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1 AN ACT concerning regulation.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Credit Union Act is amended by
5changing Sections 19, 23, 34, 51, 57, 59, and 64.7 and by
6adding Section 20.5 as follows:
7 (205 ILCS 305/19) (from Ch. 17, par. 4420)
8 Sec. 19. Meeting of members.
9 (1)(a) The annual meeting shall be held each year during
10the months of January, February or March or such other month as
11may be approved by the Department. The meeting shall be held at
12the time, place and in the manner set forth in the bylaws. Any
13special meetings of the members of the credit union shall be
14held at the time, place and in the manner set forth in the
15bylaws. Unless otherwise set forth in this Act, quorum
16requirements for meetings of members shall be established by a
17credit union in its bylaws. Notice of all meetings must be
18given by the secretary of the credit union at least 7 days
19before the date of such meeting, either by handing a written or
20printed notice to each member of the credit union, by mailing
21the notice to the member at his address as listed on the books
22and records of the credit union, or by posting a notice of the
23meeting in three conspicuous places, including the office of

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1the credit union, by posting the notice of the meeting on the
2credit union's website, or by disclosing the notice of the
3meeting in membership newsletters or account statements.
4 (b) Unless expressly prohibited by the articles of
5incorporation or bylaws and subject to applicable requirements
6of this Act, the board of directors may provide by resolution
7that members may attend, participate in, act in, and vote at
8any annual meeting or special meeting through the use of a
9conference telephone or interactive technology, including, but
10not limited to, electronic transmission, internet usage, or
11remote communication, by means of which all persons
12participating in the meeting can communicate with each other.
13Participation through the use of a conference telephone or
14interactive technology shall constitute attendance, presence,
15and representation in person at the annual meeting or special
16meeting of the person or persons so participating and count
17towards the quorum required to conduct business at the
18meeting. The following conditions shall apply to any virtual
19meeting of the members:
20 (i) the credit union must internally possess or retain
21 the technological capacity to facilitate virtual meeting
22 attendance, participation, communication, and voting; and
23 (ii) the members must receive notice of the use of a
24 virtual meeting format and appropriate instructions for
25 joining, participating, and voting during the virtual
26 meeting at least 7 days before the virtual meeting.

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1 (2) On all questions and at all elections, except election
2of directors, each member has one vote regardless of the
3number of his shares. There shall be no voting by proxy except
4on the election of directors, proposals for merger or
5voluntary dissolution. Members may vote on questions,
6including, without limitation, the approval of mergers and
7voluntary dissolutions under this Act, and in elections by
8secure electronic record if approved by the board of
9directors. All voting on the election of directors shall be by
10ballot, but when there is no contest, written or electronic
11ballots need not be cast. The record date to be used for the
12purpose of determining which members are entitled to notice of
13or to vote at any meeting of members, may be fixed in advance
14by the directors on a date not more than 90 days nor less than
1510 days prior to the date of the meeting. If no record date is
16fixed by the directors, the first day on which notice of the
17meeting is given, mailed or posted is the record date.
18 (3) Regardless of the number of shares owned by a society,
19association, club, partnership, other credit union or
20corporation, having membership in the credit union, it shall
21be entitled to only one vote and it may be represented and have
22its vote cast by its designated agent acting on its behalf
23pursuant to a resolution adopted by the organization's board
24of directors or similar governing authority; provided that the
25credit union shall obtain a certified copy of such resolution
26before such vote may be cast.

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1 (4) A member may revoke a proxy by delivery to the credit
2union of a written statement to that effect, by execution of a
3subsequently dated proxy, by execution of a secure electronic
4record, or by attendance at a meeting and voting in person.
5 (5) As used in this Section, "electronic" and "electronic
6record" have the meanings ascribed to those terms in the
7Electronic Commerce Security Act. As used in this Section,
8"secured electronic record" means an electronic record that
9meets the criteria set forth in Section 10-105 of the
10Electronic Commerce Security Act.
11(Source: P.A. 100-361, eff. 8-25-17.)
12 (205 ILCS 305/20.5 new)
13 Sec. 20.5. Appointment of associate directors.
14 (a) The board of directors of a credit union may, in its
15discretion, appoint one or more associate directors to serve
16in an advisory capacity. The board shall prescribe the duties
17of an associate director and the manner in which associate
18directors are appointed and removed. The board shall not
19delegate to associate directors any of the duties or
20responsibilities prescribed by this Act or other applicable
21law to be performed by directors duly elected by their
22members. An associate director shall not be deemed or
23considered to be a director for any purpose under this Act.
24 (b) Before appointing an associate director, the board
25shall confirm that the person meets all of the requirements to

