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Office of Banks and Real Estate - RG 409 | Illinois State Archives

Name: Office of Banks and Real Estate - RG 409
Variant Name: Commissioner of Banks and Trust Companies

Historical Note:

The Commissioner of Banks and Trust Companies, appointed by the Governor, was established in 1965 to license, examine, and regulate state-chartered banks and trust companies (L. 1965, p. 2019). The commissioner was responsible for the administration of the Illinois Trust Company Act of 1887 and the Illinois Banking Act of 1955. The commissioner received financial reports from institutions, appointed persons to examine the institutions, collected fees from the institutions to provide for the administrative expenses of his office, and ruled on applications for charters, mergers, conversions, consolidations, changes of location, and dissolutions. These duties previously were performed by the Department of Financial Institutions and, prior to the department's creation in 1957, by the Auditor of Public Accounts.

Before 1986, the commissioner also served as chairman of the eleven-member Board of Banks and Trust Companies which made, altered, and amended rules and regulations proposed by the commissioner, required reports from and made recommendations to the commissioner, and submitted proposals for amendments to the Illinois Banking Act. On January 1, 1986, this board was renamed the State Banking Board of Illinois and its membership increased to fifteen members including the commissioner. The board’s powers were expanded to include conducting hearings and making administrative rulings against institutions charged with unsafe or unsound financial or business practices (P.A. 84-905, pp. 5756-5775). In 2000, board membership increased further to seventeen members (P.A. 91-798, pp. 1306-1307).

Also in 1986 the commissioner assumed additional chairmanship duties for four newly created administrative bodies in his office. The five-member Illinois Bank Examiners Education Foundation reviewed and evaluated professional development programs for the office’s examination personnel, while overseeing an endowment fund to pay for these programs (P.A. 84-1127, pp. 313-331). The eleven-member Illinois Electronic Fund Transfer Advisory Committee, the nine-member Illinois Electronic Data Processing Advisory Committee, and the nine-member Illinois Fiduciary Advisory Committee promoted and made recommendations to the commissioner concerning the administration, examination, safety, and supervision of these respective banking services (P.A. 84-905, pp. 5756-5775).

On June 1, 1996, the powers, duties, and responsibilities of the Commissioner of Banks and Trust Companies were merged with those of the Office of Savings and Residential Finance, creating the Office of Banks and Real Estate (Executive Order 96-1, pp. 4128-4131). In 2004, the Office of Banks and Real Estate itself was consolidated with the Department of Financial Institutions, Department of Insurance, and the Department of Professional Regulation to create the Illinois Department of Financial and Professional Regulation (Executive Order 2004-6, pp. 5173-5183).

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