Press Release - Wednesday, September 20, 2023
IDFPR Announces New Director of Banking
CHICAGO - The Illinois Department of Financial and Professional Regulation ("IDFPR") announced today that Susana Soriano will serve as the next Director of Banking. Appointed by Governor JB Pritzker, Soriano previously served as the Deputy Director of Banking after joining the Department in October 2020. Her appointment is pending confirmation by the Illinois Senate.
"I am proud to announce that I have appointed Susana Soriano as Director of Banking for the Illinois Department of Financial and Professional Regulation," said Governor JB Pritzker. "Whether implementing the Community Reinvestment Act or serving small businesses through the Chicago Community Loan Fund, Susana brings both expertise and equity to all that she does—both inside and outside of IDFPR. A seasoned professional and passionate advocate for underserved communities, I have no doubt that Susana is the right person for this post and I congratulate her on this appointment."
Soriano's leadership has been integral to the implementation of Illinois' historic Community Reinvestment Act, which incentivizes more safe lending into low- and moderate-income communities by Illinois financial institutions. She was also instrumental in implementing the Banking Development District Act, which encourages the establishment of banking branches in parts of Illinois with the greatest underbanked and unbanked populations.
Passionate for helping low to moderate income communities obtain access to credit and financial services, Soriano joined IDFPR with more than 15 years of experience in the banking and financial services industry. This included working in various capacities at JPMorgan Chase Bank and also as a Senior Loan Program Officer with the Chicago Community Loan Fund ("CCLF"), where she focused her efforts on managing loan and grant programs for small businesses impacted by the COVID-19 pandemic.
"IDFPR's mission includes protecting the people of Illinois and ensuring the safety and soundness of its financial institutions, and I can think of no one better to carry that tradition in the Division of Banking than Susana Soriano," said IDFPR Secretary Mario Treto, Jr. "Her commitment to ensuring everyone has an equal opportunity for valuable financial resources - no matter where they live or their background - will continue to build on the goals and successes for both IDFPR and the Pritzker Administration."
"State-chartered banks serve as a foundation for economic opportunity in Illinois and I am honored to have the opportunity to lead the oversight of those vital institutions," said Director of Banking Susana Soriano. "I look forward to expanding the Division's educational tools so consumers may know which institutions and products are best for them, while also ensuring a strong, safe industry for consumers and bankers alike."
Soriano received her Bachelor's Degree in Finance from the University of Illinois at Chicago and is fluent in Spanish.