SPRINGFIELD, Ill. Illinois Gov. Pat Quinn has signed into law HB 1572, a measure that addresses interpretive issues involving the Illinois Department of Financial and Professional Regulation’s (IDFPR) civil penalty process as it relates to credit unions.
The legislation had the support of the Illinois league.
“The bill amends §8(6) of the Illinois Credit Union Act to ensure the civil penalty assessment process is fundamentally fair and consistently applied,” said the ICUL in a statement. “The intent in establishing the process was that civil penalty orders would be reserved for extraordinary circumstances in which the credit union’s conduct was egregious and a constituted willful and material disregard of applicable standards. That was the reason for the procedural due process provisions regarding prior notice and an opportunity to cure.”
