Illinois Governor Bruce Rauner has signed House Bill 4589—aimed at leveling the playing field for smaller banks when it comes to audits. Now, instead of financial institutions paying extra money to have an audit every 12 months, smaller banks will only need the work done every 18 months. Steve McIntyre, the residential real estate lender at the First Savanna Savings Bank, says that customers of smaller banks like his, will see a difference sooner rather than later...
State Representative Tony McCombie of Savanna, who sponsored the bill, says the passing of this legislation goes to show how important it is for community members to speak up to their representatives...
The Illinois Bankers Association, among others, were supporters of this bill that they say reduces costly red tape for smaller banks.
