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Compliance Compass: state regulatory & statutory changes remove barriers for credit unions

 

Barriers to credit unions' success were removed this year with amendments to several Wisconsin Office of Credit Unions (OCU) regulations and state statutes. The changes—which replaced or eliminated out-of-date, contradictory or simply unnecessary parts of various regulations and statutes—will reduce compliance burdens by giving state-chartered credit unions clearer regulations and more flexibility. 

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Paul Guttormsson

 

The changes affect about a dozen areas, including:

 

  • Repealing Wisconsin laws that overlapped and conflicted with federal rules on participation lending;

 

  • Creating a new section in the state credit union statutes that will clarify which federal credit unions powers are available to state-chartered credit unions;

 

  • Making several changes to record retention and destruction rules for Wisconsin credit unions; and

 

  • Increasing the amount that a credit union may invest in securities issued by any one individual institution without prior Office of Credit Unions approval.

 

For details, see The League’s April 30 Compliance Courier.

 

As always, if you have any questions, please contact me at (262) 408-6009.

 


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The Unite for Good effort is an internal growth strategy developed by CUNA in conjunction with its Board, state leagues, credit unions and system partners. The plan's action steps – to remove barriers, increase awareness and foster service excellence–are aimed at helping more credit unions become their members' primary financial institution by compelling members to see credit unions as their best financial partner. Read more articles in our Unite for Good series.

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