From Illinois Business Journal news services
SPRINGFIELD – Illinois has recently signed two cooperative agreements that will facilitate the ability of state-chartered credit unions to operate across state lines.
By signing the 2015 Nationwide Cooperative Agreement for the Supervision of State Chartered Credit Unions and the Southeastern Regional Cooperative Interstate Agreement for the Supervision of State Chartered Credit Unions, Illinois gains the ability to promote interstate commerce and cooperation on a reciprocal basis among participating states.
“With this agreement, Illinois eases procedural impediments for our credit unions when interstate commerce is a sensible option,” said Bryan Schneider, secretary of the Illinois Department of Financial and Professional Regulation. “This increased flexibility provides a viable choice for our credit union’s strategic plan, while making no fundamental changes to the powers and authorities of an Illinois state charter.”
The goals of the agreements are to:
• promote fair and equitable commerce among state-chartered credit unions based upon reciprocity, subject to appropriate safety and soundness provisions, in order to best serve the citizens of the respective states; and
• ensure that continued discussions occur with the associated regulatory agencies, the credit union industry, and other interested parties to promote consistent and equitable treatment for state-chartered credit unions, so they may effectively compete.
The 2015 Nationwide Cooperative Agreement for the Supervision of State Chartered Credit Unions includes: Idaho, Illinois, Indiana, Kentucky, Michigan, Ohio, Oregon, Washington, West Virginia and Wisconsin in conjunction with the National Association of State Credit Union Supervisors. The Southeastern Regional Cooperative Interstate Agreement for the Supervision of State Chartered Credit Unions is comprised of Alabama, Florida, Georgia, Illinois, Mississippi, Missouri, North Carolina, and Tennessee. The 2015 agreement and the southeastern agreement are available on the NASCUS website (www.nascus.org).