360 Degree advocacy is part of the credit union difference

Forty percent of Americans do not have funds on hand to cover an unanticipated financial emergency. Credit unions are there to help that 40% - and others - meet their financial needs and improve their lives.

They are not-for-profit cooperatives created to serve the financial needs of their members. Every American is eligible for membership in a credit union based on a common bond, including employer, religious affiliation, and home or work location. In Illinois, over 250 credit unions serve nearly 3.5 million citizens throughout the state. Credit unions offer many financial products and services to improve the lives of consumers through a "people over profits" philosophy.

The Illinois Credit Union League (ICUL) is the trade association that provides advocacy, education, compliance and resources to help credit unions succeed in a challenging regulatory and competitive environment. Our efforts reach federal and state legislative and regulatory areas as well as the judicial arena. The ICUL team works to enact favorable state laws on behalf of credit unions and their members and push back on legislative proposals that negatively impact the consumers we serve. ICUL's advocacy team is present in Springfield every day of the legislative session to educate lawmakers on how credit unions positively impact the lives of Illinois constituents.

The inauguration of Gov. J.B. Pritzker and a new Democratic supermajority sworn in for the spring 2019 session created a new set of dynamics in the General Assembly. More than 50 new legislators had to quickly become familiar with the many issues facing the state and the major pieces of legislation being proposed.

Over 6,000 bills were filed in Springfield this year, which ICUL reviewed to identify potential impacts on credit unions and their members. In addition to analyzing the egislation, ICUL educated new lawmakers on financial services industry issues, paving the way to a successful spring session for credit unions.

ICUL works every year to improve the Illinois Credit Union Act, as well as other areas of the law that benefit all Illinois consumers. This spring, ICUL initiated HB 2856, mandating the implementation of an electronic lien and title (ELT) system for motor vehicles. This bill, which passed both chambers unanimously, requires that the Illinois Secretary of State must implement an electronic system to replace the current, cumbersome paper system by July 1, 2021. This legislation, modernizing Illinois' vehicle title system, will benefit both consumers and financial institutions by creating a more secure and efficient statewide vehicle titling system. The passage of HB 2856 is just one example of the positive benefit of ICUL's ongoing advocacy efforts, and the impact of our efforts on all Illinois consumers.

ICUL also supported the Illinois Bank On initiative. SB 1332 will create a safer financial landscape for the people of Illinois by directing Illinois consumers to certified financial products and services to reduce reliance on alternative sources that do not offer favorable conditions.

In addition to initiating legislation, each year ICUL identifies bills that would harm credit unions or their members. Often times, legislation is proposed that appears to be consumer friendly, but would have unintended consequences when enacted that would be negative for consumers. ICUL recognizes that the financial health of Illinois residents is critical to a strong economy and so we look for positive ways to modify legislation that would enable credit unions as a strong alternative financial service provider in Illinois.

The Illinois Credit Union League advocates tirelessly on behalf of Illinois credit union member-owners. We also strive to ensure that all Illinois citizens have the option to choose a credit union as an alternative financial service provider. Maintaining a favorable legislative environment through our ongoing advocacy efforts is the key to our future success.

• Tom Kane is the President/CEO of the Illinois Credit Union League, based in Naperville.