Bill Text: IL SB2414 | 2015-2016 | 99th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: 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.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Engrossed - Dead) 2016-04-12 - Referred to Rules Committee [SB2414 Detail]
Download: Illinois-2015-SB2414-Introduced.html
Bill Title: 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.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Engrossed - Dead) 2016-04-12 - Referred to Rules Committee [SB2414 Detail]
Download: Illinois-2015-SB2414-Introduced.html
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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Banking Act is amended by changing | |||||||||||||||||||||||
5 | Section 48.3 as follows:
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6 | (205 ILCS 5/48.3) (from Ch. 17, par. 360.2)
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7 | Sec. 48.3.
Disclosure of reports of examinations
and | |||||||||||||||||||||||
8 | confidential
supervisory information;
limitations.
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9 | (a) Any report of examination, visitation, or | |||||||||||||||||||||||
10 | investigation prepared by
the Secretary Commissioner under | |||||||||||||||||||||||
11 | this Act, the Electronic Fund Transfer
Act, the Corporate | |||||||||||||||||||||||
12 | Fiduciary Act, the
Illinois Bank Holding Company Act of 1957, | |||||||||||||||||||||||
13 | and the Foreign
Banking Office Act, any report of examination, | |||||||||||||||||||||||
14 | visitation, or
investigation prepared by the state regulatory
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15 | authority of another state that examines a branch of an | |||||||||||||||||||||||
16 | Illinois State bank in
that state, any document or record | |||||||||||||||||||||||
17 | prepared or obtained in
connection with or relating to any
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18 | examination, visitation, or investigation, and any record | |||||||||||||||||||||||
19 | prepared or
obtained by the Secretary Commissioner to the | |||||||||||||||||||||||
20 | extent that the record summarizes or
contains information | |||||||||||||||||||||||
21 | derived from any report, document, or record described
in this | |||||||||||||||||||||||
22 | subsection shall be deemed "confidential supervisory | |||||||||||||||||||||||
23 | information".
Confidential
supervisory information shall not |
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1 | include any information or record
routinely prepared by a bank | ||||||
2 | or other financial institution and maintained in
the ordinary | ||||||
3 | course of business or any information or record that is | ||||||
4 | required
to be made publicly available pursuant to State or | ||||||
5 | federal law or rule.
Confidential supervisory information
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6 | shall be the property of the Secretary Commissioner and shall | ||||||
7 | only be
disclosed under the circumstances and for the purposes | ||||||
8 | set forth in this
Section.
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9 | The Secretary Commissioner may
disclose
confidential | ||||||
10 | supervisory information only under the following | ||||||
11 | circumstances:
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12 | (1) The Secretary Commissioner may furnish | ||||||
13 | confidential supervisory information
to the Board of | ||||||
14 | Governors of the
Federal Reserve System, the federal | ||||||
15 | reserve bank of the federal reserve
district in which the | ||||||
16 | State bank is located or in which the parent or other
| ||||||
17 | affiliate of the State bank is located, any official or | ||||||
18 | examiner
thereof duly accredited for the purpose, or any | ||||||
19 | other state regulator, federal
regulator, or in the case of | ||||||
20 | a foreign bank possessing a certificate of
authority | ||||||
21 | pursuant to the Foreign Banking Office Act or a license | ||||||
22 | pursuant to
the Foreign Bank Representative Office Act, the | ||||||
23 | bank regulator in the country
where the foreign bank is | ||||||
24 | chartered,
that the Secretary Commissioner determines to | ||||||
25 | have an appropriate
regulatory interest. Nothing contained | ||||||
26 | in this Act shall be construed to
limit the obligation of |
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1 | any member State bank to comply with the
requirements | ||||||
2 | relative to examinations and reports of the Federal Reserve
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3 | Act and of the Board of Governors of the Federal Reserve | ||||||
4 | System or the
federal reserve bank of the federal reserve | ||||||
5 | district in which the bank is
located, nor to limit in any | ||||||
6 | way the powers of the Secretary Commissioner with
reference | ||||||
7 | to examinations and reports.
