SPRINGFIELD, Ill. (WAND) — State lawmakers hope to raise the annual credit union regulation fee for the first time since 2008.
Credit union operators currently pay $140,000 to be regulated by the state. House Bill 3296 could adjust the fee cap to $210,000 based on the consumer price index.
Sponsors were able to negotiate this change with the Illinois Department of Financial & Professional Regulation and the Credit Union League.
"Illinois already has one of the lowest ratios of regulators per credit union in the country," Rep. Margaret Croke (D-Chicago) said Tuesday. "And we currently only have six examiners per 100 credit unions compared to a state like California that has 31 regulators per 100 credit unions."
Croke noted that Illinois has seen what happens when the financial industry isn't regulated. However, House Republicans said they couldn't support a fee increase.
The legislation passed on a 68-40 vote. House Bill 3296 now heads to the Senate for further consideration.
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