IL SB1534

Allows credit union members to receive notice of meetings and participate in voting through multiple methods including website postings, membership newsletters, account statements, and virtual meetings with at least 7 days' notice.

Permits credit union boards to appoint associate directors in advisory capacity who cannot vote, must meet director qualifications, and must sign confidentiality agreements.

Removes the Department's authority to establish maximum compensation rates for directors and committee members, instead allowing boards to set compensation according to written policies subject to Department safety and soundness review.

Increases the lending limit for credit union organization loans from 3% to 6% of paid-in capital and surplus, and authorizes loans to community development financial institutions and minority depository institutions up to 5% of capital and surplus.

Permits credit unions to select any month-end date for their annual audit period and requires audit reports be delivered to the Secretary within 120 days of period end; allows Credit Union Service Organization investments up to 6% of capital and surplus.