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Illinois Department of Financial and Professional Regulation

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uuid000lyxa

Namestring
Illinois Department of Financial and Professional Regulation
Legal namestring
Illinois Department of Financial and Professional Regulation
Websiteurl
idfpr.com
Company typeenum
Private
Founded yearint
2019
Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
251–500
akta.pro rankint
HeadquartersSpringfield, United States
HQ citystring
Springfield
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Keyword5 values
financial institution regulation, professional licensing oversight, cannabis industry licensing, digital asset regulation, consumer protection enforcement
Industry1 code
1Licensing & Permitting Authorities (General)
CodeBPAIAOABPrimaryYes
NAICS code2 codes
  • Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors926150
  • Public Administration92
Product category
State Financial and Professional Regulation
Social media profiles3 records
Cost components5 values
Personnel, Operations, Technology or R&D, Infrastructure, Others
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

IDFPR is a state government regulatory agency that provides licensing, supervisory oversight, and enforcement for financial institutions, professional occupations, cannabis businesses, and emerging sectors such as digital assets and AI-driven healthcare in Illinois. Its core activities include issuing and renewing professional and industry licenses, conducting examinations, taking enforcement actions against non-compliant entities, and administering consumer protection programs under statutory authority.

Differentiator
Functional benefit
Problem solved
Product overview1 text field

The Illinois Department of Financial and Professional Regulation (IDFPR) is a state government regulatory agency that oversees professional licensing, financial institutions, and various regulated industries including cannabis, banking, and digital assets. The source material does not describe IDFPR's own product or service offerings as a technology platform, but rather focuses on the regulatory activities IDFPR performs, including licensing oversight, enforcement actions, and regulatory compliance administration for businesses operating in Illinois.

Product and service1 record
1Financial Institution Supervision and Enforcement
CategoryFinancial Institution Regulation
Scale indicator7 records

Each record includes

Type, Value, Description, Source

Partnership2 partners
1Federal Deposit Insurance Corporation (FDIC)
Strategic tierCoreTypeStrategic or Co-development Partner
Description

On January 30, 2026, IDFPR, in coordination with the FDIC, took possession of Metropolitan Capital Bank & Trust in Chicago due to unsafe and unsound conditions and an impaired capital position. The FDIC transferred substantially all deposits to First Independence Bank and was appointed as receiver. This marked the first bank failure in the United States in 2026.

2LevelField Financial
Strategic tierMinorTypeOthers
Description

LevelField Financial, a digital-asset fintech company, received conditional approval from IDFPR to acquire Chicago's Burling Bank. If the deal closes, Burling Bank will be renamed LevelField Bank and become a fully FDIC-insured banking service offering both traditional and crypto-integrated banking services. LevelField is still awaiting final approval from the Federal Reserve's Board of Governors.

Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight5 records

Each record includes

Type, Description

Peers10 records
1New York Department of Financial Services (NYDFS)
TypeDirect peer
Description

New York's combined financial services and professional regulation agency. NYDFS is the closest functional peer to IDFPR, supervising state-chartered banks, insurance, and fintech/crypto activity under a similarly broad mandate, including its well-known BitLicense framework.

2California Department of Financial Protection and Innovation (DFPI)
TypeDirect peer
Description

California's financial services regulator with jurisdiction over state-chartered banks, credit unions, money transmitters, and fintech lenders. Highly comparable to IDFPR given the state's role as a fintech hub and its active digital asset and consumer lending oversight.

3Florida Office of Financial Regulation (OFR)
TypeDirect peer
Description

Florida's state financial regulator overseeing banking, securities, and mortgage lending. Comparable to IDFPR's Division of Banking function, with a similar focus on state-chartered depository institution supervision.

4Pennsylvania Department of Banking and Securities
TypeDirect peer
Description

Pennsylvania's combined banking and securities regulator. Functionally parallel to IDFPR's financial-institution supervision responsibilities, including examinations, licensing, and enforcement for state-chartered entities.

