IL SB3114

Amends the Illinois Credit Union Act to allow the Director of the Division of Financial Institutions to accept an examination of a credit union made by the credit union's share insurer as an alternative to the biennial examination.

Credit unions would continue to be examined at least biennially, but now have the option of examinations conducted by the Department, a public accountant registered by the Department, or the credit union's share insurer.

The scope of all examinations by any entity must be at least equal to examinations made by the Department, with full access to all books, papers, securities, and accounts.

The costs of any examination shall be paid by the credit union being examined.