SPRINGFIELD, Ill.–An agreement reached here will make it easier for Illinois’ state-chartered CUs to operate across state lines, including by opening branch offices.
The Illinois Department of Finance and Professional Regulation has signed agreements with 16 other states.
"With this agreement, Illinois eases procedural impediments for our credit unions when interstate commerce is a sensible option," department Secretary Bryan Schneider said in a statement announcing the change.
Illinois credit unions are now covered in two agreements. The Nationwide Cooperative Agreement for the Supervision of State Chartered Credit Unions also includes Idaho, Indiana, Kentucky, Michigan, Ohio, Oregon, Washington, West Virginia and Wisconsin. The Southeastern Regional Cooperative Interstate Agreements also includes Alabama, Florida, Georgia, Mississippi, Missouri, North Carolina and Tennessee.
The 2015 nationwide agreement was developed by nine states in conjunction with the National Association of State Credit Union Supervisors (NASCUS).
“The growth of the coverage of both of these agreements is critical to the future of the state credit union system,” said NASCUS President and CEO Lucy Ito. “By signing on to this agreement, Illinois is participating in the strength and growth of the state credit union system, as well as promoting interstate commerce and cooperation on a reciprocal basis among the participating states.
Department of Finance and Professional Regulation spokesman Terry Horstman said all states bordering Illinois, except Iowa, are in multi-state agreements for interstate commerce.
"This is good for members of an Illinois credit union, as the expansion will make the credit union stronger," said Horstman in a statement. "These agreements also make it easier for our-of-state credit unions to enter Illinois, which gives people more access to credit unions."
There are 225 state-chartered credit unions in Illinois.