Illinois credit unions are about to receive a $6.2 million windfall following resolution of a protracted lawsuit by the Illinois Credit Union League against the administration of former governor Rod Blagojevich.
The $6.2 million payment from the state follows passage of enabling legislation signed Monday by Gov. Patrick Quinn, which clears final roadblocks on the so-called "fee raid" or sweeps on CU and bank examiner fees seized by the Blagojevich administration in 2004 and challenged by financial trade groups in lawsuits.
Under terms of the agreement in the new legislation, CUs will also receive a reduction in their regulatory fee paid to the state going forward, in the aggregate amount of approximately $650,000 per year, said a statement from the Illinois League.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