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1serve as a director, including, without limitation, a working
2familiarity with the financial and accounting practices of the
3credit union as set forth in subsection (c) of Section 30.
4 (c) An associate director may participate in meetings of
5the board but may not vote or otherwise act as a director. With
6respect to any issue that comes before the board for
7deliberation, the board may request that all associate
8directors excuse themselves from the meeting of the board and
9the associate directors shall immediately comply with the
10request.
11 (d) The board shall require each associate director to
12sign a confidentiality or non-disclosure agreement to ensure
13that information concerning the credit union remains
14confidential.
15 (205 ILCS 305/23) (from Ch. 17, par. 4424)
16 Sec. 23. Compensation of officials.
17 (1) Directors and committee members may receive reasonable
18compensation for their service as such, the amount of which
19shall be set by the board of directors, in accordance with
20written policies and procedures established by the board of
21directors. If the Department determines the payment of
22director or committee member compensation, or both, creates a
23safety and soundness issue for a credit union, the Department
24shall utilize the standards set forth in 38 Ill. Adm. Code
25190.25 and supplemental guidelines to address and resolve the

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1issue. An enforcement action taken pursuant to 38 Ill. Adm.
2Code 190.25 and guidelines and specified by the Act shall be
3used to reduce or suspend the compensation paid to the
4directors and committee members. The Department shall, by
5rule, establish maximum rates of reasonable compensation that
6are generally applicable to credit unions considering factors
7the Department may establish from time to time, including, but
8not limited to, total assets, nonprofit cooperative structure,
9and the best interests of members. "Compensation" as used in
10this subsection (1) refers to remuneration expense to the
11credit union for services provided by a director or committee
12member in his or her capacity as director or committee member.
13The remuneration expense is in the form of monetary payments
14and shall be disclosed on an annual basis to the membership in
15the financial statement that is part of the annual membership
16meeting materials. The disclosure shall contain: (i) the
17amount paid to each director and (ii) the amount paid to the
18directors as a group. "Compensation" does not include any of
19the expenses described in subsections (2) and (3) of this
20Section.
21 (2) The credit union may incur the expense of providing
22reasonable life, health, accident, and similar insurance
23protection benefits for directors and committee members.
24 (3) Directors, committee members and employees, while on
25official business of the credit union, may be reimbursed for
26reasonable and necessary expenses. Alternatively, the credit

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1union may make direct payment to a third party for such
2business expenses. Reasonable and necessary expenses may
3include the payment of travel costs for the foregoing
4officials and one guest per official. All payment of costs
5shall be made in accordance with written policies and
6procedures established by the board of directors.
7 (4) The board of directors may establish compensation for
8officers of the credit union.
9(Source: P.A. 101-567, eff. 8-23-19.)
10 (205 ILCS 305/34) (from Ch. 17, par. 4435)
11 Sec. 34. Duties of supervisory committee.
12 (1) The supervisory committee shall make or cause to be
13made an annual internal audit of the books and affairs of the
14credit union to determine that the credit union's accounting
15records and reports are prepared promptly and accurately
16reflect operations and results, that internal controls are
17established and effectively maintained to safeguard the assets
18of the credit union, and that the policies, procedures and
19practices established by the board of directors and management
20of the credit union are being properly administered. The
21supervisory committee shall submit a report of that audit to
22the board of directors and a summary of that report to the
23members at the next annual meeting of the credit union. It
24shall make or cause to be made such supplementary audits as it
25deems necessary or as are required by the Secretary or by the

