House Sponsors: LYONS,JOSEPH-SAVIANO-DAVIS,STEVE-RUTHERFORD-BURKE AND CAPPARELLI. Senate Sponsors: WALSH,T-LIGHTFORD Short description: CREDIT UNIONS DISCLOSURES Synopsis of Bill as introduced: Amends the Illinois Credit Union Act. Establishes requirements to be met by out of state credit unions seeking to conduct business in Illinois. Provides that reports of examination and other actions of regulatory agencies with respect to credit unions are confidential and may be disclosed only under certain circumstances. Authorizes credit unions to destroy records upon the expiration of a period of time established by the Director of Financial Institutions. Provides that in discharging their duties, credit union directors are entitled to rely in good faith upon advice from officers, employees, and other persons. Removes the requirement that a credit union obtain the approval of the Department of Financial Institutions before making loans to, investing in, or delegating management duties to a credit union organization. Removes certain limits on trustees. Authorizes credit unions to accept trusts under the Corporate Fiduciary Act. Effective immediately. HOUSE AMENDMENT NO. 1. Adds reference to: 205 ILCS 305/8 from Ch. 17, par. 4409 205 ILCS 305/9 from Ch. 17, par. 4410 205 ILCS 305/61 from Ch. 17, par. 4462 Amends the Illinois Credit Union Act. Authorizes the Department of Financial Institutions to establish fees and impose penalties upon credit unions relating to the preparation and approval of documents and filings, for conducting examinations, and for taking supervisory actions. Provides that a credit union is in danger of insolvency if the Department is unable to ascertain the credit union's true financial condition upon examination. HOUSE AMENDMENT NO. 2. Deletes a provision authorizing a credit union to sell part of its assets or purchase part of the assets of another credit union. Provides that a "low-income" member is a member whose wages are less than 80% of the average wage for all earners or whose household income is less than 80% of the median household wage. Deletes provisions expanding eligibility for credit union membership. Deletes provisions authorizing credit unions to accept and execute trusts. SENATE AMENDMENT NO. 1. Excludes secondary capital from the calculation used to determine whether a credit union is in danger of insolvency. Continues the authority of the Director of Financial Institutions to require special examinations of and reports from credit unions that delegate substantially all managerial functions to a credit union organization. Authorizes disclosure of confidential information to law enforcement authorities when a credit union or the Director reasonably believes that the credit union has been a victim of a crime. Continues the requirement that a credit union obtain the approval of the Department of Financial Institutions before the credit union may delegate substantially all managerial responsibilities to a credit union organization. Last action on Bill: PUBLIC ACT.............................. 92-0608 Last action date: JUL-01-2002 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 1 END OF INQUIRY Full Text Bill Status