5Texas Department of Banking
TypeDirect peer
Description

Texas's state banking regulator with authority over state-chartered banks, trust companies, and money services businesses. Comparable to IDFPR's banking supervision function and money transmitter oversight.

6Massachusetts Division of Banks
TypeDirect peer
Description

Massachusetts's state bank and financial services regulator. Comparable to IDFPR's Division of Banking scope, including supervision of state-chartered banks, credit unions, and money transmitters in a major financial center.

7Office of the Comptroller of the Currency (OCC)
TypeBroad incumbent
Description

Federal regulator of nationally chartered banks. Acts as a federal-level counterpart that IDFPR coordinates with on bank supervision, as evidenced by the joint Metropolitan Capital Bank & Trust action with the FDIC.

8Consumer Financial Protection Bureau (CFPB)
TypeBroad incumbent
Description

Federal consumer financial protection agency with overlapping authority on consumer-facing financial products. Comparable as a federal-level peer in IDFPR's consumer protection and professional regulation mission areas.

9Massachusetts Cannabis Control Commission
TypeEmerging player
Description

Massachusetts's standalone cannabis licensing and oversight agency. Comparable to the cannabis-licensing arm of IDFPR, illustrating a different state-level organizational model for overseeing the same regulated industry.

10Colorado Department of Regulatory Agencies (DORA) - Division of Banking
TypeDirect peer
Description

Colorado's umbrella regulatory agency with a Division of Banking that oversees state-chartered banks, money transmitters, and escrow companies. Comparable to IDFPR's banking supervision mandate, with additional fintech activity in Colorado's market.

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat2 records

Each record includes

Type, Details

Key risks5 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Ideal customer profile4 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Illinois Department of Financial and Professional Regulation

State Financial and Professional Regulationidfpr.com

Illinois Department of Financial and Professional Regulation firmographics

Firmographics
Name
Illinois Department of Financial and Professional Regulation
Legal name
Illinois Department of Financial and Professional Regulation
Website
https://idfpr.com
Company type
Private
Founded year
2019
Operating status
Operating
Headcount range
251–500 employees
Ownership category
akta.pro rank

Illinois Department of Financial and Professional Regulation industry classification

Industry
Product category
State Financial and Professional Regulation
NAICS
Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (926150), Public Administration (92)
akta.pro primary industry
Licensing & Permitting Authorities (General) (BPAIAOAB)

Keywords

  • Financial institution regulation
  • Professional licensing oversight
  • Cannabis industry licensing
  • Digital asset regulation
  • Consumer protection enforcement

Where Illinois Department of Financial and Professional Regulation is headquartered

Location

Headquarters

HQ city
Springfield
HQ country
United States
HQ region
North America

Markets served

Illinois Department of Financial and Professional Regulation business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Operations, Technology or R&D, Infrastructure, Others

Illinois Department of Financial and Professional Regulation product offering

Product offering

Core offering

IDFPR is a state government regulatory agency that provides licensing, supervisory oversight, and enforcement for financial institutions, professional occupations, cannabis businesses, and emerging sectors such as digital assets and AI-driven healthcare in Illinois. Its core activities include issuing and renewing professional and industry licenses, conducting examinations, taking enforcement actions against non-compliant entities, and administering consumer protection programs under statutory authority.

Product overview

The Illinois Department of Financial and Professional Regulation (IDFPR) is a state government regulatory agency that oversees professional licensing, financial institutions, and various regulated industries including cannabis, banking, and digital assets. The source material does not describe IDFPR's own product or service offerings as a technology platform, but rather focuses on the regulatory activities IDFPR performs, including licensing oversight, enforcement actions, and regulatory compliance administration for businesses operating in Illinois.

Differentiator

Problem solved

Functional benefit

Products and services

  • Financial Institution Supervision and Enforcement

Companies that use Illinois Department of Financial and Professional Regulation

Customer profile

Ideal customer profiles4 records

Illinois Department of Financial and Professional Regulation technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Illinois Department of Financial and Professional Regulation partnerships and signals

Strategic signal

Partnerships

Two partnerships are on record, tiered core and minor.

