SB1994

SB1994 amends the Illinois Credit Union Act to modify financial record disclosure rules and merger procedures for credit unions.

SB1994 amends the Illinois Credit Union Act to allow credit unions to disclose financial records to certain persons if there is suspicion of financial exploitation of elderly or disabled members. It also modifies the process for credit union mergers, allowing mergers to proceed without certain member voting and notice requirements if supervisory concerns exist. The bill further outlines specific circumstances under which credit unions can disclose financial records, including to law enforcement, for regulatory purposes, and to prevent fraud.