SPRINGFIELD, Ill.–Illinois’ governor has signed into law amendments to the Illinois Credit Union Act that had the support of the Illinois Credit Union League.
The league said the amendments reflect “important, member-focused updates that will strengthen the operating environment for credit unions across Illinois.”
According to the league, the enactment of SB 1994 follows extensive advocacy by its team in the state capitol, which worked closely with state legislators and regulatory partners to ensure the Act “evolves alongside the needs of today’s credit unions and the communities they serve.”
‘Ongoing Commitment’
“These changes reflect our ongoing commitment to modernizing the statutory framework under which Illinois credit unions operate,” ICUL President and CEO Libby Calderone said in a statement. “By proactively updating the Illinois Credit Union Act, we ensure our credit unions—regardless of size—have the tools they need to thrive while continuing to uphold the highest standards of service and member protection.”
Highlights of Update
According to the league, highlights of SB 1994 include:
- Protecting Vulnerable Members: Authorizes the sharing of information with trusted advisors designated on member accounts to help prevent financial exploitation.
- Regulatory Relief for Small Credit Unions: Provides audit relief for credit unions with assets under $10 million.
- Flexible Governance: Allows highly rated credit unions to opt for a quarterly meeting schedule, provided specified qualifications are met.
- Election Clarity: Clarifies members’ ability to vote in person by ballot.
- Improved Merger Efficiency: Enables an accelerated merger process in cases involving safety and soundness concerns, with agreement by the involved credit unions and the Department of Financial and Professional Regulation (IDFPR).
‘Collective Advocacy’
“This enactment underscores the power of collective advocacy,” Ashley Sharp, SVP-state advocacy and legislative counsel, said in a statement. “We are proud that Illinois regularly updates its Credit Union Act to reflect the realities of today’s financial environment, and we thank the General Assembly, governor, and our regulatory partners for their support in making these improvements a reality.”
