Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 370 - CORPORATE APPLICATIONS FOR BANKS AND CORPORATE FIDUCIARIES
Section 370.40 - Special Examinations or Investigations
Universal Citation: 38 IL Admin Code ยง 370.40
Current through Register Vol. 48, No. 12, March 22, 2024
a) Applications and notices submitted to the Director are subject to a special investigation or examination as considered necessary, in the Director's discretion, in order to make an informed decision regarding the application or notice.
b) The cost for a special examination or investigation performed in connection with the review of an application or notice is $900 per day, per examiner.
c) The Director may consider the following factors in determining whether to require an investigation or examination of one or more of the entities to the transaction:
1) A question exists regarding the solvency
or potential solvency of the applicant or one or more of the financial
institutions or other entities involved in the transaction;
2) A financial institution involved in the
transaction has not been examined by a state, federal or foreign regulatory
agency within the 18-month period immediately preceding the date of submission
of the application or notice;
3) A
financial institution involved in the proposed transaction had substantive
violations cited in its most recent examination report, or has a less than
satisfactory regulatory rating;
4)
A question exists regarding the experience, ability, standing, trustworthiness,
or integrity of the existing or proposed officers, directors, managers or
managing participants of a party involved in the proposed
transaction;
5) A question exists
as to whether the resulting institution will operate in compliance with the
law;
6) A question exists as to
whether the resulting institution will be free from improper or unlawful
influence or interference from its principal shareholders with respect to
operation in compliance with the law;
7) A question exists as to whether the
resulting institution will have adequate capitalization;
8) One or more of the entities to the
transaction is under a regulatory restriction or subject to an enforcement
action or supervisory agreement;
9)
Such other factors as determined in the discretion of the Director.
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