IL HB0188

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

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

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

Allows credit unions to rely upon rules, formal guidance, and interpretive letters issued by the Secretary regarding examination requirements and compliance matters.