IL SB3787

Adds Section 8(12) prohibiting the Secretary from issuing unsafe/unsound practice orders against credit unions solely for providing financial services to cannabis-related legitimate businesses, or penalizing credit unions for such services.

Adds provisions to Section 8(12) preventing the Secretary from recommending or encouraging credit unions to deny or downgrade services to account holders who own or operate cannabis-related legitimate businesses, or to take adverse supervisory action on loans to cannabis business owners or those leasing property to them.

Modifies Section 9(5) to allow the Secretary to accept examinations from the National Credit Union Administration or approved private insurers of share deposits on an alternating basis with Department examinations instead of requiring biennial Department examinations.

Amends Section 20(1.10) to clarify that natural person members may adopt one-vote-per-member election procedures for directors upon amendment of credit union bylaws.

Modifies Section 59(2) to change "rating categories" to "investment grades" when describing municipal securities rating requirements.