or investigation prepared by the
				  state regulatory authority or another state that examines a licensee, any
				  document or record prepared or obtained in connection with or relation to any
				  examination, visitation, or investigation, and any record prepared or obtained
				  by the Secretary to the extent that the record summarizes or contains
				  information derived from any report, document, or record described in this
				  subsection. "Confidential supervisory information" does not include any
				  information or record routinely prepared by a licensee and maintained in the
				  ordinary course of business or any information or record that is required to be
				  made publicly available pursuant to State or federal law or rule.
"Person" or "persons" means individuals and bodies politic
				  and corporate, including without limitation corporations, limited liability
				  companies, general partnerships, limited partnerships and joint ventures;
				  unless, from the context and facts, the intentions plainly apply only to
				  individuals. Persons who reside in or live in a geographical area include
				  non-natural persons located within the geographical area.
"Relevant" means the requests confidential supervisory
				  information could substantially contribute to the resolution of the issues
				  identified in the pleadings contained within the request.
"Requester" means any person who makes a request for the
				  discovery or disclosure of confidential supervisory information, whether by
				  subpoena, order, or other judicial or administrative process.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart B - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 170.330 - Requests for Confidential Supervisory Information

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to Section 115 of the Act, a request for
				  confidential supervisory information whether by subpoena, order, or other
				  judicial or administrative process, shall be made to the Secretary. If the
				  request is for a record, the requester must adequately describe the records
				  sought by type and date. The request shall be accompanied by:
a) A copy of the formal complaint or pleading
				setting forth the assertions of the adversarial matter;
b) The caption and docket number assigned to
				the proceeding, if any;
c) The
				name, address, telephone number, and email of designated legal counsel to each
				party to the proceeding;
d) A
				statement detailing the relevance of the requested confidential supervisory
				information;
e) A statement
				detailing a compelling need for the requested confidential supervisory
				information;
f) A statement
				describing any prior judicial decisions or pending motions in the case that may
				bear on the asserted relevance of the requested information; and
g) A statement detailing why the requester
				believes that disclosure is required for the benefit of consumers in this
				State.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart B - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 170.340 - Where to Submit a Request

Current through Register Vol. 48, No. 28, July 12, 2024
A person requesting discovery or disclosure of confidential
				  supervisory information under this Part shall:
a) email the request to
				FPR.DFI.Director@Illinois.gov and FPR.consumercredit@Illinois.gov;
				and
b) mail or hand deliver the
				request to:
Illinois Department of Financial and Profession Regulation -
				  Division of Financial Institutions
Attn: Consumer Credit Supervisor and Deputy General Counsel
				  of the Division of Financial Institutions
555 West Monroe Street, 5th
				  Floor
Chicago, IL 60661
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart B - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 170.350 - Consideration of Requests

Current through Register Vol. 48, No. 28, July 12, 2024
a) Standards
				for the Disclosure of Confidential Supervisory Information.
1) When making a determination with respect
				to the disclosure of confidential supervisory information, the Secretary shall
				consider the following standards:
A) the
				confidential supervisory information identified in the request is
				relevant;
B) A compelling need
				exists;
C) If the requested
				confidential supervisory information is to be used in connection with an
				adversarial matter, whether the lawsuit or administrative action has been
				filed;
D) The production and
				disclosure of the confidential supervisory information is not unduly burdensome
				to the Department; and
E) Whether
				disclosure will benefit consumers.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart B - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 170.360 - Disclosure of Confidential Supervisory Information

Current through Register Vol. 48, No. 28, July 12, 2024
a) Conditions and Limitations. The Secretary
				may impose any conditions and limitations on the disclosure of confidential
				supervisory information that are necessary to protect the confidentiality of
				such information. Except as authorized by the Secretary, no person obtaining
				access, whether physically or electronically, to confidential supervisory
				information under this Subpart may further disseminate the confidential
				supervisory information.
b)
				Restrictions on Dissemination of Confidential Supervisory Information. The
				Secretary may condition a decision to disclose confidential supervisory
				information on entry of a protective order by the court or administrative
				tribunal presiding in the particular case or on a written agreement of
				confidentiality. In a case in which a protective order or agreement has already
				been entered between parties other than the Secretary, the Secretary may
				nevertheless condition approval for release of confidential supervisory
				information upon the inclusion of additional or amended provisions in the
				protective order. The Secretary may authorize a party who obtained the records
				for use in one case to provide them to another case, subject to any conditions
				that the Secretary may impose on either or both parties.
c) Notification of Parties and Procedures for
				Sharing and Using Confidential Supervisory Information in Litigation. The
				requester shall promptly notify other parties to a case of the release of
				confidential supervisory information obtained pursuant to this Subpart and,
				upon entry of a protective order, shall provide copies of confidential
				supervisory information to the other parties.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart B - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 170.370 - Retrieval and Destruction of Previously Disclosed Confidential Supervisory Information Used in Litigation

