Illinois has signed two cooperative agreements that are expected to make it easier for state chartered credit unions to operate across state lines, Bryan Schneider, Secretary of the Illinois Department of Financial and Professional Regulation, said Wednesday.
The 2015 Nationwide Cooperative Agreement for the Supervision of State Chartered Credit Unions and the Southeastern Regional Cooperative Interstate Agreement for the Supervision of State Chartered Credit Unions will primarily benefit large asset, state chartered credit unions that operate in other states or are expanding into other states.
The objectives of these agreements are to promote fair and equitable commerce among state chartered credit unions based upon reciprocity – subject to appropriate safety and soundness provisions – and to ensure that discussions occur with regulatory agencies, the credit union industry, and other interested parties to promote consistent and equitable treatment for state chartered credit unions.
The 2015 Nationwide Cooperative Agreement includes Idaho, Illinois, Indiana, Kentucky, Michigan, Ohio, Oregon, Washington, West Virginia and Wisconsin.
Alabama, Florida, Georgia, Illinois, Mississippi, Missouri, North Carolina and Tennessee are part of the Southeastern Regional Cooperative Interstate Agreement.
“With this agreement, Illinois eases procedural impediments for our credit unions when interstate commerce is a sensible option,” Schneider said. “This increased flexibility provides a viable choice for our credit union's strategic plan, while making no fundamental changes to the powers and authorities of an Illinois state charter.”
Approximately 225 state chartered credit unions are based in Illinois.
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