Chartered in 1934, Bensenville Community Credit Union, one of longest-runningcooperatives in Illinois, recently became another small creditunion that succumbed to its financial challenges.

But Bensenville Community CU's former president/CEO and boardclaimed the cooperative may have survived had it not been for thehard line taken by the state's regulator, the Illinois Department of Financial and ProfessionalRegulation.

They also charged that a conflict of interest and cronyism amongCredit Union 1, American Share Insurance and IDFPR played a role inthe credit union's state-ordered dissolution and its acquisition byCredit Union 1 on Jul 31.

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