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8 | (2) The Secretary Commissioner may furnish | ||||||
9 | confidential supervisory information
to the United States, | ||||||
10 | any agency
thereof that has insured a bank's deposits in | ||||||
11 | whole or in part, or any official
or examiner thereof duly | ||||||
12 | accredited for the purpose. Nothing contained in this Act | ||||||
13 | shall be
construed to limit the obligation relative to | ||||||
14 | examinations and reports of any
State bank, deposits in | ||||||
15 | which are to any extent insured by the United States,
any | ||||||
16 | agency thereof, nor to limit in any way the powers of the | ||||||
17 | Secretary Commissioner with
reference to examination and | ||||||
18 | reports of such bank.
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19 | (2.5) The Secretary may furnish confidential | ||||||
20 | supervisory information to the Federal Home Loan Bank of | ||||||
21 | Chicago in connection with any application by the bank | ||||||
22 | before the Federal Home Loan Bank of Chicago or in | ||||||
23 | connection with any bank that is a member of the Federal | ||||||
24 | Loan Bank of Chicago if the Secretary determines the | ||||||
25 | Federal Home Loan Bank of Chicago has a legitimate interest | ||||||
26 | in the confidential supervisory information. The |
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1 | confidential supervisory information shall remain the | ||||||
2 | property of the Secretary and may not be further disclosed | ||||||
3 | without the Secretary's permission.
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4 | (3) The Secretary Commissioner may furnish
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5 | confidential supervisory
information
to the appropriate | ||||||
6 | law
enforcement authorities when the Secretary | ||||||
7 | Commissioner reasonably believes a
bank, which
the | ||||||
8 | Secretary Commissioner has
caused to be examined, has been | ||||||
9 | a victim of a crime.
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10 | (4) The Secretary Commissioner may furnish | ||||||
11 | confidential supervisory information
relating to a bank or | ||||||
12 | other
financial institution, which the Secretary | ||||||
13 | Commissioner has caused to be
examined, to be sent to the
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14 | administrator of the Uniform Disposition of Unclaimed | ||||||
15 | Property Act.
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16 | (5) The Secretary Commissioner may furnish
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17 | confidential supervisory
information relating to a bank or | ||||||
18 | other
financial institution, which
the Secretary | ||||||
19 | Commissioner has caused to be examined, relating to its
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20 | performance of obligations under the Illinois Income Tax | ||||||
21 | Act and the
Illinois Estate and Generation-Skipping | ||||||
22 | Transfer Tax Act to the Illinois
Department of Revenue.
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23 | (6) The Secretary Commissioner may furnish
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24 | confidential supervisory
information relating to a bank or | ||||||
25 | other
financial institution, which
the Secretary | ||||||
26 | Commissioner has caused to be examined, under the
federal |
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1 | Currency and Foreign Transactions Reporting Act,
Title 31, | ||||||
2 | United States Code, Section 1051 et seq.
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3 | (6.5) The Secretary Commissioner may furnish
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4 | confidential supervisory
information to any other agency | ||||||
5 | or entity that the Secretary Commissioner determines
to
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6 | have a legitimate regulatory interest.
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7 | (7) The Secretary Commissioner may furnish
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8 | confidential supervisory
information under any other
| ||||||
9 | statute that by its terms or by regulations promulgated | ||||||
10 | thereunder
requires the disclosure of financial records | ||||||
11 | other than by subpoena,
summons, warrant, or court order.
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12 | (8) At the request of the affected bank or other | ||||||
13 | financial institution,
the Secretary Commissioner may | ||||||
14 | furnish
confidential supervisory
information relating to a | ||||||
15 | bank or other financial
institution, which
the Secretary | ||||||
16 | Commissioner has caused to be examined, in connection with | ||||||
17 | the
obtaining of insurance coverage or the pursuit of an | ||||||
18 | insurance claim for or on
behalf of the bank or other | ||||||
19 | financial institution; provided that, when
possible, the | ||||||
20 | Secretary Commissioner shall disclose only relevant | ||||||
21 | information while
maintaining the confidentiality of | ||||||
22 | financial records not relevant to such
insurance coverage | ||||||
23 | or claim and, when appropriate, may delete identifying data
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24 | relating to any person or individual.