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1board of directors, and submit reports of these supplementary
2audits to the Secretary or board of directors as applicable.
3If the supervisory committee has not engaged a licensed
4certified public accountant or licensed certified public
5accounting firm to make the internal audit, the supervisory
6committee or other officials of the credit union shall not
7indicate or in any manner imply that such audit has been
8performed by a licensed certified public accountant or
9licensed certified public accounting firm or that the audit
10represents the independent opinion of a licensed certified
11public accountant or licensed certified public accounting
12firm. The supervisory committee must retain its tapes and
13working papers of each internal audit for inspection by the
14Department. The report of this audit must be made on a form
15approved by the Secretary. A copy of the report must be
16promptly delivered to the Secretary as set forth in paragraph
17(C) of subsection (3).
18 (2) The supervisory committee shall make or cause to be
19made at least once each year a reasonable percentage
20verification of members' share and loan accounts, consistent
21with rules promulgated by the Secretary.
22 (3) (A) The supervisory committee of a credit union with
23assets of $10,000,000 or more shall engage a licensed
24certified public accountant or licensed certified public
25accounting firm to perform an annual external independent
26audit of the credit union's financial statements in accordance

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1with generally accepted auditing standards and the financial
2statements shall be issued in accordance with accounting
3principles generally accepted in the United States of America.
4 (B) The supervisory committee of a credit union with
5assets of $5,000,000 or more, but less than $10,000,000, shall
6engage a licensed certified public accountant or licensed
7certified public accounting firm to perform on an annual
8basis: (i) an agreed-upon procedures engagement under
9attestation standards established by the American Institute of
10Certified Public Accountants to minimally satisfy the
11supervisory committee internal audit standards set forth in
12subsection (1); or (ii) an external independent audit of the
13credit union's financial statements pursuant to the standards
14set forth in paragraph (A) of subsection (3).
15 (C) Notwithstanding anything to the contrary in Section 6,
16each credit union organized under this Act shall select the
17annual period it desires to use for purposes of performing the
18external independent audit, agreed-upon procedures engagement,
19or internal audit described in this Section. The annual period
20may end on the final day of any month and shall be construed to
21mean once every calendar year and not once every 12-month
22period. Irrespective of the annual period selected, the credit
23union shall complete its external independent audit report,
24agreed-upon procedures report, or internal audit report and
25deliver a copy to the Secretary no later than 120 days after
26the effective date of the audit or engagement, which shall

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1mean the last day of the selected annual period. The external
2independent audit report or agreed-upon procedures report
3shall be completed and a copy thereof delivered to the
4Secretary no later than 120 days after the end of the calendar
5or fiscal year under audit or fiscal period for which the
6agreed-upon procedures are performed. A credit union or group
7of credit unions may obtain an extension of the due date upon
8application to and receipt of written approval from the
9Secretary.
10 (D) If the credit union engages a licensed certified
11public accountant or licensed certified public accounting firm
12to perform an annual external independent audit of the credit
13union's financial statements pursuant to the standards in
14paragraph (A) of subsection (3) or an annual agreed-upon
15procedures engagement pursuant to the standards in paragraph
16(B) of subsection (3), then the annual internal audit
17requirements of subsection (1) shall be deemed satisfied and
18met in all respects.
19 (4) In determining the appropriate balance in the
20allowance for loan losses account, a credit union may
21determine its historical loss rate using a defined period of
22time of less than 5 years, provided that:
23 (A) the methodology used to determine the defined
24 period of time is formally documented in the credit
25 union's policies and procedures and is appropriate to the
26 credit union's size, business strategy, and loan portfolio

