HB5497 Summary

• Amends the Illinois Credit Union Act to modify audit requirements for credit unions based on asset size, replacing registration requirements with licensed certification standards for public accountants.

• Increases the asset threshold for mandatory external independent audits from $5,000,000 to $10,000,000, while credit unions with $5,000,000-$10,000,000 in assets must conduct annual agreed-upon procedures engagements or external audits.

• Allows disclosure of member financial records to law enforcement without prior notice when reasonable suspicion of an imminent threat to member safety exists, with written authorization from supervisory or managerial law enforcement officials.

• Expands credit union investment authority to include purchasing investment interests in loan pools, receiving deposits from other financial institutions, and purchasing/assuming assets from other financial institutions.

• Changes delivery method for audit reports to the Secretary from "mailed" to "delivered" and extends the deadline for submitting external audit reports from 90 days to 120 days.