How to add or change a Select Employee Group (SEG) or Associational Group (AG) to a credit union's Field of Membership

1.      The Credit Union will need to obtain a letter of support from the SEG or AG, preferably on their company letterhead. The letter of support must be signed by a representative of the SEG or AG.

Per Illinois Credit Union Rule 190.10 Field of Membership Procedures:

All requests to amend the field of membership of a credit union must be in writing and provide sufficient detail to establish conformance with a definition of common bond as specified in Section 1.1 of the Illinois Credit Union Act (the Act) [205 ILCS 305].  At a minimum this detail must include a definition of the common bond, number of individuals and demographics of potential members, and a letter of support from a sponsor organization, association, or employer if applicable.

Demographic analysis can include the study of a population based on factors such as age, race, gender, and other socioeconomic factors. This type of information will also be helpful in understanding the impact in consideration of the Illinois Community Reinvestment Act.

2.      The Credit Union’s Board of Directors will need to vote on a board resolution to accept the new SEG or AG. The Credit Union’s Board of Directors need to be aware of all the bylaw requirements that are set forth  in Section 4 of the Illinois Credit Union Act.

3.      The Credit Union will submit the bylaw amendment request via email to the Division of Financial Institutions (DFI) Credit Union Section at FPR.CreditUnion@illinois.gov along with the letter(s) of support from the SEG or AG.

4.      The request will be presented to the Supervisor of the Credit Union Section for preliminary approval of the SEG or AG. Once preliminary approval is obtained from the Supervisor of the DFI Credit Union Section, the required bylaw amendment documents will be emailed back to the Credit Union.

• Additional information may be requested by the Supervisor of the Credit Union Section during the review of the SEG or AG. If additional information is needed a separate email detailing what is needed will be sent to the Credit Union.

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5.      The Credit Union will fill out the bylaw amendment documents and return the forms by email  to the DFI Credit Union Section.

• The bylaw amendment documents are fillable word documents. There is no need to print off the forms to provide a wet signature.

6.      Once the forms have been received the Credit Union Section will forward the completed bylaw amendment documents to the Supervisor of the Credit Union Section for signature and final approval.

7.      Once the request has been approved by the Supervisor of the Credit Union Section, the bylaw amendment documents will be returned  via email to the Credit Union along with an invoice for the processing fee (per Section 190.50 – Fees, of the Rules and Regulations).  

• There will be a separate charge fee for each SEG or AG added.

8.      The DFI Credit Union Section will maintain an electronic copy of the approved bylaw amendment.

The request can be submitted to the DFI Credit Union Section by:

• Email: FPR.CreditUnion@illinois.gov (preferred method)
• Fax: 217-557-8461
• Or by mail to:

IDFPR

ATTN: Credit Union Section

320 West Washington Street, 2^nd Floor

Springfield, IL 62786

Please further note that the amendment is not effective unless and until approved and signed by a designated employee of the Department.

If you have any questions or need further information, please email: FPR.CreditUnion@Illinois.gov or call the Credit Union Section at (217) 782-2834.