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1 characteristics and the economic environment of the areas
2 and employers served by the credit union;
3 (B) supporting documentation is maintained for the
4 technique used to develop the credit union loss rates,
5 including the period of time used to accumulate historical
6 loss data and the factors considered in establishing the
7 time frames; and
8 (C) the external auditor conducting the credit union's
9 financial statement audit has analyzed the methodology
10 employed by the credit union and concludes that the
11 financial statements, including the allowance for loan
12 losses, are fairly stated in all material respects in
13 accordance with U.S. Generally Accepted Accounting
14 Principles, as promulgated by the Financial Accounting
15 Standards Board.
16 (5) A majority of the members of the supervisory committee
17shall constitute a quorum.
18 (6) On an annual basis commencing January 1, 2015, the
19members of the supervisory committee shall receive training
20related to their statutory duties. Supervisory committee
21members may receive the training through internal credit union
22training, external training offered by the credit union's
23retained auditors, trade associations, vendors, regulatory
24agencies, or any other sources or on-the-job experience, or a
25combination of those activities. The training may be received
26through any medium, including, but not limited to,

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1conferences, workshops, audit closing meetings, seminars,
2teleconferences, webinars, and other Internet-based delivery
3channels.
4(Source: P.A. 100-778, eff. 8-10-18; 101-81, eff. 7-12-19.)
5 (205 ILCS 305/51) (from Ch. 17, par. 4452)
6 Sec. 51. Other loan programs.
7 (1) Subject to such rules and regulations as the Secretary
8may promulgate, a credit union may participate in loans to
9credit union members jointly with other credit unions,
10corporations, or financial institutions. An originating credit
11union may originate loans only to its own members. A
12participating credit union that is not the originating lender
13may participate in loans made to its own members or to members
14of another participating credit union. "Originating lender"
15means the participating credit union with which the member
16contracts. A master participation agreement must be properly
17executed, and the agreement must include provisions for
18identifying, either through documents incorporated by
19reference or directly in the agreement, the participation loan
20or loans prior to their sale.
21 (2) Any credit union with assets of $500,000 or more may
22loan to its members under scholarship programs which are
23subject to a federal or state law providing 100% repayment
24guarantee.
25 (3) A credit union may purchase the conditional sales

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1contracts, notes and similar instruments which evidence an
2indebtedness of its members. In the management of its assets,
3liabilities, and liquidity, a credit union may purchase the
4conditional sales contracts, notes, and other similar
5instruments that evidence the consumer indebtedness of the
6members of another credit union. "Consumer indebtedness" means
7indebtedness incurred for personal, family, or household
8purposes.
9 (4) With approval of the board of directors, a credit
10union may make loans, either on its own or jointly with other
11credit unions, corporations or financial institutions, to
12credit union organizations; provided, that the aggregate
13amount of all such loans outstanding shall not at any time
14exceed the greater of 6% 3% of the paid-in and unimpaired
15capital and surplus of the credit union or the amount
16authorized for federal credit unions.
17 (5) With the approval of the board of directors, a credit
18union may make loans, either on its own or jointly with other
19credit unions, corporations, or financial institutions, to
20community development financial institutions as defined in
21regulations issued by the U.S. Department of the Treasury and
22minority depository institutions as defined by the National
23Credit Union Administration. The aggregate amount of all such
24loans outstanding shall not at any time exceed 5% of the
25paid-in and unimpaired capital and surplus of the credit
26union.

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1(Source: P.A. 97-133, eff. 1-1-12.)
2 (205 ILCS 305/57) (from Ch. 17, par. 4458)
3 Sec. 57. Group purchasing and marketing.
4 (a) A credit union may, consistent with rules and
5regulations promulgated by the Secretary, enter into
6cooperative marketing arrangements to facilitate its members'
7voluntary purchase of such goods and services as are in the
8interest of improving economic and social conditions of the
9members.
10 (b) A credit union may create and use descriptive and
11brand references to promote and market its identity, services,
12and products to its members. In the case of a merger pursuant
13to Section 63, the surviving credit union may identify the
14merging credit union as a division, branch, unit, or other
15descriptive reference that ensures the members understand they
16are dealing with one credit union rather than multiple credit
17unions, as of the effective date of the merger.
18(Source: P.A. 100-361, eff. 8-25-17.)
19 (205 ILCS 305/59) (from Ch. 17, par. 4460)
20 Sec. 59. Investment of funds.
21 (a) Funds not used in loans to members may be invested,
22pursuant to subsection (7) of Section 30 of this Act, and
23subject to Departmental rules and regulations:
24 (1) In securities, obligations or other instruments of

