Chicago, IL.
The Illinois Credit Union League (ICUL) announced Monday that state-chartered credit unions in Illinois will receive a combined $1,184,075 in regulatory fee credits for 2025, providing a major financial benefit to the state’s credit union system.
Thanks to ICUL’s ongoing advocacy, credit unions saw an over 80% reduction in their March 2025 quarterly regulatory fee invoice. The credit was issued because fees collected by the state last year exceeded its actual regulatory expenses. Each credit is calculated based on what each credit union paid in proportion to the total collected.
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“We’re extremely pleased by the size of the 2024 regulatory fee credit,” ICUL President and CEO Libby Calderone said. “The original advocacy win in 2009 has resulted in a highly substantive financial benefit to our Illinois credit unions, which as cooperatives, they directly pass on to their member owners.”
This refund stemmed from a historic 2004 legal challenge the League brought against a regulatory fee escalation imposed by then-Gov. Rod Blagojevich. That lawsuit resulted in a 2009 settlement awarding $6.2 million in cash to credit unions, codifying permanent fee reductions and ensuring ongoing refunds when surplus funds accumulate.
Since the settlement, Illinois credit unions have received nearly $28 million in cumulative benefits through direct payments and reduced fees.
With 184 state and federal credit unions serving approximately four million members in Illinois, ICUL’s advocacy has provided a significant return for members statewide.
“This great victory would not have happened without the joined forces and support of credit unions through league affiliation,” Calderone added. “No other trade association puts money back into the pockets of their members like this.”
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
