(Jan. 28, 2022) State chartered credit unions in Illinois will receive a fee credit of nearly $1.9 million from the state, based on regulatory fees collected in 2021 that exceeded state regulatory expenses, the Illinois Credit Union League (ICUL) said last week. That represents one of the largest fee credits ever, according to the ICUL.
The fee credit is based on legislation, sought by the league, that implemented a settlement of a case brought by the ICUL in 2004. Among other things, the settlement reduced the state’s Credit Union Fund margin that triggers a credit back to credit unions. According to the ICUL, the amount of each regulatory fee credit is based on the fee paid by individual credit unions as a proportion of the aggregate total of fees collected by the state.