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1 or issued by or fully guaranteed as to principal and
2 interest by the United States of America or any agency
3 thereof or in any trust or trusts established for
4 investing directly or collectively in the same;
5 (2) In obligations of any state of the United States,
6 the District of Columbia, the Commonwealth of Puerto Rico,
7 and the several territories organized by Congress, or any
8 political subdivision thereof; however, a credit union may
9 not invest more than 10% of its unimpaired capital and
10 surplus in the obligations of one issuer, exclusive of
11 general obligations of the issuer, and investments in
12 municipal securities must be limited to securities rated
13 in one of the 4 highest rating categories by a nationally
14 recognized statistical rating organization;
15 (3) In certificates of deposit or passbook type
16 accounts issued by a state or national bank, mutual
17 savings bank or savings and loan association; provided
18 that such institutions have their accounts insured by the
19 Federal Deposit Insurance Corporation or the Federal
20 Savings and Loan Insurance Corporation; but provided,
21 further, that a credit union's investment in an account in
22 any one institution may exceed the insured limit on
23 accounts;
24 (4) In shares, classes of shares or share certificates
25 of other credit unions, including, but not limited to
26 corporate credit unions; provided that such credit unions

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1 have their members' accounts insured by the NCUA or other
2 approved insurers, and that if the members' accounts are
3 so insured, a credit union's investment may exceed the
4 insured limit on accounts;
5 (5) In shares of a cooperative society organized under
6 the laws of this State or the laws of the United States in
7 the total amount not exceeding 10% of the unimpaired
8 capital and surplus of the credit union; provided that
9 such investment shall first be approved by the Department;
10 (6) In obligations of the State of Israel, or
11 obligations fully guaranteed by the State of Israel as to
12 payment of principal and interest;
13 (7) In shares, stocks or obligations of other
14 financial institutions in the total amount not exceeding
15 5% of the unimpaired capital and surplus of the credit
16 union;
17 (8) In federal funds and bankers' acceptances;
18 (9) In shares or stocks of Credit Union Service
19 Organizations in the total amount not exceeding the
20 greater of 6% 3% of the unimpaired capital and surplus of
21 the credit union or the amount authorized for federal
22 credit unions;
23 (10) In corporate bonds identified as investment grade
24 by at least one nationally recognized statistical rating
25 organization, provided that:
26 (i) the board of directors has established a

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1 written policy that addresses corporate bond
2 investment procedures and how the credit union will
3 manage credit risk, interest rate risk, liquidity
4 risk, and concentration risk; and
5 (ii) the credit union has documented in its
6 records that a credit analysis of a particular
7 investment and the issuing entity was conducted by the
8 credit union, a third party on behalf of the credit
9 union qualified by education or experience to assess
10 the risk characteristics of corporate bonds, or a
11 nationally recognized statistical rating agency before
12 purchasing the investment and the analysis is updated
13 at least annually for as long as it holds the
14 investment;
15 (11) To aid in the credit union's management of its
16 assets, liabilities, and liquidity in the purchase of an
17 investment interest in a pool of loans, in whole or in part
18 and without regard to the membership of the borrowers,
19 from other depository institutions and financial type
20 institutions, including mortgage banks, finance companies,
21 insurance companies, and other loan sellers, subject to
22 such safety and soundness standards, limitations, and
23 qualifications as the Department may establish by rule or
24 guidance from time to time;
25 (12) To aid in the credit union's management of its
26 assets, liabilities, and liquidity by receiving funds from

