Section 185.290 Effect of ILCRA Performance on Applications

TITLE 38: FINANCIAL INSTITUTIONS

CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION

PART 185 CREDIT UNION COMMUNITY REINVESTMENT

SECTION 185.290 EFFECT OF ILCRA PERFORMANCE ON APPLICATIONS

Section 185.290  Effect of ILCRA Performance on

Applications

a)         ILCRA

Performance.  Among other factors, the Secretary takes into account the record

of performance under the ILCRA of each applicant credit union in considering an

application for approval of:

1)         The

relocation of the credit union's main office or a branch, but only when express

prior approval is otherwise required under applicable State law of

administrative rule; and

2)         The

merger, consolidation, acquisition of assets, or assumption of liabilities.

b)         New

financial institutions.  A newly chartered credit union shall submit with its

application for a permit to organize a description of how it will meet its

ILCRA objectives. The Secretary takes the description into account in considering

the application and may deny or condition approval on that basis.

c)         Interested parties.  The Secretary takes into

account any views submitted by interested parties in accordance with the public

notice posted pursuant to Section 35-20 of ILCRA.

d)         Denial

or conditional approval of application.  A credit union's record of ILCRA

performance may be the basis for denying or conditioning approval of an application

listed in subsection (a).