Aug 7, 2018

McCombie bill a win for small savings banks

Momentum also building for federal regulatory reform

SAVANNA – Gov. Bruce Rauner signed a banking bill into law that originated with 71st District state Rep. Tony McCombie, R-Savanna.

Not only is it being hailed as a win for smaller banks, it’s a win for McCombie. It’s the first bill she took the distance, from drafting the language to seeing it signed.

The bill amends the state’s Savings Bank Act to remove an annual audit requirement for savings banks. The smaller banks now will be able to wait 18 months to have their books looked at, and they will be examined in the same way as other state banks.

The legislation was the result of discussions between McCombie and Savanna Savings Bank, which last year told McCombie that the extra audit was an outdated and costly rule.

“This removes the annual audit entirely,” said Steve McIntyre, CEO of Savanna Savings Bank. “This had already been eliminated in other states because the state and FDIC are already examining the books.”

Read More at: http://www.saukvalley.com/2018/08/06/mccombie-bill-a-win-for-small-savings-banks/aizv9ks/