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25 | (9) The Secretary Commissioner may furnish a copy of a | ||||||
26 | report of any examination
performed by the Secretary |
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1 | Commissioner of the condition and affairs of any
electronic | ||||||
2 | data processing entity to the banks serviced by the | ||||||
3 | electronic
data processing entity.
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4 | (10) In addition to the foregoing circumstances, the | ||||||
5 | Secretary Commissioner may,
but is not required to, furnish
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6 | confidential supervisory information under the same | ||||||
7 | circumstances authorized for
the bank or financial
| ||||||
8 | institution pursuant to subsection
(b) of this Section, | ||||||
9 | except that the Secretary Commissioner shall provide
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10 | confidential supervisory information under circumstances | ||||||
11 | described in paragraph (3) of
subsection (b) of this | ||||||
12 | Section only upon the request of the bank or other
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13 | financial institution.
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14 | (b) A bank or other financial institution or its officers, | ||||||
15 | agents, and
employees may disclose
confidential supervisory | ||||||
16 | information only under the
following circumstances:
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17 | (1) to the board of directors of the bank or other | ||||||
18 | financial institution,
as well as the president, | ||||||
19 | vice-president, cashier, and other officers of the
bank or | ||||||
20 | other financial institution to whom the board of directors | ||||||
21 | may delegate
duties with respect to compliance with | ||||||
22 | recommendations for action, and to the board of directors | ||||||
23 | of a bank holding company that owns at
least 80% of the | ||||||
24 | outstanding stock of the bank or other financial | ||||||
25 | institution;
| ||||||
26 | (2) to attorneys for the bank or other financial |
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1 | institution and to a
certified public accountant engaged by | ||||||
2 | the State bank or financial
institution to perform an | ||||||
3 | independent audit provided that the attorney or
certified | ||||||
4 | public accountant shall not permit the
confidential | ||||||
5 | supervisory
information to be further disseminated;
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6 | (3) to any person who seeks to acquire a controlling | ||||||
7 | interest in, or who
seeks to merge with, the
bank or | ||||||
8 | financial institution, provided that all attorneys, | ||||||
9 | certified public
accountants, officers, agents, or | ||||||
10 | employees of that person shall agree to be
bound to respect | ||||||
11 | the confidentiality of the
confidential supervisory
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12 | information and to not further disseminate the information | ||||||
13 | therein contained;
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14 | (4) (blank); or
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15 | (5) to the bank's insurance company in relation to an | ||||||
16 | insurance
claim or
the effort by the bank to procure | ||||||
17 | insurance coverage, provided that, when
possible, the bank | ||||||
18 | shall disclose only information that is relevant to the
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19 | insurance claim or that is necessary to procure the | ||||||
20 | insurance coverage, while
maintaining the confidentiality | ||||||
21 | of financial information pertaining to
customers. When | ||||||
22 | appropriate, the bank may delete identifying data relating | ||||||
23 | to
any person.
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24 | The disclosure of confidential supervisory information by | ||||||
25 | a bank or other
financial institution pursuant to this | ||||||
26 | subsection (b) and the disclosure of
information to the |
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1 | Secretary Commissioner or other regulatory agency in | ||||||
2 | connection with
any examination, visitation, or investigation | ||||||
3 | shall not constitute a waiver of
any legal privilege otherwise | ||||||
4 | available to the bank or other financial
institution with | ||||||
5 | respect to the information.
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6 | (c) (1) Notwithstanding any other provision of this Act
or | ||||||
7 | any other law, confidential supervisory information shall be | ||||||
8 | the property of
the Secretary Commissioner and shall be | ||||||
9 | privileged from disclosure to any person except
as provided in | ||||||
10 | this Section. No person in possession of confidential
| ||||||
11 | supervisory information may disclose that information for any | ||||||
12 | reason or under
any circumstances not specified in this Section | ||||||
13 | without the prior authorization
of the Secretary
Commissioner . | ||||||
14 | Any person upon whom a demand for production of confidential
| ||||||
15 | supervisory information is made, whether by subpoena, order, or | ||||||
16 | other judicial
or administrative process, must withhold | ||||||
17 | production of the confidential
supervisory information and | ||||||
18 | must notify the Secretary Commissioner of the demand, at
which | ||||||
19 | time the Secretary Commissioner is authorized to intervene for | ||||||
20 | the purpose of
enforcing the limitations of this Section or | ||||||
21 | seeking the withdrawal or
termination of the attempt to compel | ||||||
22 | production of the confidential
supervisory information.
