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IDFPR Schedules Cyber Risk Conference

The Illinois Department of Financial and Professional Regulation has scheduled a Cyber Risk Conference for banks in Burr Ridge (November 9) and Springfield (November 16). The conference will include speakers from the financial profession, law enforcement, and financial regulatory agencies and will include a representative from a bank that was the subject of a cyber attack who will discuss how they handled their attack, the attacker's demand for ransom money, and the lessons they learned. See AgendaSee Registration.  

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CBAI Comment Letter Opposes Expansion of Overtime-eligible Employees

The U.S. Department of Labor (“DOL”) has proposed a dramatic increase that would more than double the salary threshold used when determining which employees are exempt from overtime pay mandates under the federal Fair Labor Standards Act (“FLSA”). In its comment letter opposing the proposed increase, CBAI emphasized the potential adverse impact on community bank earnings as well as the possibility that some employees might have to be dismissed or have their hours reduced if necessary to keep expenses under control; CBAI also noted that DOL’s proposal could have an anti-consumer effect if banks increase costs and fees charged to customers or reduce services in order to maintain adequate earnings in the face of any increased payroll expenses that might result from the DOL’s proposal. See Comment Letter.
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No Need to Pay $125 for Annual Corporate Minutes

CBAI and other corporations, including community banks, occasionally receive a solicitation requesting the completion and submission of a form purportedly relating to the validation and/or recording of annual corporate minutes. The solicitation tells the corporation to include payment of $125 or perhaps some other amount with the returned form. Although the form may include a disclaimer that it is not related to an official government agency, the form prominently mentions and quotes Sections of the Illinois Business Corporation Act as if to lend credence to the request for the completion of the form and submission of payment.

CBAI advises community banks and other corporations in which bank directors or officers might have an interest that the submission of an “annual corporate minutes” form and payment of the requested fee is not related in any way to a mandate under Illinois’ Business Corporation Act or any other law or regulation, and requests for the forms and payment should be disregarded.

If you have any questions regarding this topic, please feel free to contact CBAI General Counsel Jerry Cavanaugh by phone [(800)736-2224 from within Illinois] or by e-mail jerryc@cbai.com.

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Governor Quinn Signs CBAI Initiative SB 3029

August 15, 2014

Governor Quinn signed SB 3029 (P.A. 98-0950) on Friday, August 15. SB 3029 deletes the requirements that all new checking accounts begin with number 101 and that the month and year the account was opened be printed on the face of the check. CBAI received complaints from members that these requirements were outdated and unnecessary; as a result, CBAI initiated SB 3029 earlier this year. The measure became effective immediately upon the Governor's signature. Many bank customers do not want the new account stigma and don’t like to be told they have to start over with check number 101. Additionally, most check printers can circumvent this requirement and consumers can just buy their checks online to and from other sources that are not limited by the state law. SB 3029 will alleviate these concerns and will level the playing field for Illinois community banks.

CBAI appreciates the hard work and effort by both of the sponsors, Senator Terry Link (D- Gurnee) and Representative Dan Beiser (D-Alton). CBAI would also like to thank Governor Quinn for understanding the significance of this bill and community banking in Illinois.