Friday, October 27, 2017

Illinois CU Regulator Orders Business to Stop Using Term "Credit Union"

The Illinois Division of Financial Institution ordered 1st Provision Credit Union to cease and desist from transacting business and using the term "credit union' or any abbreviation thereof.

According to 1st Provision's website, the business is located in Ottawa, Illinois and describes itself as a credit union.

The state regulator found that as of October 13 the entity was neither chartered by the National Credit Union Administration nor the state of Illinois.

Read the cease and desist order.
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