Summary
This report discussed how the Financial Institutions Responsibility Act (FIRA) is designed to insure that every financial institution that does business in Illinois does business with people and businesses throughout the state. Through a series of provisions, FIRA clearly establishes a responsibility for meeting the basic credit, checking and savings needs of the average resident, farmer, small business, and neighborhood. This legislation recognizes the significant role played by local banks and savings and loan associations and holds the new nonbank corporations accountable to the same standards. FIRA was developed by several working groups and composed of the three attached legislative initiatives. The first, which is actually labeled the Financial Institutions Responsibility Act, details responsibility and accountability for all nonbank corporations that take deposits or make loans in Illinois. The second proposes amendments to the Illinois Bank Holding company Act that would make its disclosure requirements and oversight mechanisms parallel to those required by FIRA. The third legislative initiative would mandate provision of affordable basic banking services.
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Financial Institutions Responsibility Act (FIRA) (For the State of Illinois)
