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 bi-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.
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Governor's Board of Credit Union Advisors