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Illinois Law Change Addresses CU Civil Penalty Assessment Process

Amendment includes conditions that allow for penalty assessment.

By Peter Strozniak | Updated on August 22, 2013

Illinois Gov. Pat Quinn signed into law House Bill 1572 that amends the state’s Credit Union Act, which is expected to establish a fair and consistent civil penalty assessment process, according to the Illinois Credit Union League.

The act’s new amendment authorizes the state’s Department of Financial and Professional Regulation to impose civil penalties but only when the DFPR secretary reasonably determines through “objective facts and an accurate assessment of accurate legal standards” when a credit union violates the Credit Union Act, DFPR orders, or participates in any unsafe or unsound practices that led to financial loss or created a reasonable probability that a substantial financial loss will result.

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Peter Strozniak

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