CHICAGO – Illinois finally has a new director for the Department of Financial Institutions. Six months after firing the Republican-appointed director, Sarah Vega, Gov. Rod Blagojevich has named Roxanne Nava, a banker, to head the department that regulates credit unions, currency exchanges, consumer finance companies, title insurance companies and money transmitters. Nava, 34, has been a vice president and commercial banking relationship manager with Northern Trust Co. in Chicago. She also worked for Citibank, Bank One and a community development organization. Keith Sias, director of state government affairs for the Illinois Credit Union League, described the appointment as a positive for credit unions in the state, which were concerned that DFI would be merged with the Office of Banks and Real Estate. "If they were going to merge us with the banks, they wouldn't have appointed a new director." Nava will start in her new job, which will pay $98,200 annually, Aug. 25.
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