Illinois Department of Financial and Professional Regulation Thanks Deborah Hagan for her Leadership as Secretary
Secretary Hagan retires after serving as IDFPR Secretary and more than 30 years in Illinois Attorney General’s Office
March 31, 2021 — CHICAGO – The Illinois Department of Financial and Professional Regulation wishes to thank Deborah Hagan for her service as IDFPR’s Secretary. Her leadership led to several historic accomplishments for the Department, along with improvements to the professional licensing process in Illinois and more consumer protections for its residents.
Appointed Secretary by Governor Pritzker in February 2019, Hagan came to IDFPR after more than 30 years in the Illinois Attorney General’s Office, where she served as leader of the Consumer Protection Division. Secretary Hagan created the Office of Innovation within IDFPR, which will help encourage innovation in financial development in the banking and fintech sectors here in Illinois. Another addition to IDFPR under Secretary Hagan was the military liaison position, an individual who helps military service members and their spouses obtain any professional licensure needed before transferring to Illinois. Hagan also increased leadership opportunities for women and minorities, resulting in one of the most diverse executive staffs among Illinois agencies.
March 2021 — Ransomware developers and affiliates have been telling victims they must pay the ransom or stolen data and internal company secrets will be publicly released. Unfortunately, not everyone has been a believer. Six and seven-figure demands have become routine among ransomware attacks with the average ransom payment in quarter two of 2020 reaching $178,254, a 60% leap from the $111,605 average in quarter one according to the Coveware Quarterly Ransomware Report.
“Credit unions need to be looking out for ransomware techniques. These cyber-attacks have no boundaries and are truly a global issue,” reports Carlos Molina, Senior Risk Consultant at CUNA Mutual Group. “Ransomware has grown in frequency and severity significantly. The average ransom payments have climbed exponentially in the last few years.”
Ransomware payments in 2019 were three times as large as 2018 payments and four times as many extortion demands were paid in 2019 versus 2018, according to incidents reported to Beazley. In fact, ransomware claims increased 239% and the total cost of ransomware payments has increased by 228% from 2018 to 2019.
According to Derek Laczniak, Director of Cyber Liability at M3 Insurance, “Ransomware developers threatened to release stolen data in the past. However, now with the actual release of confidential information, credit unions need to treat these attacks more like data breaches. Business interruption from these events has become a regular occurrence leaving both reputational and financial impacts.”
Foreclosure moratorium legislation fails in Illinois
May 28, 2020 –The Illinois Credit Union League successfully fended off legislation that would have imposed burdensome requirements on credit unions and other mortgage lenders. HB 5574 included harmful provisions such as the cancelation of debt during a moratorium period and mandatory loss mitigation which could include forgiveness of the forgone payments.
In response to League advocacy, the objectional language was removed from HB 5574 and the measure was ultimately defeated. The legislature did address the issue of foreclosures and evictions by including increased funding for rent and mortgage payment assistance in the state’s budget bill.
What’s new in your state?
Click here to submit your state-chartered credit union news stories to NASCUS today!