On June 5, 2019, Illinois Governor J.B. Pritzker signed a $40 billion state budget bill into law. Among the various provisions included in the over 300 page budget is a provision providing for the phase-out of Illinois’ corporate franchise tax beginning on January 1, 2020.
This below article was originally posted on Vedder Thinking on June 4, 2019.
On Saturday, June 1, 2019, The Illinois General Assembly passed a bill (the “Diversity Disclosure Bill”) requiring most publicly held companies organized or headquartered in Illinois to include detailed demographic diversity information in their annual reports. Bill intended to provide data to support future policy changes to address underrepresentation of women and minorities on public company boards.
Please join us for a complimentary half-day conference presented by the Financial Institutions Group of Vedder Price. Continue Reading 31st Annual Banking Update
On November 1, 2018, the Federal Deposit Insurance Corporation (the “FDIC”) issued modifications to its Statement of Policy (“SOP”) for applications made under Section 19 of the Federal Deposit Insurance Act (“FDIA”). The modifications are expected to reduce the number of Section 19 applications FDIC-supervised institutions must submit prior to submitting offers of employment.
On January 8, 2018, the FDIC published in the Federal Register notice of proposed modifications and sought public comment. On July 19, 2018, after consideration of comments received, the FDIC approved modifications to the SOP’s exceptions to filing an application and made additional technical and clarifying changes.
On October 31, 2018, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency (the “OCC”) and the Federal Deposit Insurance Corporation (the “FDIC”) issued a pair of proposals that would more closely match the regulations for large banking organizations, or banks with more than $100 billion in total consolidated assets, with their risk profiles. Continue Reading Regulatory Relief Continues: Federal Banking Agencies Propose New Capital Relief Rules for Large Banking Organizations