SB 3687

Abstract

Amends the Illinois Credit Union Act. Provides that a credit union regulated by the Department of Financial and Professional Regulation that is a covered financial institution under the Illinois Community Reinvestment Act shall pay an examination fee to the Department subject to the rules adopted by the Department. Provides that the aggregate of all credit union examination fees collected by the Department under the Illinois Community Reinvestment Act shall be paid and transferred promptly, accompanied by a detailed statement, into the State Treasury and shall be set apart in the Credit Union Community Reinvestment Act Fund. Provides the limits to the amounts of funds that a credit union may invest in the purchase of an investment interest in a pool of loans when the investment is greater than the net worth of the credit union. Provides that credit unions may invest funds in derivatives transactions to aid in the credit union's management of interest rate risk if certain specified conditions are satisfied. Makes changes to provisions concerning conflicts between bylaws adopted by the subscribers of a credit union and the Act. Makes changes to provisions concerning rules adopted by the Secretary of Financial and Professional Regulation and the Act. Makes other changes. Amends the State Finance Act. Creates the Credit Union Community Reinvestment Act Fund. Effective immediately. Senate Floor Amendment No. 1 Deletes reference to: 30 ILCS 105/5.1015 new 205 ILCS 305/9 205 ILCS 305/12.5 new Adds reference to: 205 ILCS 305/12 from Ch. 17, par. 4413 Removes changes to provisions concerning certain reports and examinations. Removes provisions concerning Community Reinvestment Act examination fees. Further amends the Credit Union Act. Provides that the aggregate of all fees collected from credit unions pursuant to the Illinois Community Reinvestment Act shall be paid promptly after they are received, accompanied by a detailed statement thereof, into the State treasury and shall be set apart in the Credit Union Fund. Provides that at the conclusion of each fiscal year, beginning in fiscal year 2025, the Department of Financial and Professional Regulation shall separately identify the direct administrative and operational expenses and allocable indirect costs of the Credit Union Section of the Department incidental to conducting the examinations required or authorized by the Illinois Community Reinvestment Act. Provides that the receipt of deposits from any state other than Illinois, or any agency or political subdivision thereof, shall not exceed the total limit of the greater of 50% of paid-in and unimpaired capital and surplus or $3,000,000 and shall otherwise comply with specified federal regulations. Removes language specifying limits on the purchase of certain investment interest in a pool of loans.