  • Federal Deposit Insurance Corporation (FDIC)coreStrategic or Co-development PartnerOn January 30, 2026, IDFPR, in coordination with the FDIC, took possession of Metropolitan Capital Bank & Trust in Chicago due to unsafe and unsound conditions and an impaired capital position. The FDIC transferred substantially all deposits to First Independence Bank and was appointed as receiver. This marked the first bank failure in the United States in 2026.
  • LevelField FinancialminorOthersLevelField Financial, a digital-asset fintech company, received conditional approval from IDFPR to acquire Chicago's Burling Bank. If the deal closes, Burling Bank will be renamed LevelField Bank and become a fully FDIC-insured banking service offering both traditional and crypto-integrated banking services. LevelField is still awaiting final approval from the Federal Reserve's Board of Governors.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Illinois Department of Financial and Professional Regulation competitors and assessment

Company assessment

Direct peers

  • New York Department of Financial Services (NYDFS): New York's combined financial services and professional regulation agency. NYDFS is the closest functional peer to IDFPR, supervising state-chartered banks, insurance, and fintech/crypto activity under a similarly broad mandate, including its well-known BitLicense framework.
  • California Department of Financial Protection and Innovation (DFPI): California's financial services regulator with jurisdiction over state-chartered banks, credit unions, money transmitters, and fintech lenders. Highly comparable to IDFPR given the state's role as a fintech hub and its active digital asset and consumer lending oversight.
  • Florida Office of Financial Regulation (OFR): Florida's state financial regulator overseeing banking, securities, and mortgage lending. Comparable to IDFPR's Division of Banking function, with a similar focus on state-chartered depository institution supervision.
  • Pennsylvania Department of Banking and Securities: Pennsylvania's combined banking and securities regulator. Functionally parallel to IDFPR's financial-institution supervision responsibilities, including examinations, licensing, and enforcement for state-chartered entities.
  • Texas Department of Banking: Texas's state banking regulator with authority over state-chartered banks, trust companies, and money services businesses. Comparable to IDFPR's banking supervision function and money transmitter oversight.
  • Massachusetts Division of Banks: Massachusetts's state bank and financial services regulator. Comparable to IDFPR's Division of Banking scope, including supervision of state-chartered banks, credit unions, and money transmitters in a major financial center.
  • Colorado Department of Regulatory Agencies (DORA) - Division of Banking: Colorado's umbrella regulatory agency with a Division of Banking that oversees state-chartered banks, money transmitters, and escrow companies. Comparable to IDFPR's banking supervision mandate, with additional fintech activity in Colorado's market.

Broad incumbents

  • Office of the Comptroller of the Currency (OCC): Federal regulator of nationally chartered banks. Acts as a federal-level counterpart that IDFPR coordinates with on bank supervision, as evidenced by the joint Metropolitan Capital Bank & Trust action with the FDIC.
  • Consumer Financial Protection Bureau (CFPB): Federal consumer financial protection agency with overlapping authority on consumer-facing financial products. Comparable as a federal-level peer in IDFPR's consumer protection and professional regulation mission areas.

Emerging players

  • Massachusetts Cannabis Control Commission: Massachusetts's standalone cannabis licensing and oversight agency. Comparable to the cannabis-licensing arm of IDFPR, illustrating a different state-level organizational model for overseeing the same regulated industry.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat2 records

Key risks5 records

Key highlights6 records

Customer concentration

Illinois Department of Financial and Professional Regulation social profiles

Digital presence

Illinois Department of Financial and Professional Regulation financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Illinois Department of Financial and Professional Regulation leadership team

Management profile

Number of profiles

Illinois Department of Financial and Professional Regulation funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Illinois Department of Financial and Professional Regulation M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Illinois Department of Financial and Professional Regulation

What does Illinois Department of Financial and Professional Regulation do?

