Illinois Department of Financial and Professional Regulation issues questions and answers to credit unions regarding Covid-19

State Issues State Regulators Illinois Credit Union Covid-19

On March 30, the Illinois Department of Financial and Professional Regulation (Department) issued questions and answers to credit unions related to Covid-19 safety concerns. The guidance provides responses to questions regarding, among other things, receiving extensions for annual meetings, holding annual meetings by teleconference or other communications equipment, whether prior approval from the Department is required to close branches or lobbies, and whether the Department needs to approve any concessions, such as payroll interruption loans, extension, or deferments.