NAPERVILLE, Ill.—Illinois Governor JB Pritzker has signed into law amendments to the Illinois Credit Union Act (Senate Bill 1994), which were advanced by the Illinois Credit Union League. The changes update provisions of the law affecting credit unions across the state.
“The enactment of SB 1994 follows extensive advocacy by ICUL’s team in Springfield, working in close collaboration with state legislators and regulatory partners to ensure the Act evolves alongside the needs of today’s credit unions and the communities they serve,” ICUL said.
“These changes reflect our ongoing commitment to modernizing the statutory framework under which Illinois credit unions operate,” said Libby Calderone, president/CEO of the Illinois Credit Union League. “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.”
According to ICUL, SB 1994 highlights 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)
“This enactment underscores the power of collective advocacy,” said Ashley Sharp, ICUL SVP, state advocacy and legislative counsel. “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.”