Illinois credit unions are about to receive a $6.2 million windfall following resolution of a protracted lawsuit by the Illinois Credit Union League against the administration of former governor Rod Blagojevich.
The $6.2 million payment from the state follows passage of enabling legislation signed Monday by Gov. Patrick Quinn, which clears final roadblocks on the so-called "fee raid" or sweeps on CU and bank examiner fees seized by the Blagojevich administration in 2004 and challenged by financial trade groups in lawsuits.
Under terms of the agreement in the new legislation, CUs will also receive a reduction in their regulatory fee paid to the state going forward, in the aggregate amount of approximately $650,000 per year, said a statement from the Illinois League.
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