Current through Register Vol. 48, No. 28, July 12, 2024
At the conclusion of an action:
a) The requester, and each party who may have
				subsequently received confidential supervisory information pursuant to a
				protective order, shall destroy, permanently erase or otherwise make
				permanently inaccessible the disclosed confidential supervisory information
				covered by the protective order; and
b) Each party shall certify to the Secretary
				that the disclosed confidential supervisory information covered by the
				protective order has been destroyed, permanently erased or made permanently
				inaccessible.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 170 - CONSUMER LEGAL FUNDING ACT › Subpart B - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 170.380 - Fees for Services

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Secretary, in their sole discretion, may charge the following fees for any
				record search or copying performed by the Secretary in connection with a
				request for confidential supervisory information:
1) Reproduction costs incurred in making
				copies of documents, including photocopies or converting physical documents
				into electronic or digital format, shall be reimbursed at $0.25 per page.
2) All other costs incurred in searching for
				and transporting data pursuant to a request for confidential supervisory
				information shall be reimbursed at actual costs.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart A - GENERAL › Section 185.10 - Authority, Purposes and Scope

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The Illinois Community Reinvestment Act (ILCRA) [205 ILCS 735] authorizes this
				Part.
b) Purposes. This Part is
				intended to carry out the purposes of the Illinois Community Reinvestment Act
				(ILCRA) by establishing the framework and criteria by which the Secretary
				assesses a covered credit union's ILCRA record. These rules shall be liberally
				construed to effectuate their purpose. Without limiting the aforementioned
				purpose, specific purposes of this Part include:
1) Establishment of rules pursuant to Section
				35-10(b) of the ILCRA, which requires that this Part incorporate federal rules
				promulgated under the federal Community Reinvestment Act (12 U.S.C. 2901; see
				also 12 CFR Part 345 ). Specifically, Section 35-10(b) of the ILCRA states, in
				relevant part:
To assist in carrying out this Act, the Secretary shall
				adopt rules incorporating the regulations applicable to covered financial
				institutions under federal law, and the Secretary may make such adjustments and
				exceptions thereto as are deemed necessary.
[205 ILCS
				735/35-10(b) ]
2) Accordingly, this Part
A) may include references to federal statutes
				or rules established pursuant to the federal Community Reinvestment Act;
				and
B) except where this Subpart A
				makes adjustments or exceptions to the administrative rules established
				pursuant to the federal Community Reinvestment Act or where inconsistent with
				the ILCRA or this Subpart, this Subpart shall be construed and interpreted
				consistently with the appropriate federal financial supervisory agency's
				construction and interpretation of the federal rules.
3) Establishment of rules as required by
				Section 35-10(c) of the ILCRA. These rules shall be liberally construed to
				effectuate their purpose.
4)
				Establishment of rules as the Secretary may deem appropriate as authorized by
				the Act under Section 35-15(a), Section 35-35, or
				otherwise.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 185.200 - Assessment Factors

Current through Register Vol. 48, No. 28, July 12, 2024
a) As used in
				this Part, "assessment factors" means the assessment of the following factors
				to determine whether a credit union is meeting the financial services needs of
				local communities:
1) activities to ascertain
				the financial services needs of the community, including communication with
				community members regarding the financial services provided;
2) extent of marketing to make members of the
				community aware of the financial services offered;
3) origination of mortgage loans including,
				but not limited to, home improvement and rehabilitation loans, and other
				efforts to assist existing low-income and moderate-income residents to be able
				to remain in affordable housing in their neighborhoods;
4) for small business lenders, the
				origination of loans to businesses with gross annual revenues of $1,000,000.00
				or less, particularly those in low-income and moderate-income
				neighborhoods;
5) participation,
				including investments, in community development and redevelopment programs,
				small business technical assistance programs, minority-owned depository
				institutions, community development financial institutions, and mutually-owned
				financial institutions;
6) efforts
				working with delinquent customers to facilitate a resolution of the
				delinquency;
7) origination of
				loans that show an under concentration and a systemic pattern of lending
				resulting in the loss of affordable housing units;
8) evidence of discriminatory and prohibited
				practices; and
9) offering retail
				banking services to unbanked and underbanked persons.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 185.210 - Performance Tests, Standards, and Ratings, In General

