Chartered in 1934, Bensenville Community Credit Union, one of longest-running cooperatives in Illinois, recently became another small credit union that succumbed to its financial challenges.
But Bensenville Community CU's former president/CEO and board claimed the cooperative may have survived had it not been for the hard line taken by the state's regulator, the Illinois Department of Financial and Professional Regulation.
They also charged that a conflict of interest and cronyism among Credit Union 1, American Share Insurance and IDFPR played a role in the credit union's state-ordered dissolution and its acquisition by Credit Union 1 on Jul 31.
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