The Illinois Department of Financial and Professional Regulation, Division of Financial Institutions assessed a civil money penalty against SmartChoice Credit Union (Spring Valley, IL) for its failure to take timely remedial action with respect to specific violations.
During a December 31, 2014 exam, a Document of Resolution (DOR) was issued noting that required Financial Crimes Enforcement Network (FinCEN) searches had not been completed.
A follow up contact was completed on April 30, 2015, the issue had not be resolved and another DOR was issued.
During another full exam at the end of 2015, the issue was unresolved.
A 2017 contact with the credit union further noted the issue had not been addressed. Also, the Examiner in Charge obtained evidence from a 2018 FinCEN report that the credit union had not downloaded the reports from FinCEN to complete a search.
The state regulator fined the credit union $1,000 -- the maximum amount permissible for credit unions with less than $10 million in assets.
Read the enforcement order.
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