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23 | (2) Any request for discovery or disclosure of confidential | ||||||
24 | supervisory
information, whether by subpoena, order, or other | ||||||
25 | judicial or administrative
process, shall be made to the | ||||||
26 | Secretary Commissioner , and the Secretary Commissioner shall
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1 | determine within 15 days whether to disclose the information | ||||||
2 | pursuant to
procedures and standards that the Secretary | ||||||
3 | Commissioner shall establish by rule. If the Secretary
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4 | Commissioner determines that such information will not be | ||||||
5 | disclosed, the Secretary's
Commissioner's decision shall be | ||||||
6 | subject to judicial review under the
provisions of the | ||||||
7 | Administrative Review Law, and venue shall be in either
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8 | Sangamon County or Cook County.
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9 | (3) Any court order that compels disclosure of confidential | ||||||
10 | supervisory
information may be immediately appealed by the | ||||||
11 | Secretary Commissioner , and the order
shall
be automatically | ||||||
12 | stayed pending the outcome of the appeal.
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13 | (d) If any officer, agent, attorney, or employee of a bank | ||||||
14 | or
financial institution knowingly and willfully furnishes
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15 | confidential supervisory information in violation of this | ||||||
16 | Section, the Secretary
Commissioner may impose a
civil monetary | ||||||
17 | penalty up to $1,000 for the violation against
the officer, | ||||||
18 | agent, attorney, or employee.
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19 | (Source: P.A. 90-301, eff. 8-1-97; 91-201, eff. 1-1-00.)
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20 | Section 10. The Savings Bank Act is amended by changing | ||||||
21 | Section 9012 as follows:
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22 | (205 ILCS 205/9012) (from Ch. 17, par. 7309-12)
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23 | Sec. 9012.
Disclosure of reports of examinations and | ||||||
24 | confidential
supervisory information; limitations.
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1 | (a) Any report of examination, visitation, or | ||||||
2 | investigation prepared by
the Secretary
Commissioner
under | ||||||
3 | this Act, any report of examination, visitation, or | ||||||
4 | investigation
prepared by the state
regulatory authority of | ||||||
5 | another state that examines a branch of an Illinois
State | ||||||
6 | savings bank in
that state, any document or record prepared or | ||||||
7 | obtained in connection with or
relating to any
examination, | ||||||
8 | visitation, or investigation, and any record prepared or | ||||||
9 | obtained
by the Secretary
Commissioner to the extent that the | ||||||
10 | record summarizes or contains information
derived from
any | ||||||
11 | report, document, or record described in this subsection shall | ||||||
12 | be deemed
confidential
supervisory information. "Confidential | ||||||
13 | supervisory information" shall not
include any information or
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14 | record routinely prepared by a savings bank and maintained in | ||||||
15 | the ordinary
course of business or any
information or record | ||||||
16 | that is required to be made publicly available pursuant
to | ||||||
17 | State or federal law
or rule. Confidential supervisory | ||||||
18 | information shall be the property of the Secretary
Commissioner | ||||||
19 | and shall
only be disclosed under the circumstances and for the | ||||||
20 | purposes set forth in
this Section.
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21 | The Secretary Commissioner may disclose confidential | ||||||
22 | supervisory information only under
the following
| ||||||
23 | circumstances:
| ||||||
24 | (1) The Secretary Commissioner may furnish | ||||||
25 | confidential supervisory information to
federal and state
| ||||||
26 | depository institution regulators, or any official or |
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| |||||||
1 | examiner thereof duly
accredited for the
purpose. Nothing | ||||||
2 | contained in this Act shall be construed to limit the
| ||||||
3 | obligation of any savings
bank to comply with the | ||||||
4 | requirements relative to examinations and reports nor
to | ||||||
5 | limit in any way
the powers of the Secretary Commissioner | ||||||
6 | relative to examinations and reports.
