Division Overview

Credit Union Section

For decades, an important financial institution for many working families was the neighborhood credit union. Serving as both a depository and a loan office, the credit union provided a means of saving for retirement, a college education or a rainy day, as well as, loans for a home, new car or dream vacation.

Today, credit unions are either federally chartered or chartered by their individual state governments.

In 1953 the Illinois General Assembly passed the Credit Union Act in order to safeguard the deposits of Illinois citizens. This statute, together with subsequent amendments, requires the Department to annually examine each credit union’s financial condition to determine whether it is in compliance with the Act, the adopted rules and regulations, and all applicable State laws.

The Department utilizes the C.A.M.E.L. (Capital Adequacy, Asset Quality, Management, Earnings, and Liquidity) rating system as a primary tool in the regulation of all state-chartered credit unions. This rating system together with the A.I.R.E.S. (Automated, Integrated, Regulatory, Examination and System) examination format is used to maintain consistency with our federal counterpart.

Proactive supervision and examinations ensure that the Credit Union Section maintains a credible, responsive and sound regulatory environment for all credit union depositors within the State of Illinois.

Information regarding Proof of Claim Forms mailed May 16

List of chartered credit unions.

To learn more, telephone or write:

• Division of Financial Institutions
  Credit Union Section
  122 S. Michigan Ave, 19th Floor
  Chicago, Illinois 60603
  312/814-2010
  or
  
• 320 W. Washington
  Springfield, Illinois 62786
  217/782-2834
• Toll Free 1-877-239-2277
• Email:FPR.CreditUnion@illinois.gov