Current through Register Vol. 48, No. 28, July 12, 2024
a) Performance tests and standards. The
				Secretary assesses the ILCRA performance of a credit union in an examination as
				follows:
1) The Secretary shall apply the
				assessment factors, as provided in Section 185.200, and the lending and service
				tests, as provided in Section 185.220 and Section 185.240 in evaluating the
				performance of a credit union, except as provided in Section 185.210(a)(2),
				(a)(3) and (a)(4). The investment test, as provided in Section 185.230, does
				not apply to credit unions unless the credit union elects to be evaluated
				pursuant to the investment test at the start of an examination.
2) Community development test for wholesale
				or limited purpose credit unions. The Secretary applies the community
				development test for a wholesale or limited purpose credit union, as provided
				in Section 185.250, except as provided in Section 185.210(a)(4).
3) Small credit union and intermediate small
				credit union performance standards. The Secretary applies the small credit
				union and intermediate small credit union performance standards as provided in
				Section 185.260 in evaluating the performance of a small credit union or
				intermediate small credit union or a credit union that was a small credit union
				during the prior calendar year, unless the credit union elects to be assessed
				as provided in subsections (a)(1), (a)(2), or (a)(4) of this Section. A small
				credit union or intermediate small credit union may elect to be assessed as
				provided in subsection (a)(1) of this Section only if it collects and reports
				the data required for other credit unions under Section 185.410.
4) Strategic plan. The Secretary evaluates
				the performance of a credit union under a strategic plan if the credit union
				submits, and the Secretary approves, a strategic plan as provided in Section
				185.270.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 185.220 - Lending Test

Current through Register Vol. 48, No. 28, July 12, 2024
a) Scope of test.
1) The lending test evaluates a credit
				union's record of helping to meet the credit needs of its assessment field
				through its lending activities by considering a credit union's home mortgage,
				small business and community development lending as applicable. If consumer
				lending constitutes a substantial majority of a credit union's business, the
				Secretary will evaluate the credit union's consumer lending in one or more of
				the following categories: motor vehicle, credit card, other secured, and other
				unsecured loans in addition to home mortgage, small business and community
				development lending as applicable. At a credit union's option, the Secretary
				will also evaluate one or more categories of consumer lending, if the credit
				union has collected and maintained the data for each category that the credit
				union elects to have the Secretary evaluate as required in Section
				185.410(c)(1) in addition to home mortgage, small business and community
				development lending as applicable.
2) The Secretary considers originations and
				initial purchases of loans. The Secretary will also consider any other loan
				data the credit union may choose to provide, including data on loans
				outstanding, commitments and letters of credit.
3) A credit union may ask the Secretary to
				consider loans originated or purchased by consortia in which the credit union
				participates or by third parties in which the credit union has invested only if
				the loans meet the definition of community development loans and only in
				accordance with subsection (d). The Secretary will not consider these loans
				under any criterion of the lending test except the community development
				lending criterion.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 185.230 - Investment Test

Current through Register Vol. 48, No. 28, July 12, 2024
a) Scope of test.
				The investment test evaluates a credit union's record of helping to meet the
				credit needs of its assessment field through qualified investments that benefit
				its assessment field.
b) Exclusion.
				Activities considered under the lending or service tests shall not be
				considered under the investment test.
c) Affiliate investment. At a credit union's
				option, the Secretary will consider, in the assessment of a credit union's
				investment performance, a qualified investment made by an affiliate of the
				credit union, if the qualified investment is not claimed by any other
				institution. If a credit union has established a foundation, the Secretary will
				consider, at the credit union's option, qualified investments and donations of
				any such foundation if those investments or donations have the primary purpose
				of community development.
d)
				Disposition of branch premises. Donating, selling on favorable terms, or making
				available on a rent-free basis a branch of the credit union that is located in
				a predominantly minority neighborhood to a minority depository institution or
				women's depository institution (as these terms are defined in
				12 U.S.C.
				2907(b)) or to credit unions
				designated by the National Credit Union Administration as low-income or
				minority depository institutions will be considered as a qualified
				investment.
e) Performance
				criteria. The Secretary evaluates the investment performance of a credit union
				considering all of the applicable assessment factors in Section 185.200 and
				pursuant to the following criteria:
1) the
				dollar amount of qualified investments;
2) the innovativeness or complexity of
				qualified investments;
3) the
				responsiveness of qualified investments to credit and community development
				needs;
4) the degree to which the
				qualified investments assist existing low- and moderate-income residents to be
				able to remain in affordable housing in their neighborhoods; and
5) the degree to which the qualified
				investments are not routinely provided by private investors.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 185.250 - Community Development Test for Wholesale or Limited Purpose Credit Unions