| ||||||
7 | (2) The Secretary Commissioner may furnish | ||||||
8 | confidential supervisory information to
the United
States | ||||||
9 | or any agency thereof that to any extent has insured a | ||||||
10 | savings bank's
deposits, or any
official or examiner | ||||||
11 | thereof duly accredited for the purpose. Nothing contained
| ||||||
12 | in this Act shall be
construed to limit the obligation | ||||||
13 | relative to examinations and reports of any
savings bank
in | ||||||
14 | which deposits are to any extent insured by the United | ||||||
15 | States or any agency
thereof
nor to limit in any way
the | ||||||
16 | powers of the Secretary Commissioner with reference to | ||||||
17 | examination and reports of the
savings bank.
| ||||||
18 | (2.5) The Secretary may furnish confidential | ||||||
19 | supervisory information to the Federal Home Loan Bank of | ||||||
20 | Chicago in connection with any application by the savings | ||||||
21 | bank before the Federal Home Loan Bank of Chicago or in | ||||||
22 | connection with any savings bank that is a member of the | ||||||
23 | Federal Loan Bank of Chicago if the Secretary determines | ||||||
24 | the Federal Home Loan Bank of Chicago has a legitimate | ||||||
25 | interest in the confidential supervisory information. The | ||||||
26 | confidential supervisory information shall remain the |
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1 | property of the Secretary and may not be further disclosed | ||||||
2 | without the Secretary's permission.
| ||||||
3 | (3) The Secretary Commissioner may furnish | ||||||
4 | confidential supervisory information to
the appropriate
| ||||||
5 | law enforcement authorities when the Secretary | ||||||
6 | Commissioner reasonably believes a savings
bank, which the | ||||||
7 | Secretary
Commissioner has caused to be examined, has been | ||||||
8 | a victim of a crime.
| ||||||
9 | (4) The Secretary Commissioner may furnish | ||||||
10 | confidential supervisory information
related
to a
savings | ||||||
11 | bank, which the Secretary Commissioner has caused to be | ||||||
12 | examined, to the
administrator of the
Uniform Disposition | ||||||
13 | of Unclaimed Property Act.
| ||||||
14 | (5) The Secretary Commissioner may furnish | ||||||
15 | confidential supervisory information
relating to a
savings | ||||||
16 | bank, which the Secretary Commissioner has caused to be | ||||||
17 | examined, relating to its
performance
of obligations under | ||||||
18 | the Illinois Income Tax Act and the Illinois Estate and
| ||||||
19 | Generation-Skipping
Transfer Tax Act to the Illinois | ||||||
20 | Department of Revenue.
| ||||||
21 | (6) The Secretary Commissioner may furnish | ||||||
22 | confidential supervisory information
relating to a
savings | ||||||
23 | bank, which the Secretary Commissioner has caused to be | ||||||
24 | examined, under the
federal Currency
and Foreign | ||||||
25 | Transactions Reporting Act, 31 United States Code, Section
| ||||||
26 | 1051 et seq.
|
| |||||||
| |||||||
1 | (7) The Secretary Commissioner may furnish | ||||||
2 | confidential supervisory information to
any other agency
| ||||||
3 | or entity that the Secretary Commissioner determines to | ||||||
4 | have a legitimate regulatory
interest.
| ||||||
5 | (8) The Secretary Commissioner may furnish | ||||||
6 | confidential supervisory information as
otherwise
| ||||||
7 | permitted or required by this Act and may furnish | ||||||
8 | confidential supervisory
information under any
other | ||||||
9 | statute that by its terms or by regulations promulgated | ||||||
10 | thereunder
requires the disclosure
of financial records | ||||||
11 | other than by subpoena, summons, warrant, or court order.
| ||||||
12 | (9) At the request of the affected savings bank, the | ||||||
13 | Secretary Commissioner may
furnish confidential
| ||||||
14 | supervisory information relating to the savings bank, | ||||||
15 | which the Secretary Commissioner
has caused to be
examined, | ||||||
16 | in connection with the obtaining of insurance coverage or | ||||||
17 | the pursuit
of an insurance
claim for or on behalf of the | ||||||
18 | savings bank; provided that, when possible, the Secretary
| ||||||
19 | Commissioner shall
disclose only relevant information | ||||||
20 | while maintaining the confidentiality of
financial records
| ||||||
21 | not relevant to such insurance coverage or claim and, when | ||||||
22 | appropriate, may
delete identifying data
relating to any | ||||||
23 | person.
