The state of Illinois announced on October 5 that it was amending the suspension order for St. Elizabeth Credit Union (Chicago, IL).
The Illinois Division of Financial Institutions suspended the operations for the tiny credit union for an additional 60 days.
The amended order cited numerous compliance deficiencies at the credit union.
For example, the credit union's point of contact(s) did not log in to the Financial Crime Enforcement Network's (FinCEN) Secure Information Sharing System. The point of contact(s) ignored biweekly notifications sent by FinCEN.
The amended suspension order also cited the credit union for not developing a policy to provide the necessary training for directors and committees to assist with their credit union duties.
Additionally, there was no Financial Elder Abuse of the Board's Vice Chairperson and transitioning manager of the credit union in the last three years.
The initial suspension order was issued on August 9.
Read the amended suspension order.
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