HB2785 amends the Illinois Credit Union Act to modify financial record disclosure rules and merger procedures for credit unions.
HB2785 amends the Illinois Credit Union Act to allow credit unions to disclose financial records to certain persons under specific conditions, such as when a member authorizes disclosure or when required by law. It also modifies merger procedures, allowing mergers to proceed without certain member vote and notice requirements if supervisory concerns exist and the boards of directors agree. The bill further adjusts audit requirements for credit unions based on asset size and allows for expedited mergers in certain situations.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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