IL SB3145

Allows credit unions to serve target markets including low-income persons and underserved populations by establishing written business plans and obtaining Secretary approval to amend field of membership.

Permits boards of directors to appoint nominating committees of 3+ members to recruit, evaluate, and nominate candidates for director elections and committee positions based on skills and qualifications.

Authorizes credit unions to establish donor-advised fund accounts under Section 501(c)(3) organizations and make charitable donations through foundations with irrevocable conveyance of funds.

Enables credit unions to invest in financial technology company shares, stocks, or units up to 5% of unimpaired capital and surplus, subject to documentation and separate corporate existence requirements.

Allows credit unions to issue shares in the name of individual or corporate representatives under Illinois Probate Act for nonmembers if the representative is a credit union member, and permits quarterly board meetings with Secretary approval.