Bill Text: IL HR1305 | 2011-2012 | 97th General Assembly | Introduced
Bill Title: Urges the Secretary of Financial and Professional Regulation to grant an extension to Covenant Bank in Chicago, Illinois, for the correction to the impairment of its capital until February 1, 2013 and to continue the extension unless the bank becomes critically undercapitalized. Urges the Secretary of Financial and Professional Regulation to grant the maximum initial term of 180 days to take corrective action to any community bank that has received a Section 51 order, unless that bank is critically undercapitalized.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HR1305 Detail]
Download: Illinois-2011-HR1305-Introduced.html
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| 1 | HOUSE RESOLUTION
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| 2 | WHEREAS, Covenant Bank in Chicago, Illinois, was given a | ||||||
| 3 | notice by the Secretary of Financial and Professional | ||||||
| 4 | Regulation pursuant to Section 51 of the Illinois Banking Act | ||||||
| 5 | that set a deadline of December 2, 2012 by which Covenant Bank | ||||||
| 6 | must correct the impairment on its capital; and
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| 7 | WHEREAS, Subsection (b) of Section 51 of the Illinois | ||||||
| 8 | Banking Act authorizes the Secretary of Financial and | ||||||
| 9 | Professional Regulation to extend the time period contained in | ||||||
| 10 | that notice; therefore, be it
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| 11 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
| 12 | NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
| 13 | we urge the Secretary of Financial and Professional Regulation | ||||||
| 14 | to grant an extension to Covenant Bank for the correction to | ||||||
| 15 | the impairment on its capital until February 1, 2013, | ||||||
| 16 | representing 180 days after the receipt of such notice; and | ||||||
| 17 | that the Secretary grant an extension on an ongoing basis as | ||||||
| 18 | long as Covenant Bank's capital is not critically | ||||||
| 19 | undercapitalized (as defined by the Federal Deposit Insurance | ||||||
| 20 | Act); and be it further
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| 21 | RESOLVED, That we urge the Secretary of Financial and | ||||||
| 22 | Professional Regulation to grant, for any community bank that | ||||||
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| 1 | has received or is subject to receive a Section 51 order, the | ||||||
| 2 | maximum initial term of 180 days to take corrective action, and | ||||||
| 3 | to grant an extension on an ongoing basis as long as the bank's | ||||||
| 4 | capital (either as filed on its last CALL report or | ||||||
| 5 | subsequently verified after a capital infusion) is not | ||||||
| 6 | critically undercapitalized; and be it further
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| 7 | RESOLVED, That suitable copies of this Resolution be | ||||||
| 8 | delivered to the Secretary of Financial and Professional | ||||||
| 9 | Regulation.
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