NAPERVILLE, Ill—Illinois’ state-chartered credit unions have received a credit on the regulatory fees, the fifth year the credit has been made following a settlement negotiated by the Illinois Credit Union League (ICUL) with the state.
The most recent aggregate credit is $962,384, or 79% of the total 2014 fourth-quarter regulatory fees paid by state charters. Over the past five years more than $16 million in credits have been paid to Illinois’ state charters.
The fee credits are the result of a law signed in 2009 as part of a settlement of the overpayment of regulatory fees paid under then Gov. Rod Blagojevich, which had escalated fees above the actual cost of operating the state regulator, and then transferred the funds elsewhere in the state budget.
Led by the Illinois CU League, a lawsuit and resulting legislation have led to the fee credits to state charters.
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