Current through Register Vol. 48, No. 28, July 12, 2024
a) Scope of test.
				The Secretary assesses a wholesale or limited purpose credit union's record of
				helping to meet the credit needs of its assessment field under the community
				development test through its community development lending, qualified
				investments, or community development services.
b) Designation as a wholesale or limited
				purpose credit union. In order to receive a designation as a wholesale or
				limited purpose credit union, a credit union shall file a request, in writing,
				with the Secretary, at least six months prior to the proposed effective date of
				the designation. If the Secretary approves the designation, it remains in
				effect until the credit union requests revocation of the designation or until
				one year after the Secretary notifies the credit union that the Secretary has
				revoked the designation on the Secretary's own initiative.
c) Performance criteria. The Secretary
				evaluates the community development performance of a wholesale or limited
				purpose credit union considering all of the applicable assessment factors in
				Section 185.200 and pursuant to the following criteria:
1) the number and amount of community
				development loans (including originations and initial purchases of loans and
				other community development loan data provided by the credit union, such as
				data on loans outstanding, commitments, and letters of credit), qualified
				investments, or community development services;
2) the use of innovative or complex qualified
				investments, community development loans, or community development services and
				the extent to which the investments are not routinely provided by private
				investors; and
3) the credit
				union's responsiveness to credit and community development needs.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 185.260 - Small Credit Union and Intermediate Small Credit Union Performance Standards

Current through Register Vol. 48, No. 28, July 12, 2024
a) Performance
				criteria.
1) Except as set forth in Section
				185.460, the Secretary evaluates the record of a small credit union of helping
				to meet the credit needs of its assessment field pursuant to all of the
				applicable assessment factors in Section 185.200 and subsection (b).
2) The Secretary evaluates the record an
				intermediate small credit union, of helping to meet the credit needs of its
				assessment field pursuant to all of the applicable assessment factors in
				Section 185.200, subsections (b) and (c).
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 185.270 - Strategic Plan

Current through Register Vol. 48, No. 28, July 12, 2024
a) Alternative
				election. The Secretary will assess a credit union's record of helping to meet
				the credit needs of its assessment field considering all of the applicable
				assessment factors in Section 185.200 under a strategic plan if:
1) the credit union has submitted the plan to
				the Secretary as provided for in this Section;
2) the Secretary has approved the
				plan;
3) the plan is in effect;
				and
4) the credit union has been
				operating under an approved plan for at least one year.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 185.280 - Assigned Ratings

Current through Register Vol. 48, No. 28, July 12, 2024
a) Ratings in
				general. Subject to subsections (b) and (c), the Secretary assigns to a credit
				union a rating of "outstanding", "satisfactory", "needs to improve", or
				"substantial noncompliance" based on the credit union's performance under the
				lending, investment and service tests, the community development test, the
				small credit union's performance standards, the intermediate small credit
				union's standards, or an approved strategic plan, as applicable.
b) Lending, investment, and service tests.
				The Secretary assigns a rating for a credit union assessed under the lending,
				investment, and service tests in accordance with the following principles:
1) a credit union that receives an
				"outstanding" rating on the lending test receives an assigned rating of at
				least "satisfactory";
2) a credit
				union that receives an "outstanding" rating on both the service test and the
				investment test and a rating of at least "satisfactory" on the lending test
				receives an assigned rating of "outstanding"; and
3) no credit union may receive an assigned
				rating of "satisfactory" or higher unless it receives a rating of at least
				"satisfactory" on the lending test.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart B - STANDARDS OF ASSESSING PERFORMANCE › Section 185.290 - Effect of ILCRA Performance on Applications

