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On Aug. 16, Illinois Gov. Pat Quinn signed into law H.B. 1572, which amends the state’s Credit Union Act to establish a fair and consistent civil penalty assessment process. Both chambers of the Illinois General Assembly had previously passed the bill, with the Senate voting unanimously in favor of it on May 22, after the House also produced a unanimous vote April 11. After it gained Quinn’s signature, the new rule went into effect immediately.

The Illinois’ Department of Financial and Professional Regulation already had the authority to impose civil penalties on credit unions. The new law adds the requirement that the DFPR secretary may only do so after he reasonably determines through objective facts and an accurate assessment of accurate legal standards that a credit union has violated the Credit Union Act or DFPR orders. Penalties may also be assessed if a credit union participates in any unsafe or unsound practices that have led to financial loss or created a reasonable probability that a substantial financial loss will result.

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Peter Strozniak

 

Credit Union Times

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