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CU System
Ill. CUs continue dialogue with reg secretary
NAPERVILLE, Ill. (11/19/10)--Following a recent meeting of the Illinois Governor’s Board of Credit Union Advisors (GAB), credit unions from throughout Illinois were in the state Capitol Tuesday for an informal “meet and greet” to continue advancing issues of mutual interest and to share information about their initiatives and discuss shared concerns.
Click to view larger image Illinois credit unions were at the state Capitol Tuesday for an informal “meet and greet” to continue advancing issues of mutual interest and to share information about their own initiatives and discuss shared concerns. Pictured are, from left: Robert Meza, director, Illinois Division of Financial Institutions; Brent Adams, secretary, Illinois Department of Financial and Professional Regulation (IDFPR); Susan Gold, chief of staff, IDFPR; Stephen Olson, executive vice president, general counsel and chief operating officer, Illinois Credit Union League (ICUL); Keith Sias, director, state governmental affairs, ICUL; and Farah Muscadin, legislative liaison, IDFPR. (Photo provided by the Illinois Credit Union League)
More than 20 people attended the meeting, including many credit union representatives, Illinois Department of Financial and Professional Regulation (IDFPR) Secretary Brent Adams, Division of Financial Institutions (DFI) Director Robert Meza, and other legislative, regulatory and legal staff from the agency, and the Illinois Credit Union League (ICUL). Called by Adams, the meeting aimed to provide an atmosphere of collaboration and transparency between the Illinois regulatory agency and state-chartered credit unions on mutual issues. Adams intends to maintain this level of dialogue on a going-forward basis through these types of functions and the formal meetings of the GAB, said ICUL. He mentioned that similar conferences were also scheduled with the state’s other banking groups this week. At the meeting, the IDFPR and ICUL staff previewed highlights of their legislative proposals for the upcoming spring state legislative session. While both parties are still finalizing details of these proposals, they agreed to continue efforts to maintain DFI as an independent credit union regulator under IDFPR. Adams and Meza indicated they would continue to oppose any effort to consolidate state credit union and bank regulatory functions within the same department or attempt to branch off as a separate agency for the supervision of depository institutions. Participants had the opportunity to openly discuss the preliminary initiatives, and operational and regulatory concerns. Credit unions are of particular interest to the IDFPR not only from the regulatory perspective, but also from the standpoint of how Illinois plays a leadership role in advancing the interests of state-chartered institutions. The state is home to the largest number of state-chartered credit unions in the nation with 297, ICUL said. “Dialogue among the credit unions, IDFPR, DFI and the league has become increasingly frequent and open. This is critically important,” said Stephen Olson, ICUL executive vice president, general counsel and chief operating officer. “During this very challenging business environment in which credit unions are currently operating, credit unions appreciate the opportunity to have direct access to the agency that handles their regulatory supervision.”


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