| ||||||
24 | (10) The Secretary Commissioner may furnish a copy of a | ||||||
25 | report of any examination
performed by
the Secretary | ||||||
26 | Commissioner of the condition and affairs of any electronic |
| |||||||
| |||||||
1 | data processing
entity to the
savings banks serviced by the | ||||||
2 | electronic data processing entity.
| ||||||
3 | (11) In addition to the foregoing circumstances, the | ||||||
4 | Secretary Commissioner may, but
is not
required to, furnish | ||||||
5 | confidential supervisory information under the same
| ||||||
6 | circumstances authorized
for the savings bank pursuant to | ||||||
7 | subsection (b) of this Section, except that
the Secretary | ||||||
8 | Commissioner shall
provide confidential supervisory | ||||||
9 | information under circumstances described in
paragraph (3) | ||||||
10 | of
subsection (b) of this Section only upon the request of | ||||||
11 | the savings bank.
| ||||||
12 | (b) A savings bank or its officers, agents, and employees | ||||||
13 | may disclose
confidential
supervisory information only under | ||||||
14 | the following circumstances:
| ||||||
15 | (1) to the board of directors of the savings bank, as | ||||||
16 | well as the
president, vice-president,
cashier, and other | ||||||
17 | officers of the savings bank to whom the board of directors
| ||||||
18 | may delegate
duties with respect to compliance with | ||||||
19 | recommendations for action, and to the
board of
directors | ||||||
20 | of a savings bank holding company that owns at least 80% of | ||||||
21 | the
outstanding stock of the
savings bank or other | ||||||
22 | financial institution.
| ||||||
23 | (2) to attorneys for the savings bank and to a | ||||||
24 | certified public
accountant engaged by the
savings bank to | ||||||
25 | perform an independent audit; provided that the attorney or
| ||||||
26 | certified public
accountant shall not permit the |
| |||||||
| |||||||
1 | confidential supervisory information to be
further | ||||||
2 | disseminated.
| ||||||
3 | (3) to any person who seeks to acquire a controlling | ||||||
4 | interest in, or who
seeks to merge with,
the savings bank; | ||||||
5 | provided that the person shall agree to be bound to respect
| ||||||
6 | the confidentiality
of the confidential supervisory | ||||||
7 | information and to not further disseminate the
information
| ||||||
8 | other than to attorneys, certified public accountants, | ||||||
9 | officers, agents, or
employees of that
person who likewise | ||||||
10 | shall agree to be bound to respect the confidentiality of
| ||||||
11 | the confidential
supervisory information and to not | ||||||
12 | further disseminate the information.
| ||||||
13 | (4) to the savings bank's insurance company, if the | ||||||
14 | supervisory
information contains
information that is | ||||||
15 | otherwise unavailable and is strictly necessary to
| ||||||
16 | obtaining insurance coverage or
pursuing an insurance | ||||||
17 | claim for or on behalf of the savings bank; provided
that, | ||||||
18 | when possible, the
savings bank shall disclose only | ||||||
19 | information that is relevant to obtaining
insurance | ||||||
20 | coverage or
pursuing an insurance claim, while maintaining | ||||||
21 | the confidentiality of financial
information
pertaining to | ||||||
22 | customers; and provided further that, when appropriate, | ||||||
23 | the
savings bank may delete
identifying data relating to
| ||||||
24 | any person.
| ||||||
25 | The disclosure of confidential supervisory information by | ||||||
26 | a savings bank
pursuant to this
subsection (b) and the |
| |||||||
| |||||||
1 | disclosure of information to the Secretary Commissioner or | ||||||
2 | other
regulatory agency in
connection with any examination, | ||||||
3 | visitation, or investigation shall not
constitute a waiver of | ||||||
4 | any
legal privilege otherwise available to the savings bank | ||||||
5 | with respect to the
information.