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1 another financial institution as evidenced by certificates
2 of deposit, share certificates, or other classes of shares
3 issued by the credit union to the financial institution;
4 and
5 (13) In the purchase and assumption of assets held by
6 other financial institutions, with approval of the
7 Secretary and subject to any safety and soundness
8 standards, limitations, and qualifications as the
9 Department may establish by rule or guidance from time to
10 time; and .
11 (14) In the shares, stocks, or obligations of
12 community development financial institutions as defined in
13 regulations issued by the U.S. Department of the Treasury
14 and minority depository institutions as defined by the
15 National Credit Union Administration; however, the
16 aggregate amount of all such investments shall not at any
17 time exceed 5% of the paid-in and unimpaired capital and
18 surplus of the credit union.
19 (b) As used in this Section:
20 "Political subdivision" includes, but is not limited to,
21counties, townships, cities, villages, incorporated towns,
22school districts, educational service regions, special road
23districts, public water supply districts, fire protection
24districts, drainage districts, levee districts, sewer
25districts, housing authorities, park districts, and any
26agency, corporation, or instrumentality of a state or its

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1political subdivisions, whether now or hereafter created and
2whether herein specifically mentioned or not.
3 "Financial institution" includes any bank, savings bank,
4savings and loan association, or credit union established
5under the laws of the United States, this State, or any other
6state.
7 (c) A credit union investing to fund an employee benefit
8plan obligation is not subject to the investment limitations
9of this Act and this Section and may purchase an investment
10that would otherwise be impermissible if the investment is
11directly related to the credit union's obligation under the
12employee benefit plan and the credit union holds the
13investment only for so long as it has an actual or potential
14obligation under the employee benefit plan.
15 (d) If a credit union acquires loans from another
16financial institution or financial-type institution pursuant
17to this Section, the credit union shall be authorized to
18provide loan servicing and collection services in connection
19with those loans.
20(Source: P.A. 100-361, eff. 8-25-17; 100-778, eff. 8-10-18;
21101-567, eff. 8-23-19.)
22 (205 ILCS 305/64.7)
23 Sec. 64.7. Network credit unions.
24 (a) Two or more credit unions merging pursuant to Section
2563 of this Act may elect to request a network credit union

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1designation for the surviving credit union from the Secretary.
2The request shall be set forth in the plan of merger and
3certificate of merger executed by the credit unions and
4submitted to the Secretary pursuant to subsection (4) of
5Section 63. The Secretary's approval of a certificate of
6merger containing a network credit union designation request
7shall constitute approval of the use of the network
8designation as a brand or other identifier of the surviving
9credit union. If the surviving credit union desires to include
10the network designation in its legal name, make any other
11change to its legal name, or both, it shall proceed with an
12amendment to the articles of incorporation and bylaws of the
13surviving credit union pursuant to Section 4 of this Act.
14 (b) A network credit union is a cooperative business
15structure comprised of 2 or more merging credit unions with a
16collective goal of efficiently serving their combined
17membership and gaining economies of scale through common
18vision, strategy and initiative. The merging credit unions
19shall be identified as divisional credit unions, branches, or
20units of the network credit union or by other descriptive
21references that ensure the members understand they are dealing
22with one credit union rather than multiple credit unions.
23Descriptive and brand references may also be created and used
24to promote the identity, services, and products of the network
25credit union to its members.
26 (c) Each divisional credit union may have an advisory

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1board of directors and a chief management official to assist
2in maintaining and leveraging its respective local identity
3for the benefit of the surviving credit union. The divisional
4credit union advisory boards shall be appointed by the network
5credit union board of directors. Each divisional credit
6union's advisory board of directors may appoint a divisional
7credit union chief management official and may also appoint
8one of its directors to serve on the network credit union's
9nominating committee. A divisional credit union may determine
10to identify its advisory board as a committee and its
11divisional chief management official with a title it deems
12reasonable and appropriate. The network credit union board of
13directors shall require each advisory board member to sign a
14confidentiality or non-disclosure agreement to ensure that
15information concerning the credit union remains confidential.
16 (d) The network credit union is the surviving legal entity
17in the merger and supervision, examination, audit, reporting,
18governance, and management shall be conducted or performed at
19the network credit union level. All share insurance, safety
20and soundness, and statutory and regulatory requirements and
21limitations shall be evaluated at the network credit union
22level.
23(Source: P.A. 99-614, eff. 7-22-16; 100-361, eff. 8-25-17.)
24 Section 99. Effective date. This Act takes effect upon
25becoming law.