State-chartered credit unions in Illinois are still reaping the windfall of returned examiner fees now totaling $11 million as a result of a court case settled eight years ago, according to the Illinois Credit Union League.
The league said this week the case and the rebates date back to 2004 following actions taken by the administration of former and now imprisoned Gov. Rod Blagojevich to seize examiner fees for general budget purposes.
“Between an initial cash settlement of $6.2 million, the regulatory fee holidays or credits realized in four of the past 12 quarters totaling $2.7 million, and a rate reduction of $2.1 million in regulatory fees paid to the DFI, Illinois state-chartered credit unions to date have realized a cumulative benefit of approximately $11 million” said a formal league statement.
The latest fee credit is the result of the remaining fourth quarter totals due credit unions after they enjoyed a total holiday through carry-forward provisions in the settlement, said the league.
The settlement, also impacting community banks, was part of a 2009 law signed by Gov. Patrick Quinn which implemented the cash credits.
Stephen Olson, ICUL executive vice president and general counsel, noted also the 2009 law codified rate reductions on regulatory fees starting Jan. 2009 resulting in a $700,000 per-year reduction during the past three years.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
