Illinois. Commissioner of Banks and Trust Companies

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. The commissioner is responsible for the of the Illinois Trust Company Act (1887) and Illinois Banking Act (1955) administration. The commissioner receives institutional financial reports; appoints examiners; collects fees for administrative office expenses; and rules on applications for charters, mergers, conversions, consolidations, location changes, 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.

The commissioner also serves as chairman of the eleven-member Board of Banks and Trust Companies which makes, alters, and amends rules and regulations proposed by the commission; requires reports from and makes recommendations to the commissioner; and submits Illinois Banking Act amendment proposals.

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