Monday, February 4, 2013

Three Strikes, You're Out, Maybe?

The Director of the Division of Financial Institutions for the Illinois Department of Financial & Professional Regulation suspended the operations of Bagumbayan Credit Union of Chicago for the third time in 2012 because the credit union was operating in an unsafe and unsound manner.

The first suspension order was issued on July 26, 2012. The second order issued on September 21, 2012. The third order was issued on November 21, 2012.

This means the operations of the credit union have been effectively suspended for six months.

In baseball, the batter is out after three strikes.

How many strikes is the Illinois regulator going to give this credit union before liquidating or involuntarily merging the credit union?
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