IDFPR is a state government regulatory agency that provides licensing, supervisory oversight, and enforcement for financial institutions, professional occupations, cannabis businesses, and emerging sectors such as digital assets and AI-driven healthcare in Illinois. Its core activities include issuing and renewing professional and industry licenses, conducting examinations, taking enforcement actions against non-compliant entities, and administering consumer protection programs under statutory authority.

Is Illinois Department of Financial and Professional Regulation a public or private company?

Illinois Department of Financial and Professional Regulation is a private company. It is classified as state government owned and is currently operating.

When was Illinois Department of Financial and Professional Regulation founded?

Illinois Department of Financial and Professional Regulation was founded in 2019. It employs 251 to 500 people.

Where is Illinois Department of Financial and Professional Regulation based?

Illinois Department of Financial and Professional Regulation is headquartered in Springfield, United States, in the North America region.

Who are Illinois Department of Financial and Professional Regulation's main competitors?

Direct peers on record are New York Department of Financial Services (NYDFS), California Department of Financial Protection and Innovation (DFPI), Florida Office of Financial Regulation (OFR), Pennsylvania Department of Banking and Securities, Texas Department of Banking, Massachusetts Division of Banks and Colorado Department of Regulatory Agencies (DORA) - Division of Banking. Broad incumbents are Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB). Massachusetts Cannabis Control Commission is listed as an emerging player.

Does Illinois Department of Financial and Professional Regulation have an API?

No public API is recorded for Illinois Department of Financial and Professional Regulation.

What industry is Illinois Department of Financial and Professional Regulation in?

Illinois Department of Financial and Professional Regulation's product category is State Financial and Professional Regulation. Its primary akta.pro industry code is BPAIAOAB, Licensing & Permitting Authorities (General). Its NAICS code is 926150.

