Financial Institution Licensees Get Tech Upgrade

CHICAGO – Licensed business owners in the fields of payday loans, consumer installment loans, and currency exchanges now have the ability to directly submit required annual report forms electronically to the Illinois Department of Financial and Professional Regulation (“IDFPR”). The upgrades also allow for direct, electronic submission of credit union corporate call reports and oaths of directors. IDFPR estimates these changes will save the Division of Financial Institutions 600 personnel hours per year, while significantly improving the regulatory experience for licensees.

“By moving away from submission of these reports via paper and our antiquated computer process, we are able to effect significant time savings, greater efficiency and accuracy for our licensees,” said Bryan A. Schneider, IDFPR Secretary. “These upgrades, coupled with recently announced title insurance improvements, will save an estimated 7,000 personnel hours over the next five years.”

“The Illinois Community Currency Exchange Association applauds the efforts of the Department to streamline and make the processes of filing reports as well as communicating with the licensees via the Internet,” said Martin Lieberman, President. “These efficiencies will certainly result in a smoother annual return filing period and result in better, more accurate communication.”

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