IDFPR Releases Second Draft of Proposed Illinois CRA Rules. The Illinois Department of Financial and Professional Regulation (IDFPR) has released a second draft of its proposed rules implementing the Illinois Community Reinvestment Act (Illinois CRA) for Illinois-chartered banks, with a narrative document addressing major concerns raised in written comments and testimony. Changes from the first draft include a new requirement for banks to report the small business loan data to the IDFPR as reported under the CFPB’s Section 1071 Small Business Lending Data Collection Rule, a new Appendix C containing examples of community development activities, new language prohibiting examination fees from increasing by more than 5% annually, and more. The IBA is reviewing the proposal, and we plan to continue our ongoing dialogue with our state-chartered member banks and thrifts about the proposal. View the revised proposed rules and narrative document.
September 26, 2023
FinCEN Proposes Extending Beneficial Ownership Reporting Deadline for New Entities. FinCEN has proposed extending the deadline for new businesses to file their initial beneficial ownership information reports with FinCEN. Business entities created or registered on or after January 1, 2024, and before January 1, 2025, would have ninety days, extended from thirty days, to file their initial reports. Read the announcement and proposed rule.
September 27, 2023
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