SB3113

SB3113 amends the Illinois Credit Union Act to modify meeting procedures, investment guidelines, and digital asset services for credit unions.

SB3113 amends the Illinois Credit Union Act by altering the procedures for meetings of credit union directors and members. It mandates that the board of directors and the executive committee meet at least monthly and quarterly, respectively. The act of a majority of the directors present at a meeting constitutes the act of the board, and the chairman's signature on the minutes does not signify approval. The bill also updates investment guidelines, allowing credit unions to invest in digital assets, financial technology companies, and other financial institutions under specific conditions.