Public Accountability Report
Department of Financial and Professional Regulation
(Appropriated Spending in Thousands)
| FY |
FY |
|||
|---|---|---|---|---|
| Reporting Programs | Expenditures | Headcount | Expenditures | Headcount |
| Regulatory Enforcement | $ 38,662.1 | 195.0 | $ 31,001.3 | 164.0 |
| Financial Examination | $ 26,226.6 | 151.0 | $ 34,222.8 | 181.0 |
| Licensing and Testing | $ 17,659.6 | 89.0 | $ 14,160.4 | 75.0 |
| Totals | $ 82,548.3 | 435.0 | $ 79,384.5 | 420.0 |
Amounts may not sum to total due to rounding.
Agency Narrative
The Mission of the Illinois Department of Financial and Professional Regulation (IDFRP) is:
- To protect the residents of Illinois,
- To ensure the safety and soundness of financial institutions,
- To ensure that competent professionals are licensed to provide services to the public, and,
- To enhance commerce in the state for the benefit of all its residents.
IDFPR educates and informs consumers about industries and individuals under its jurisdiction, and responds to complaints and inquiries regarding licensees. IDFPR is comprised of the Division of Banks, Division of Financial Institutions, the Division of Professional Regulation and the Division of Real Estate. IDFPR oversees more than one million professionals in nearly 100 industries. Standards of professional practice and the rights of Illinois residents in their transactions with regulated industries are enforced by IDFPR. The Department regulates over 300 state-chartered Commercial and Savings Banks along with over 15,000 Mortgage Loan Originators, Companies, and Branches. Additionally, IDFPR regulates nearly 200 state-chartered Credit Unions along with licensing over 2,300 Currency Exchanges, Money Transmitters, Consumer Installment Lenders, Payday Lenders, Title Insurance companies and other similar institutions.
Evaluation and Licensing: IDFPR evaluates and acts upon license applications from regulated industries. IDFPR protects consumers by evaluating the safety, soundness, and professional integrity of license applicants.
Investigation and Enforcement: IDFPR safeguards the health and welfare of consumers and the public by investigating unauthorized activities as well as consumer complaints and taking enforcement action when warranted. IDFPR also adjudicates complaints relating to violations of professional standards of practice.
Regulation and Supervision: IDFPR conducts ongoing regulatory and supervisory examinations of regulated entities to ensure compliance with statutory requirements.
