Illinois Statutes Chapter 205. Financial Regulation § 735/35-25. Cooperative agreements

(a) For the purposes of this Act, the Secretary may conduct any examinations under this Act with State, other state, and federal regulators, and may enter into cooperative agreements relative to the coordination of or joint participation in any such examinations, the amount and assessment of fees therefor or enforcement actions relevant thereto, and may accept reports of examinations by such regulators under such arrangements or agreements.

(b) Nothing in this Section shall be construed as limiting in any way the authority of the Secretary to independently conduct examinations of and enforcement actions against any covered financial institution.

(c) Any coordination or joint participation established under this Section may seek to promote efficient regulation and effect cost reductions for the Department and covered financial institutions. Any information or material shared for purposes of such coordination or joint participation shall continue to be subject to the requirements under any federal law or State law regarding the privacy or confidentiality of the information or material, and any privilege arising under federal or State law, including the rules of any federal or State court, with respect to the information or material, shall continue to apply to the information or material, but any such coordination or joint participation shall not limit public participation as permitted under certain federal regulations.