Current through Register Vol. 48, No. 28, July 12, 2024
a) ILCRA Performance. Among other factors,
				the Secretary takes into account the record of performance under the ILCRA of
				each applicant credit union in considering an application for approval of:
1) The relocation of the credit union's main
				office or a branch, but only when express prior approval is otherwise required
				under applicable State law of administrative rule; and
2) The merger, consolidation, acquisition of
				assets, or assumption of liabilities.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS; ENFORCEMENT › Section 185.400 - Assessment Field Delineation

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Secretary does not evaluate the institution's delineation of its assessment
				field as a separate performance criterion, but the Secretary reviews the
				delineation for compliance with the requirements of this Section.
b) Except as otherwise set forth in
				subsection (f), a credit union shall delineate as its assessment field:
1) members from its occupational common
				bonds, if any;
2) members from its
				associational common bonds, if any;
3) members other than community common bond
				members admitted to membership under the Illinois Credit Union Act, if any;
				and
4) the geographic areas
				containing members and persons eligible for membership pursuant to its
				community common bonds or portions of the community common bonds, if any, that
				the credit union reasonably believes it can serve. In evaluating whether a
				credit union can reasonably serve persons eligible for membership pursuant to
				its community common bonds, the credit union shall consider its:
A) Size;
B) Financial health;
C) Ability to effectively promote and market
				membership and membership services and products throughout the community common
				bond in a cost-effective manner;
D)
				Applicable legal restrictions,
E)
				The location of its offices, branches, and other facilities; and
F) Other relevant considerations, including
				without limitation, the size, configuration and existence of political
				subdivisions and geographic barriers within the geographic areas.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS; ENFORCEMENT › Section 185.410 - Data Collection, Reporting, and Disclosure

Current through Register Vol. 48, No. 28, July 12, 2024
a) Credit unions shall comply with all data
				collection, reporting and disclosure requirements as required by applicable
				law.
b) A credit union, except a
				credit union that meets the definition of a small credit union or intermediate
				small credit union, which is subject to HMDA reporting requirements, shall
				report to the Department the location of each home mortgage loan application,
				origination, or purchase outside the credit union's assessment field in
				accordance with the requirements of 12 CFR 1003.
c) Optional data collection and maintenance.
1) Consumer Loans. A credit union may collect
				and maintain in machine readable form (as prescribed by the Secretary) data for
				consumer loans originated or purchased by the credit union for consideration
				under the lending test. A credit union may maintain data for one or more of the
				following categories of consumer loans: motor vehicle, credit card, other
				secured, and other unsecured. If the credit union maintains data for loans in a
				certain category, it shall maintain data for all loans originated or purchased
				within that category. The credit union shall maintain data separately for each
				category, including for each loan:
A) A unique
				number or alpha-numeric symbol that can be used to identify the relevant loan
				file;
B) The loan amount at
				origination or purchase;
C) The
				loan location; and
D) The gross
				annual income of the borrower that the credit union considered in making its
				credit decision.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS; ENFORCEMENT › Section 185.420 - Content and Availability of ILCRA File

Current through Register Vol. 48, No. 28, July 12, 2024
a) Information available to the field of
				membership. A credit union shall maintain an ILCRA file for its field of
				membership that includes the following information:
1) all written comments received from the
				public for the current year and each of the prior two calendar years that
				specifically relate to the credit union's performance in helping to meet
				community credit needs, and any response to the comments by the credit union,
				if neither the comments nor the responses contain statements that reflect
				adversely on the good name or reputation of any persons other than the credit
				union or publication of which would violate specific provisions of
				law.
2) a copy of the public
				section of the credit union's most recent ILCRA Performance Evaluation prepared
				by the Secretary. The credit union shall place this copy in the ILCRA file
				within 30 business days after its receipt from the Secretary. A copy of the
				public section includes:
A) The assessment
				factors utilized to determine the credit union's descriptive rating;
B) The Secretary's conclusion with respect to
				each assessment factor;
C) A
				discussion of the facts supporting the conclusions;
D) The credit union's descriptive rating and
				the basis therefor;
E) The assigned
				overall rating;
F) Any other
				information the Secretary finds that the ends of justice and the public
				advantage will be served by the disclosure; and
G) A summary of public comments.
3) a list of the credit union's
				branches, their street addresses, and geographies;
4) a list of branches opened or closed by the
				credit union during the current year and each of the prior two calendar years,
				their street addresses, and geographies;
5) a list of services (including hours of
				operation, available loan and deposit products, and transaction fees) generally
				offered at the credit union's branches and descriptions of material differences
				in the availability or cost of services at particular branches, if any. At its
				option, a credit union may include information regarding the availability of
				alternative systems for delivering retail banking services (e.g., ATMs, ATMs
				not owned or operated by or exclusively for the credit union, banking by
				telephone or computer, loan production offices, bank-at-work or bank-by-mail
				programs);
6) the field of
				membership as defined in the credit union's Article of Incorporation and
				Article III of the bylaws;
7) its
				assessment field delineation; and
8) any other information the credit union
				chooses.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS; ENFORCEMENT › Section 185.430 - Public Notice by Credit Union

