SPRINGFIELD, Ill. (8/20/15)--State-chartered credit unions in Illinois now have the ability to operate outside the Land of Lincoln thanks to two cooperative agreements approved by the state of Illinois recently.
The agreements, which include the 2015 Nationwide Cooperative Agreement for the Supervision of State Chartered Credit Unions and the Southeastern Regional Cooperative Interstate Agreement for the Supervision of State Chartered Credit Unions, aim to foster interstate commerce and cooperation on a reciprocal basis among participating states, according to the state.
"The Illinois Credit Union League applauds the Illinois Department of Financial and Professional Regulation for re-affirming these agreements, which will facilitate important regulatory interaction between neighboring states," said Tom Kane, ICUL president/CEO, in a statement to News Now. "The cooperative nature of these agreements is crucial to providing reciprocity, preserving the value of the state credit union charter and helping credit unions remain competitive."
So far, 16 other states have signed off on at least one of the two agreements. Michigan signed the nationwide agreement earlier this year.
“With this agreement, Illinois eases procedural impediments for our credit unions when interstate commerce is a sensible option,” said Bryan Schneider, secretary for the Illinois Department of Financial and Professional Regulation. “This increased flexibility provides a viable choice for our credit unions’ strategic plan, while making no fundamental changes to the powers and authorities of an Illinois state charter.”
The goals of both agreements are to: