Illinois credit unions are getting a $1.4 million payback from their regulator following settlement of a well-publicized 2009 suit against former Gov. Rod Blagojevich in his ill-fated attempt to seize bank/CU examiner fees and move them into the state's general fund.
The Illinois Credit Union League in a statement Wednesday heralded the "welcome boost to the bottom lines" of 290 state-chartered CUs as a result of the return of the moneys.
The CUs, the league said, "received a total holiday on their 2010 4th quarter regulatory fee that would otherwise be due in January to the Illinois Division of Financial Institutions." In addition, the CUs "will also receive a partial holiday on their 2011 first quarter fees to be paid to the regulatory agency in April. In total, an aggregate credit of $1,452,256 will be received by Illinois-chartered credit unions."
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