Current through Register Vol. 48, No. 28, July 12, 2024
A credit union shall provide in the public lobby of its main
				  office and each of its branches, if any, and on its website, the appropriate
				  public notice set forth in 185.APPENDIX B. Only a branch of a credit union
				  having more than one assessment field shall include the bracketed material in
				  the notice for branch offices. Only a credit union that is an affiliate of a
				  holding company shall include the second to the last sentence of the notices. A
				  credit union shall include the last sentence of the notices only if it is an
				  affiliate of a holding company that is not prevented by statute from acquiring
				  additional credit unions.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS; ENFORCEMENT › Section 185.440 - Publication of Planned Examination Schedule

Current through Register Vol. 48, No. 28, July 12, 2024
The Secretary publishes at least 30 days in advance of the
				  beginning of each calendar quarter a list of credit unions scheduled for ILCRA
				  examinations in that quarter.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS; ENFORCEMENT › Section 185.450 - Very Small Credit Union Examination Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a) At the time of examination any credit
				union that satisfies either of the following eligibility standards as shown in
				its Year-end Call report and other related documentation may elect to use the
				Very Small Credit Union Examination Procedures set forth in 185.APPENDIX D:
1) Total assets less than $25,000,000;
				or
2) Total assets less than
				$100,000,000 that lent or originated less than 50 residential mortgage loans
				reportable under the Home Mortgage Disclosure Act in the previous calendar
				year. The $100,000,000 threshold shall be adjusted based on amendments made by
				the National Credit Union Administration from time to time in its definition of
				"small entity" for purposes of the federal Regulatory Flexibility Act
				(5 U.S.C. Section
				601, et seq.). For purposes of this
				subsection (a)(2), "lent" or "originated" means the credit union was
				responsible for underwriting, making credit decisions for, issuing commitments
				for, or funding for the residential mortgage loan; "residential mortgage loan"
				means any loan primarily for personal, family or household use that is secured
				by a mortgage, deed or trust or other equivalent consensual security interest
				on a dwelling or residential real estate upon which is constructed or intended
				to be constructed a dwelling; and "dwelling" means a residential structure or
				mobile home which contains one to four family housing units or individual units
				of condominiums or cooperatives. For purposes of this subsection (a)(2), "lent"
				or "originated" does not include the performance of brokerage or referral
				activities.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS; ENFORCEMENT › Section 185.460 - Examination Authority and Cooperation

Current through Register Vol. 48, No. 28, July 12, 2024
a) Pursuant to the Secretary's authority
				under the ILCRA, including, but not limited to, Sections 35-15 and 35-25 of the
				ILCRA. The Secretary or appointees may examine the entire books, records,
				documents, and operations of each credit union, affiliates, or agents, and may
				examine any credit union, its affiliates', or agents' officers, directors,
				employees, and agents under oath.
b) A credit union shall be required to fully
				cooperate in any examination conducted pursuant to this Part. Cooperation
				includes, but is not limited to:
1) timely
				and full production of books, records, and documents, in any reasonable format
				requested by the Department; and
2)
				ensuring all officers, directors, employees, and agents of the credit union are
				available for depositions or interviews upon reasonable notice.
3) Except as otherwise specified in ILCRA or
				this Part, examination related to this Part shall be conducted consistent with
				205 ILCS
				305/9 (3.5), 38 Ill. Adm. Code
				190.25, and accompanying
				regulatory guidelines (Guidelines for Regulatory Scope, Clarity and Resolution
				of Examination Items) found on the Department's website.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS; ENFORCEMENT › Section 185.470 - Examination Schedule

