HB4403 Summary

• Amends the Illinois Credit Union Act to allow the Director of Financial Institutions to accept examinations conducted by a credit union's share insurer as an alternative to biennial examinations by the Department or a public accountant.

• Maintains existing requirements that all credit unions be examined at least biennially, with examination costs paid by the credit union being examined.

• Specifies that examinations by public accountants must have scope at least equal to Department examinations, with full access to all books, papers, securities, and accounts.

• Requires the Secretary to adopt rules ensuring consistency and due process in the examination process and may establish guidelines defining examination scope and items to be resolved.

• Preserves existing provisions requiring credit unions to file corrective action reports within 40 days of receiving examination review comment letters, with penalties for providing fraudulent or misleading information.