Jan. 17, 2019

CONTACT: Shelton Roulhac, NASCUS Communications; sroulhac@nascus.org

NASCUS PRESIDENT & CEO LUCY ITO ON THE NCUA BOARD APPROVING
ILLINOIS DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION’S MBL RULE

ARLINGTON, Va. -- Today, the NCUA Board approved revisions to the member business loan rule for Illinois state credit unions by the Illinois Department of Financial and Professional Regulation. States that wish to have their own versions of the rule must receive NCUA Board approval for federally insured credit unions in their states.

“NASCUS applauds the NCUA Board’s approval of the Illinois Department of Financial and Professional Regulation’s adoption of NCUA’s recent member business loan rule (MBL),” said NASCUS President and CEO, Lucy Ito. “The Illinois rule aligns with recent changes to the Federal Credit Union Act by excluding ‘1 to 4 family residential property’ from the definition of commercial loans. MBL and commercial rules are unique, in that, states that wish to have their own rules must have NCUA approval. With today’s unanimous Board vote approving the rule, NCUA agrees that the Illinois rule governs MBL and commercial lending for Illinois federally insured state-chartered credit unions.”

The National Association of State Credit Union Supervisors (NASCUS) is the primary resource and voice of the state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions. NASCUS membership is made up of state-chartered credit unions, state regulators and other supporters of the state credit union system. NASCUS is the only organization dedicated to the defense and promotion of the state credit union charter and the autonomy of state credit union regulatory agencies.