For the second year in a row, Illinois credit unions will enjoy a holiday boost to their bottom line — $1.25 million — thanks to a payback from the state on overpayment of regulatory fees during the administration of former Gov. Rod Blagojevich.
Return of the fourth quarter examiner fees is the result of a 2008 court settlement on the jailed governor's attempt to seize CU and bank examiner fees and sweep them into a state general fund, a procedure financial institutions charged as illegal.
The Illinois Credit Union League, which along with banker trades had been party to the legal challenge, said the $1.25 million credit "is anticipated to be slightly less than the total 2011 fourth quarter billing to credit unions for regulatory fees."
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.
