State-chartered credit unions in Illinois are still reaping the windfall of returned examiner fees now totaling $11 million as a result of a court case settled eight years ago, according to the Illinois Credit Union League.
The league said this week the case and the rebates date back to 2004 following actions taken by the administration of former and now imprisoned Gov. Rod Blagojevich to seize examiner fees for general budget purposes.
“Between an initial cash settlement of $6.2 million, the regulatory fee holidays or credits realized in four of the past 12 quarters totaling $2.7 million, and a rate reduction of $2.1 million in regulatory fees paid to the DFI, Illinois state-chartered credit unions to date have realized a cumulative benefit of approximately $11 million” said a formal league statement.
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