IL HB5342

Amends the Illinois Banking Act to require the Secretary adopt rules ensuring consistency and due process in bank examinations, with guidelines defining examination scope and clarifying items to be resolved.

Allows State banks and savings banks to accept alternating federal examinations from appropriate federal banking agencies instead of state examinations, on an alternating basis.

Adds financial skills requirements for credit union directors elected or appointed on or after January 1, 2015, requiring working familiarity with basic finance, accounting practices, and ability to read financial statements within 6 months of taking office.

Requires supervisory committee members of credit unions to receive annual training related to their statutory duties beginning January 1, 2015, which may be provided through various formats including conferences, webinars, and on-the-job experience.

Authorizes credit unions to establish charitable donation accounts held in segregated custodial accounts with at least 51% of total return distributed to Section 501(c)(3) charitable organizations every 5 years, capped at 5% of net worth.