| ||||||
6 | (c) (1) Notwithstanding any other provision of this Act or | ||||||
7 | any other law,
confidential
supervisory information shall be | ||||||
8 | the property of the Secretary Commissioner and shall be
| ||||||
9 | privileged from
disclosure to any person except as provided in | ||||||
10 | this Section. No person in
possession of
confidential | ||||||
11 | supervisory information may disclose that information for any
| ||||||
12 | reason or under any
circumstances not specified in this Section | ||||||
13 | without the prior authorization of
the Secretary Commissioner .
| ||||||
14 | Any person upon whom a demand for production of confidential | ||||||
15 | supervisory
information is made,
whether by subpoena, order, or | ||||||
16 | other judicial or administrative process, must
withhold
| ||||||
17 | production of the confidential supervisory information and | ||||||
18 | must notify the Secretary
Commissioner of the
demand, at which | ||||||
19 | time the Secretary Commissioner is authorized to intervene for | ||||||
20 | the
purpose of
enforcing the limitations of this Section or | ||||||
21 | seeking the withdrawal or
termination of the attempt to
compel | ||||||
22 | production of the confidential supervisory information.
| ||||||
23 | (2) Any request for discovery or disclosure of confidential | ||||||
24 | supervisory
information, whether
by subpoena, order, or other | ||||||
25 | judicial or administrative process, shall be made
to the | ||||||
26 | Secretary
Commissioner , and the Secretary Commissioner shall |
| |||||||
| |||||||
1 | determine within 15 days whether to
disclose the
information | ||||||
2 | pursuant to procedures and standards that the Secretary | ||||||
3 | Commissioner shall
establish by rule. If
the Secretary | ||||||
4 | Commissioner determines that such information will not be | ||||||
5 | disclosed, the Secretary's
Commissioner's
decision shall be | ||||||
6 | subject to judicial review under the provisions of the
| ||||||
7 | Administrative Review
Law, and venue shall be in either | ||||||
8 | Sangamon County or Cook County.
| ||||||
9 | (3) Any court order that compels disclosure of confidential | ||||||
10 | supervisory
information may be
immediately appealed by the | ||||||
11 | Secretary Commissioner , and the order shall be automatically
| ||||||
12 | stayed pending the
outcome of the appeal.
| ||||||
13 | (d) If any officer, agent, attorney, or employee of a | ||||||
14 | savings bank knowingly
and willfully
furnishes confidential | ||||||
15 | supervisory information in violation of this Section,
the | ||||||
16 | Secretary
Commissioner may impose a civil monetary penalty up | ||||||
17 | to $1,000 for the violation
against
the officer, agent, | ||||||
18 | attorney, or employee.
| ||||||
19 | (e) Subject to the limits of this Section, the Secretary
| ||||||
20 | Commissioner also may promulgate regulations to set procedures | ||||||
21 | and
standards for
disclosure of
the
following items:
| ||||||
22 | (1) All fixed orders and opinions made in cases of
| ||||||
23 | appeals of the Secretary's Commissioner's actions.
| ||||||
24 | (2) Statements of policy and interpretations adopted | ||||||
25 | by
the Secretary's Commissioner's office, but not | ||||||
26 | otherwise made public.
|
| |||||||
| |||||||
1 | (3) Nonconfidential portions of application files,
| ||||||
2 | including applications for new charters. The Secretary | ||||||
3 | Commissioner
shall specify by rule as to what part of the | ||||||
4 | files are
confidential.
| ||||||
5 | (4) Quarterly reports of income, deposits, and | ||||||
6 | financial
condition.
| ||||||
7 | (Source: P.A. 93-271, eff. 7-22-03.)
| ||||||
8 | Section 15. The Illinois Credit Union Act is amended by | ||||||
9 | changing Section 9.1 as follows:
| ||||||
10 | (205 ILCS 305/9.1)
| ||||||
11 | Sec. 9.1. Disclosures of reports of examinations and | ||||||
12 | confidential
supervisory information; limitations. | ||||||
13 | (1) Any report of examination, visitation, or | ||||||
14 | investigation
prepared by the Secretary under this Act or by | ||||||
15 | the state
regulatory authority charged with enforcing the | ||||||
16 | Electronic Fund
Transfer Act or the Corporate Fiduciary Act or | ||||||
17 | by the state
regulatory authority of another state that | ||||||
18 | examines an office of
an Illinois credit union in that state, | ||||||
19 | any document or record
prepared or obtained in connection with | ||||||
20 | or relating to any
examination, visitation, or investigation, | ||||||
21 | and any record
prepared or obtained by the Secretary to the | ||||||
22 | extent that the record
summarizes or contains information | ||||||
23 | derived from any report,
document, or record described in this | ||||||
24 | subsection shall be deemed
"confidential supervisory |
| |||||||
| |||||||
1 | information". Confidential supervisory
information shall not | ||||||
2 | include any information or record routinely
prepared by a | ||||||
3 | credit union and maintained in the ordinary course
of business | ||||||
4 | or any information or record that is required to be
made | ||||||
5 | publicly available pursuant to State or federal law or rule.
