CU Times reports that Illinois credit unions will get a financial boost from a $1.25 million payback from the state on overpayment of regulatory fees during the administration of former Governor Rod Blagojevich. The funds result from a 2008 court settlement on the jailed governor’s attempt to seize credit union and bank examiner fees and sweep them into a state general fund, a procedure financial institutions charged as illegal. The $1.25 million payback is slightly less than the total 2011 fourth quarter billing to credit unions for regulatory fees.
Under the court ordered settlement, state-chartered credit unions received a cash payment from the State in June 2009 of approximately $6.2 million. It represented overpayment in regulatory fees made under the Blagojevich Administration’s fee escalation and transfer sweep arrangement used in 2004 through 2006.
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