For the second year in a row, Illinois credit unions will enjoy a holiday boost to their bottom line — $1.25 million — thanks to a payback from the state on overpayment of regulatory fees during the administration of former Gov. Rod Blagojevich.
Return of the fourth quarter examiner fees is the result of a 2008 court settlement on the jailed governor's attempt to seize CU and bank examiner fees and sweep them into a state general fund, a procedure financial institutions charged as illegal.
The Illinois Credit Union League, which along with banker trades had been party to the legal challenge, said the $1.25 million credit "is anticipated to be slightly less than the total 2011 fourth quarter billing to credit unions for regulatory fees."
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