American Banker: Illinois officials unveil proposals to widen regulatory powers

American Banker, February 22, 2023, Illinois Officials Unveil Proposals To Widen Regulatory Powers

The measures draw on numerous ideas that have been enacted in recent years by Democratic lawmakers in New York and California, as well as by congressional Democrats. One bill would require digital-asset exchanges and related businesses to obtain a license to operate in Illinois. Another proposal would create new disclosure requirements for providers of small-business financing. And a third bill would expand the authority of the Illinois Department of Financial and Professional Regulation, which officials said will help the agency to target bad actors.

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