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SPRINGFIELD - The National Credit Union Administration (NCUA) Board recently approved a request from the Illinois Department of Financial and Professional Regulation (IDFPR) to revise its member business lending rule to provide uniformity with NCUA’s own rule (Part 723), which was approved by the Board at its February 2016 open meeting.

Under NCUA’s member business lending rule, states that wish to have their own versions of that rule must receive Board approval. The agency’s Board unanimously approved Illinois’ member business loan rule on June 20, 2013.

The Illinois member business lending rule, available online here, becomes effective May 1, 2017 and will apply to both federally insured and privately insured credit unions chartered in the state.

Make sure you stay current on the statewide regulation of banks, financial institutions, and over 1 million licensed professionals!

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