SPRINGFIELD, Ill. — Lawmakers in Illinois are looking to raise the annual credit union regulation fee for the first time since 2008.
Credit unions in the state currently pay $140,000 to be regulated by the state. House Bill 3296 could adjust the fee cap to $210,000 based on the consumer price index, according to WAND.
The report said the legislation’s sponsors were able to negotiate the change with the Illinois Department of Financial and Professional Regulation and the Illinois Credit Union League.
"Illinois already has one of the lowest ratios of regulators per credit union in the country," Rep. Margaret Croke (D-Chicago) said. "And we currently only have six examiners per 100 credit unions compared to a state like California that has 31 regulators per 100 credit unions."
WAND noted that Croke added that “Illinois has seen what happens when the financial industry isn't regulated.”
However, House Republicans said they couldn't support a fee increase, WAND said.
The legislation passed on a 68-40 vote. House Bill 3296 now heads to the Senate for further consideration.
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