Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 381 - EXAMINATION CONSISTENCY AND DUE PROCESS
Section 381.30 - Examination Consistency and Due Process
Universal Citation: 38 IL Admin Code ยง 381.30
Current through Register Vol. 47, No. 52, December 29, 2023
To ensure consistency and due process, the Division will make every reasonable effort to adhere to the following standards of performance in conducting its examinations of banks.
a) Guidelines
1) To supplement this Part, the Division may
establish, and publish on the Division's website, guidelines that define the
scope of the examination process and clarify the manner in which examination
items shall be resolved. These guidelines may include:
A) protocol in identifying and addressing
examination findings;
B)
preparation of examination reports;
C) delivery of examination reports;
and
D) other relevant subjects in
accordance with Section 48(2.1) of the Illinois Banking Act.
2) Banks may rely upon the
guidelines furnished by the Division. Whenever the Division establishes
guidelines, the Division shall give due consideration to maintaining
consistency with the existing guidelines (and any interpretations of those
guidelines) established by federal financial institution regulators. The
Division may change or withdraw established guidelines upon reasonable prior
notice.
b) Reasonable Notification and Requests for Information
1)
Prior to commencement of the examination, the Division will mail or email a
pre-examination memorandum to the bank's management and the board of directors
of the bank giving notification of the commencement date of the examination and
the information the Division deems necessary to conduct the examination. Prior
notification is not required if the Division suspects criminal activity or
unsafe and unsound activity for which advance notice may compromise or
otherwise interfere with the examination.
2) Prior to and during the exam, the bank
shall provide timely information in response to requests by the Division for
information.
3) During each stage
of the examination, the Division will make a reasonable effort to provide prior
notification to management of the bank of all joint conferences and the exit
meeting. It shall be the responsibility of the bank's management to contact the
board of directors of the bank and applicable committees inform them of all
joint conferences and the exit meeting.
c) Communication Protocol in Identifying and Addressing Examination Findings. The Division will take reasonable steps to work with the banks it supervises to proactively identify problems and solutions during the examination process.
d) Delivery of Examination Reports
1) Examiners shall provide the bank's
management and the bank's board of directors with the examiner's draft findings
and any draft board resolution for corrective action, with sufficient time to
review these items before the examination report meeting with the bank's
management and/or the bank's board of directors.
2) The Division will submit its final
examination report to the bank after the examination report meeting.
Added at 45 Ill. Reg. 5834, effective 5/31/2021.
Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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