To Convert To or Add a Community Charter

The following must be submitted to the Division of Financial Institutions (DFI) - Credit Union Section for review and approval:

1. Letters of support from prominent community organizations, associations, or employer groups in the proposed field of membership to show that support exists for the expansion or addition of, or conversion to, a community field of membership;
2. A map and written description of the boundaries. We request the boundaries to be identified by political subdivisions such as counties, cities, or towns and to include the current population of the geographical area. If the credit union wishes to describe boundaries within a political subdivision, please contact the Department to discuss;
3. The rationale behind the selection of the desired geographical area;
4. A comparison of the Credit Union's rates and services with those of other financial institutions in the geographical area desired;
5. Plans developed to demonstrate service can be provided to the community comprised of the potential field of membership, detailing how such service will be provided (e.g., through utilization of branch offices, mobile office, on-site representative, etc.), and how such service will be marketed; and
6. Evidence supporting the proposal as economically feasible and advisable, taking into consideration the costs associated with fully serving the population of the desired geographical area.

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

• Email: FPR.CreditUnion@illinois.gov (preferred)
• Fax: 217-557-8461
• Mail:

        IDFPR
        ATTN: Credit Union Section
        320 West Washington Street, 2^nd Floor
        Springfield, IL 62786

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Once items 1 – 6 have been obtained, a letter of request must be submitted via email (preferred), fax, or mailed to the DFI Credit Union Section. Designated staff will review the request and if approved, the amendment forms will be forwarded to the Credit Union.

After receiving preliminary approval by the DFI – Credit Union Section:

        a)      The Credit Union’s Board of Directors will need to hold a vote at either a regular or special meeting, or by membership at either the annual meeting or special meeting of the members to officially include the community charter into the field of membership.

        b)      The Credit Union must  submit the completed amendment forms to the Credit Union Section.

        c)      Upon receipt, the DFI Credit Union Section will forward the amendment forms to a designated staff for signature and final approval.

        d)      Once final approval has been obtained, the bylaw amendment documents will be sent back via email to the Credit Union along with an invoice for the processing fee (per Section 190.50 – Fees, of the Rules and Regulations).

Please review to ensure that the Article and Section number aligns and the proposed amendment is otherwise consistent with the credit union’s bylaws. 

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.