Illinois has signed two agreements to allow its state-chartered credit unions operate out of state.
Officials with the Illinois Department of Financial and Professional Regulation have signed both the 2015 Nationwide Cooperative Agreement for the Supervision of State Chartered Credit Unions and the Southeastern Regional Cooperative Interstate Agreement for the Supervision of State Chartered Credit Unions.
The agreements are designed to promote fair commerce among state-chartered credit unions, based on reciprocity; and to encourage ongoing communications among the industry and regulators, to allow state-chartered credit unions to compete on a level playing field.
"With this agreement, Illinois eases procedural impediments for our credit unions when interstate commerce is a sensible option," Bryan Schneider, the department's secretary, said in a news release.
The Nationwide agreement includes Idaho, Illinois, Indiana, Kentucky, Michigan, Ohio, Oregon, Washington, West Virginia and Wisconsin . The Southeastern agreement includes Alabama, Florida, Georgia, Illinois, Mississippi, Missouri, North Carolina and Tennessee.