CHICAGO-Dan Simon, a veteran examiner/supervisor of credit unions in the old Illinois Department of Financial Institutions, has been named acting head of a reorganized unit replacing Patrick Smith who has resigned, it was disclosed last week. Simon’s elevation to acting credit union supervisor of the new Division of Financial Institutions comes amidst a shakeup in financial regulation for an array of institutions including banks, real estate, insurance as well as CUs in the administration of Gov. Rod Blagojevich. Under a new July 1 framework set up to cut costs during the state’s current budget crisis, the Illinois Department is folded into the new Illinois Department of Financial and Professional Regulation. The Illinois Credit Union League lauded Simon and Smith as able administrators “who both understand credit unions” and said it looks forward to working with Simon. The future plans of Smith who left the agency some two weeks were not immediately known.

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