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Illinois Legislative Day focuses on CU Act updates
NAPERVILLE, Ill. (5/20/08)--A record 130 credit union advocates focused on legislative issues such as updates to the Illinois Credit Union Act during the Illinois Credit Union League's annual Legislative Day recently. The updates bill, H.B. 4461, passed the state House during the day's events. The bill would authorize state-chartered credit unions to:
* Use Generally Accepted Accounting Principles (GAAP) for loan loss accounting, subject to an external auditor determination that the time period is in accordance with GAAP; * Provide these limited services for people eligible for membership but who aren't members of the credit union: issuance of negotiable checks (including traveler's checks), money orders and similar money transfer instruments, including electronic fund transfers; and the ability to cash checks and money orders, and receive electronic fund transfers for a fee; * Participate in the no-down-payment Housing and Community Facilities Programs established by the U.S. Department of Agriculture.
Robert Meza, recently appointed as the new director of the Illinois Division of Financial Institutions, addressed attendees at the Illinois Credit Union League's annual Legislative Day recently. (Photo provided by the Illinois Credit Union League)
At the Legislative Day event, Paul LaVota, Missouri state representative and lecturer on advocacy, spoke about "How to speak so politicians will listen." He presented a similar session at ICUL's chapter legislative forum representatives at a dialogue session prior to the conference. Recently confirmed director of the Illinois Division of Financial Institutions Robert Meza took the opportunity to introduce himself to participants. He also spoke at ICUL's annual convention last month. League lobbyist Richard Lockhart, founder of Social Engineering Associates, was honored for 50 years of service on the floor of the Illinois General Assembly via H.R. 1021 on April 2 and with a resolution by the ICUL board on March 13. Lockhart has represented the league for 32 years and was instrumental in forming the Credit Union Political Action Council in 1976 and structuring Illinois credit unions' grassroots lobbying system. He also assisted with the recodification of the Illinois Credit Union Act in 1979 and field-of-membership expansion legislation for community chartered credit unions in 1985. More than 60 lawmakers from both sides of the aisle and other dignitaries attended the event's legislative reception. The Illinois General Assembly is scheduled to conclude its Spring legislative session on May 29.


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