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DFI director in first visit to ICUL offices
NAPERVILLE, Ill. (12/29/09)--The Illinois Credit Union League (ICUL) will submit a proposed rule draft for consideration by the director of the Illinois' Division of Financial Institutions (DFI) of the Illinois Department of Financial and Professional Regulation so the DFI's rule on allowance for loan losses is consistent with a new state statute.
Click to view larger image Illinois Department of Financial Institutions Director Robert Meza of the Illinois Department of Financial and Professional Regulation met with staff at the Illinois Credit Union League recently. From left are: Dan Plauda, league president/CEO; Steve Olson, league executive vice president, general counsel and chief operating officer; Meza, and George Fiegle, executive vice president of ICUL Service Corp. (Photo provided by the Illinois Credit Union League)
DFI Director Robert Meza made his first visit to the league's headquarters since his appointment last year. He met with Dan Plauda, ICUL president/CEO; Steve Olson, executive vice president, general counsel and chief operating officer; and George Fiegle, executive vice president/chief operation officer of the ICUL Service Corp. They discussed Gov. Pat Quinn's approval in August of H.B. 348, now Public Act 96-0141. ICUL initiated the bill to codify several technical amendments to the Illinois Credit Union Act. Under the new law, credit unions are authorized to use Generally Accepted Accounting Principles (GAAP), in consultation with their auditors, to establish the historical loss rate in determining their allowance for loan losses. The law also authorizes credit unions to provide check cashing and similar money transfer services to non-members in their field of membership. Since DFI previously had promulgated a loan loss accounting rule, ICUL staff and Meza discussed the rulemaking necessary to make DFI's rule conform to the new act. ICUL staff agreed to submit a draft amendment for Meza's consideration that would authorize credit unions to establish, in consultation with their retained auditors and in accordance with GAAP, their historical loss rate through the use of a period of less than five years. During his visit to the Illinois Credit Union Center in Naperville, Meza was provided with an orientation of the system's programs. That included transactional credit, debit, pre-paid debit, and ATM products offered by the Service Corp. to credit unions in Illinois and 45 other states. ICUL staff also briefed Meza on the league's resources and services targeting smaller credit unions, including grants available through the Illinois Credit Union Foundation.


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