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Secretary may conduct a discretionary ILCRA examination of a credit union at
				any time.
b) Initial CRA
				examinations of credit unions shall be conducted according to the following
				schedule:
1) Initial ILCRA examinations of
				credit unions with total assets of $1 billion or more, as shown by its Year-end
				Call Report, shall not be conducted until at least February 1, 2025 and shall
				be conducted within three years.
2)
				Initial ILCRA examinations of credit unions with total assets of $391,000,000
				to less than $1 billion, as shown by its Year-end Call Report, shall not be
				conducted until at least February 1, 2025 and shall be conducted within four
				years.
3) Initial ILCRA
				examinations of credit unions with total assets of $10,000,000 but less than
				$391,000,000, as shown by its Year-end Call Report, shall not be conducted
				until at least August 1, 2025 and shall be conducted within five
				years.
4) Initial ILCRA
				examinations of credit unions with total assets of less than $10,000,000, as
				shown by its Year-end Call Report, shall not be conducted until at least August
				1, 2025 and shall be conducted within six years.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS; ENFORCEMENT › Section 185.480 - Examination Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) Examination Fees
1) Annual Fees. Each fiscal year, credit
				unions shall pay an annual ILCRA fee to the Department based upon its total
				assets as shown on its Year-end Call Report at the following rate:
TOTAL ASSETS
ILCRA ANNUAL FISCAL YEAR 2025
ILCRA ANNUAL FISCAL YEAR 2026
$1,000,000 or less
No Charge
No Charge
Over $1,000,000 and not over $10,000,000
No Charge
No Charge
Over $10,000,000 and not over $30,000,0000
$1,000
$1,050
Over $30,000,000 and not over $50,000,000
$2,000
$2,100
Over $50,000,000 and not over $100,000,000
$3,000
$3,150
Over $100,000,000 and not over $350,000,000
$4,500
$4,725
Over $350,000,000 and over $500,000,000
$9,000
$9,450
Over $500,000,000 and not over $1,000,000,000
$13,000
$13,650
Over $1,000,000,000 and not over
							 $10,000,000,000
$18,000
$18,900
Over $10,000,000,000
$24,000
$25,000
2)
				When out-of-state travel occurs in the conduct of any examination, the credit
				union shall make arrangements to reimburse the Department all charges for
				services such as travel expenses, including airfare, hotel and per diem
				incurred by the employee. These expenses are to be in accord with applicable
				travel regulations published by the Department of Central Management Services
				and approved by the Governor's Travel Control Board (80 Ill. Adm. Code
				2800).
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS; ENFORCEMENT › Section 185.490 - Implementation Period

Current through Register Vol. 48, No. 28, July 12, 2024
a) Credit
				unions with total assets of $391,000,000 or more shall have until February 1,
				2025 to comply with the requirements of this Part.
b) Credit unions with total assets less than
				$391,000,000 shall have until August 1, 2025 to comply with the requirements of
				this Part.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS; ENFORCEMENT › Section 185.500 - Enforcement

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any failure to
				comply with a requirement of the ILCRA, this Part or other law referenced in
				ILCRA or this Part shall be grounds for enforcement actions as authorized under
				the ILCRA and under the Act, as applicable to the particular credit
				union.
b) Any failure to comply
				with a requirement of the ILCRA may also be grounds for referral to law
				enforcement or administrative authority with jurisdiction over the subject
				matter.
c) In addition to any other
				action authorized by law, the Secretary may enter agreed upon orders,
				stipulations, or settlement agreements for the purpose of resolving any failure
				to comply.
d) Except as otherwise
				specified in this Illinois Community Reinvestment Act or this Part, enforcement
				and supervision related to this Part shall be conducted consistent with
				205 ILCS
				305/9 (3.5), 38 Ill. Adm. Code Section
				190.25; and accompanying
				regulatory guidelines (Guidelines for Regulatory Scope, Clarity and Resolution
				of Examination Items) found on the Department's website.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 185 - CREDIT UNION COMMUNITY REINVESTMENT › Subpart C - RECORDS, REPORTING, AND DISCLOSURE REQUIREMENTS; EXAMINATIONS; ENFORCEMENT › Section 185.510 - Provisions for Granting of Variance from Rules

Current through Register Vol. 48, No. 28, July 12, 2024
The Secretary may grant variances in individual cases from
				  this Part in individual cases where it is determined that in their sole
				  discretion that:
a) The provision from
				which the variance is granted is not statutorily mandated;
b) No party will be injured by granting the
				variance; and
c) The rule from
				which the variance is granted would, in the particular case, be unnecessarily
				burdensome.