Sen. Cristina Castro
Filed: 3/15/2019
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 1332




2    AMENDMENT NO. ______. Amend Senate Bill 1332 as follows:


 
3on page 2, by replacing lines 1 through 10 with the following:
4    "(c) The Illinois Bank On Initiative Commission is created, 
5and shall be chaired by the Comptroller, or his or her 
6designee, and consist of the following members appointed by the 
7Comptroller: (1) 4 local elected officials from geographically 
8diverse regions in this State, at least 2 of whom represent all 
9or part of a census tract with a median household income of 
10less than 150% of the federal poverty level; (2) 3 members 
11representing financial institutions, one of whom represents a 
12statewide banking association exclusively representing banks 
13with assets below $20,000,000,000, one of whom represents a 
14statewide banking association representing banks of all asset 
15sizes, and one of whom represents a statewide association 
16representing credit unions; (3) 4 members representing 
17community and social service groups; and (4) 2 federal or State 
 
 
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1financial regulators."; and
 
2on page 3, by replacing lines 2 through 6 with the following:
3    "(f)   For the purposes of this Section:
4    "Certified Financial Product" means a financial product 
5offered by a financial institution that meets minimum 
6requirements as established by the Comptroller.
7    "Financial institution" means a bank, savings bank, or 
8credit union chartered or organized under the laws of the State 
9of Illinois, another state, or the United States of America 
10that is:
11        (1)   adequately capitalized as determined by its 
12    prudential regulator; and
13        (2)   insured by the Federal Deposit Insurance 
14    Corporation, National Credit Union  Administration, or 
15    other approved insurer.".