CREDIT UNIONS-BIENNIAL EXAM

Amends the Illinois Credit Union Act. In provisions concerning reports and examinations, provides that one or more credit unions may be examined less frequently than biennially upon the Secretary of Financial and Professional Regulation's written statement. Provides that the Secretary's written statement shall include a finding that good cause exists; a finding that there is no reasonable expectation that harm to members will result; and, to the extent reasonable under the circumstances, identification of the affected credit unions and the expected frequency of examination. Provides that a written statement made pursuant to the provisions may be superseded by a subsequent statement. Provides that the Secretary is not required to conduct examinations that the Secretary would have been required to conduct but for a written statement. Provides that the written statement shall not be confidential supervisory information except to the extent it names or permits the identification of specific credit unions. Provides that the Secretary may accept an examination from the National Credit Union Administration or a private insurer instead of an examination conducted by the Department of Financial and Professional Regulation or by a public accountant registered by the Department. Provides that upon amendment of a credit union's bylaws (rather than upon amendment of a credit union's bylaws approved by the members), in all elections for directors, every member who is a natural person shall have the right to cast one vote in person, by proxy, or by secure electronic record if approved by the board of directors, for as many persons as there are directors to be elected. Changes a reference from "categories" to "investment grades". Makes other changes. Effective immediately. Senate Floor Amendment No. 1 In provisions concerning reports and examinations, provides that the Secretary may accept an examination from the National Credit Union Administration or a private insurer of share deposits approved by the Secretary (rather than a private insurer) instead of an examination conducted by the Department or by a public accountant registered by the Department. Provides that the Secretary's acceptance of an examination from the National Credit Union Administration or an approved private insurer of share deposits shall only be permitted on an alternating basis with examinations that the Department of Financial and Professional Regulation or a registered public accountant conducts. Removes language providing that one or more credit unions may be examined less frequently upon the Secretary's written statement and that the Secretary's statement shall include specified information. Removes language providing that a Secretary's written statement may be superseded by a subsequent statement, that the Secretary is not required to conduct examinations that the Secretary would have been required to conduct but for a written statement, and that the written statement shall not be confidential supervisory information except to the extent it names or permits the identification of specific credit unions.