Illinois Governor J.B. Pritzker signed Illinois Credit Union League-initiated legislation HB 4462 into law May 13, which amends the Illinois Credit Union Act. The bill--which passed both chambers of the General Assembly unanimously--authorizes new powers for credit unions of all asset sizes, provides regulatory relief to small credit unions, and clarifies existing provisions of the law governing credit union operations.
“We appreciate the input and grass-roots support we received from Illinois credit unions to help get these significant amendments passed,” said Tom Kane, Illinois Credit Union League president/CEO. “Our staff did a tremendous job getting the changes over the finish line during a shortened legislative session, meeting our goal to update the Illinois Credit Union Act every year and making it one of the best in the nation.”
The majority of the bill’s provisions became effective immediately upon receiving the Governor’s signature, including:
An additional provision of the Act will go into effect on January 1, 2023 to provide credit unions the authority to serve “target markets” consisting of low income and minority groups and distressed geographic areas.