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Pay 2 PLAI1NDEADER Eft ALPt WEDNESDAY, NOVEMBER 2»T 1*4 Opinion/Politics Illinois Assembly to deal with banking The recent near collapse of First Continental National Bank of Chicago brought national attention to the banking in­ dustry. In Illinois, lawmakers on both sides of the aisle responded to the crisis by i legislation allowing Continent to merge with an out-of-state bank. Springfield Report The legislation was drawn to apply to only Continental and prevent a flood of mergers between Illinois banks and out- of-state institutions. Bank mergers have developed into a perennial issue here, pitting the big banks against their smaller counterparts. The larger banks tend to favor both branch ;, currently allowed in form, and interstate banking, not currently allowed. These issues will likely be considered once again by the legislature in January, when expiration of the Illinois Bankers Association's (IBA) s e l f - i m p o s e d t w o - y e a r moratorium on' state banking law changes is expected. A special 23-member IBA task force recently proposed relaxing restrictions on intrastate branch banking and recommended allowing reciprocal interstate banking between Illinois and its contiguous states. Although Gov. Thompson is expected to endorse such recommendations, the In­ dependent Community Banks of Illinois (ICBI) will attempt to Your Legislators Stp*e S«?ftator Jack Schaffcr (R), 32nd. 56 N. Williams St. Crystal Late, Til., 60014 Phone: 455-0309 Springfield '"'hone: 217 732-6625 U.S. Senators Alan J. Dixon (R) 230 S. Dearborn Room 3960 Chicago, 111., 60604 Phone: 312 353-5420 600 E. Monroe Room 108 Springfield, 111., 62706 Phone: 217 492-4126 United States Senate Senate Office Bldg. Washington, D.C., 20510 Charles H. Percy (R) 230 S. Dearborn ROOM 3892 Chicago, 111., 60604 Phone: 312 3M-4&52 600 E. Monroe Room 117 SpringfielU, 111., 62706 Pnone: 217 492-4412 United States Senate Senate Office Bldg. Washington, D.C., 20510 State Representatives Dick Klemm (R), 63rd. 3 W. Crystal Lake Ave Crystal Lake, 111., 60014 Phone: 455-6330 '0-1 Stratton Bldg Springfield, 111., 62706 Phone: 217 782-8000 Ronald Wait (R), 64th 110 E. Second St. Belvidere, 111., 61008 U.S. Representative Philip M. Crane (R), 12th 1450 New Wilke Rd. Mount Prospect, 111., 60005 Phone : 312 394-0790 House of Representatives Housr Office Bldg. Wasliington, D.C. 20515 Office McHenry County Offi 56 N. William Street Crystal Lake, III. Phone: 459-3399 60014 promote their viewpoint. The IBA task force recom­ mendation would enable bank holding companies in Wisconsin, Indiana, Missouri, Iowa and Kentucky to acquire banks in Illinois on a reciprocal basis. The IBA, which has about 1,120 member banks, claims smaller banks which become part of a ill be better holding company will able to compete in the quell or modify any legislation containing these proposals. Concerned with being swallowed up by big banks, smaller banks may launch a media attack to marketplace by providing more and better services at less cost. But the ICBI, which has about 475 members, claims that 95 percent of the 230 banks responding to a recent survey are opposed to interstate banking of any kind. The small banks see their position as analogous to the plight of the corner grocery store facing extinction at the hands of national supermarkets. But, big banks . say deregulation is an industry trend. With about 1,300 banks, Illinois ranks second in the nation with nearly four times the number of banks as its nearest rival, California. This, IBA says, exemplifies the fragmentation within the state and Underscores the need for change. Another change recom­ mended by the IBA would allow community service facilities to offer all the services available at the main bank office. It also would allow the establishment of five service facilities. The present law allows three. ICBI opposes this proposal for the same reasons it opposes interstate banking. But big and small banks agree on increased regulation of consumer banks, also known as non-banks. Because they cannot make comrtiercial loans, con­ sumer banks contend they are exempt from interstate banking laws, even though they can perform most other bank func­ tions. ' •• . On the state level, issues of branch and interstate banking will require compromise. The legislature must recognize changes in the banking industry as it works to develop legislation that maintains Illinois' position as a financial leader while it guards against excessive control from out-of-state in­ terests. 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