| ||||||
6 | (2) Confidential supervisory information is privileged | ||||||
7 | from
discovery and shall only be disclosed under the | ||||||
8 | circumstances and
for the purposes set forth in this Section.
| ||||||
9 | (3) Relevant confidential supervisory information may be
| ||||||
10 | disclosed under a statute that by its terms or by rules
| ||||||
11 | promulgated thereunder requires the disclosure of confidential
| ||||||
12 | supervisory information other than by subpoena, summons,
| ||||||
13 | warrant, or court
order; to the appropriate
law enforcement
| ||||||
14 | authorities when the Secretary or the credit union reasonably | ||||||
15 | believes the
credit union,
which the Secretary has caused to be | ||||||
16 | examined, has been a victim of a crime;
to other agencies or | ||||||
17 | entities having a
legitimate regulatory interest , including, | ||||||
18 | but not limited to, the Federal Home Loan Bank of the Federal | ||||||
19 | Home Loan Bank System district in which the credit union is | ||||||
20 | located ; to the credit union's board,
officers, retained | ||||||
21 | professionals, and insurers; to persons
seeking to merge with | ||||||
22 | or purchase all or part of the assets of the credit
union; and | ||||||
23 | where disclosure is otherwise required for the benefit of
the | ||||||
24 | credit union. Disclosure of confidential supervisory
| ||||||
25 | information to these persons does not constitute a waiver
of | ||||||
26 | the legal privilege otherwise available with respect to the
|
| |||||||
| |||||||
1 | information.
| ||||||
2 | (4) A person to whom confidential supervisory information | ||||||
3 | is
disclosed shall not further disseminate confidential | ||||||
4 | supervisory
information.
| ||||||
5 | (5) (a) Any person upon whom a demand for production of
| ||||||
6 | confidential supervisory information is made, whether by
| ||||||
7 | subpoena, order, or other judicial or administrative
process, | ||||||
8 | must withhold production of the confidential
supervisory | ||||||
9 | information and must notify the Secretary of
the demand, at | ||||||
10 | which time the Secretary is authorized to
intervene for the | ||||||
11 | purpose of enforcing the limitations of
this Section or seeking | ||||||
12 | the withdrawal or termination of
the attempt to compel | ||||||
13 | production of the confidential
supervisory information.
| ||||||
14 | (b) Any request for discovery or disclosure of confidential
| ||||||
15 | supervisory information, whether by subpoena, order, or
other | ||||||
16 | judicial or administrative process, shall be made to
the | ||||||
17 | Secretary, and the Secretary shall determine within 15
days | ||||||
18 | whether to disclose the information pursuant to
procedures and | ||||||
19 | standards that the Secretary shall
establish by rule. If the | ||||||
20 | Secretary determines that such
information will not be | ||||||
21 | disclosed, the Secretary's
decision shall be subject to | ||||||
22 | judicial review under the
provisions of the Administrative | ||||||
23 | Review Law, and venue
shall be in either Sangamon County or | ||||||
24 | Cook County.
| ||||||
25 | (c) Any court order that compels disclosure of confidential
| ||||||
26 | supervisory information may be immediately appealed by the
|
| |||||||
| |||||||
1 | Secretary and the order shall be automatically stayed
pending | ||||||
2 | the outcome of the appeal.
| ||||||
3 | (Source: P.A. 97-133, eff. 1-1-12.)
| ||||||
4 | Section 99. Effective date. This Act takes effect upon | ||||||
5 | becoming law.
|