SPRINGFIELD, Ill.–A bill has been introduced in the Illinois legislature that would amend the state’s Credit Union Act in a number of ways, including providing parity with the Federal Credit Union Act in some ways.
HB 2043 is being sponsored by Rep. Jay Hoffman.
Among the proposed changes, the law would:
- Authorize a business entity to become a CU member based on the membership eligibility of one or more of the owners of the business, rather than the majority of the owners
- Modernize standards for board committee appointments to grant the board greater flexibility in selecting qualified candidates and to create as many committees as it deems appropriate, provided that the board retains control as the governing body
- Modernizes the frequency of the board of directors standard to permit boards with good camel ratings to meet six times a year, with at least one meeting held during each fiscal quarter, rather than on an alternating basis with the executive committee, where one body meets at least monthly and the other at least quarterly
- Seeks to address confidentiality of meetings, reports and minutes of the board meetings, as well as the redaction of reports submitted by committees to the board
- As a matter of federal parity, confirms that the ICU a statutory aggregate member loan limit is not subject to regulatory reduction
- Extends to an individual loan the same ICU a statutory authority that currently exists with respect to a pool of loans, by permitting a credit union to purchase an investment interest and a single loan without regard to the membership of the borrower
It’s Called Fresh for a Reason. And We Offer Home Delivery. For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com