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Live signals
Chicago Sun-TimesSettlement talks underway to revoke license of director at South Side funeral home where 56 bodies were foundSettlement talks are underway to revoke the license of Johanna Morgan, director of South Chicago Chapel, after 56 bodies were found in deplorable conditions. The Illinois Department of Financial and Professional Regulation suspended her license on Aug. 5, and a formal hearing is scheduled later this fall. The case follows a 2025 consent order over a crematory with 44 bodies.ABC7 ChicagoCook Co. medical examiner ID's 11 of 56 bodies found at South Chicago funeral homeThe Cook County Medical Examiner's Office has identified 11 of the 56 bodies found at the South Chicago Chapel funeral home, where dozens of improperly stored remains were discovered. While no criminal charges have been filed against operators Clark and Johanna Morgan, the Illinois Department of Financial and Professional Regulation has suspended Johanna Morgan's license and offered free cremation services to affected families.The Times of India56 decomposing bodies found at Chicago funeral home; owner’s licence suspendedIllinois authorities discovered 56 improperly stored human remains in various stages of decomposition at South Chicago Chapel funeral home in Chicago, prompting an investigation after residents complained for months about a foul smell. The Illinois Department of Financial and Professional Regulation suspended funeral director Clark Morgan's licence, alleging 'deplorable conditions' including rodent and maggot infestation with bodies kept in an unrefrigerated area. Detectives are investigating while officials work to identify the deceased and locate death certificates, a process expected to take several days.Fox NewsMore than 50 bodies found decomposing inside Chicago funeral home after neighbors complained of 'stench'Chicago authorities discovered more than 50 decomposing bodies improperly stored at South Chicago Chapel following resident complaints of a stench, leading to the temporary suspension of director Johanna Morgan's license. The Illinois Department of Financial and Professional Regulation cited deplorable conditions, including rodent infestations and lack of refrigeration, as the cause for the regulatory action. While investigations are ongoing, no arrests have been made, though the funeral home's operator previously had another crematory shut down for similar mishandling issues.Chicago Sun-TimesOwners of Far South Side funeral home have history of mishandling human remains57 decomposing bodies were discovered in the South Chicago Chapel funeral home on August 6, 2026, leading to scrutiny of the operators, Clark and Johanna Morgan, who previously faced allegations of mishandling human remains at another facility. The Illinois Department of Financial and Professional Regulation revoked Johanna Morgan's funeral director and embalmer's license due to serious violations regarding the treatment of the deceased. The case has resulted in multiple lawsuits against the Morgans and highlights ongoing concerns about their practices in handling remains.Chicago TribunePlastic surgeon’s license suspended after Tribune investigationState officials have suspended Chicago plastic surgeon Dr. Ayoub Sayeg's medical license, barring him from practicing in Illinois, following a Tribune investigation that revealed the Illinois Department of Financial and Professional Regulation failed to discipline him despite eight patient deaths over seven years. The suspension on July 7 was triggered after Sayeg failed to provide required documentation proving compliance with educational requirements for anesthesia services at his 63 Laser & Skin Clinic. Michigan licensing officials are also investigating Sayeg after receiving complaints about botched surgeries, while Illinois regulators plan to pursue legislative changes to accelerate disciplinary processes in similar cases.Shaw Local7 years after legalization, final recreational marijuana licensing lawsuit goes to courtWell-Being Holistic Group, a plaintiff that scored perfectly on its dispensary license applications but lost in three Illinois cannabis licensing lotteries, had its final lawsuit heard in Cook County court this week, alleging that approximately 450 ineligible applications from corporate entities disguised as social equity applicants were improperly allowed into the lottery pool. The company argues the flawed process, orchestrated by the Illinois Department of Financial and Professional Regulation, reduced legitimate applicants' chances of winning licenses meant to address disproportionate impacts from the War on Drugs. The state contends that even excluding the allegedly ineligible entries, Well-Being would have placed 126th out of 450, and Judge Patrick Stanton indicated skepticism about ordering judicial intervention in state agency procedures, with a ruling expected at a May 21 hearing.Capitolnewsillinois7 years after legalization, final cannabis licensing lawsuit goes to courtThe final lawsuit challenging Illinois' cannabis licensing process went to Cook County court this week, seven years after the state legalized recreational cannabis in 2019. Well-Being Holistic Group, which received perfect scores on all four of its dispensary license applications yet lost in three lotteries, alleges the Illinois Department of Financial and Professional Regulation improperly allowed approximately 450 ineligible entries into a pool of 901 applicants, diluting legitimate applicants' chances of winning. The state argues it performed due diligence and that even if ineligible applicants had been excluded, Well-Being would have placed 126th out of 450 and still would not have won, with a ruling expected at a May 21 hearing.WBEZ ChicagoConvicted cocaine cash launderer is a key figure in legal Illinois cannabis empireDavid Berger, a convicted felon found guilty of federal money-laundering charges for helping a Mexican cocaine-trafficking ring launder money in 2021, remains licensed by the state of Illinois to operate in the legal cannabis industry through the Ivy Hall dispensary network, despite his conviction late last year. Berger arranged approximately 20 private jet flights over seven months to transport drug proceeds and cocaine, receiving $3,000 per flight and making 135 structured ATM deposits totaling $314,000 to evade federal reporting requirements. The Illinois Department of Financial and Professional Regulation stated it is closely monitoring the case and will take action after sentencing, though Berger's ongoing appeal has effectively forestalled any disciplinary measures.JD SupraFDIC and Illinois regulator close Chicago bank and oversee deposit transferOn January 30, the Illinois Department of Financial and Professional Regulation, in coordination with the FDIC, took possession of a state-chartered bank in Chicago due to unsafe and unsound conditions and an impaired capital position. The FDIC transferred substantially all deposits to a Detroit-based minority depository institution, with the failed institution holding approximately $261 million in assets and $212 million in deposits at closure. The FDIC estimated the cost to the Deposit Insurance Fund at $19.7 million, and noted this marked the first bank failure in the United States in 2026.