CU meeting with state economic development corp. postponed

A meeting of Wisconsin credit unions and and the Wisconsin Economic Development Corporation (WEDC) that had been slated for July has been postponed.

The meeting, which will be rescheduled, will look at ways to make Wisconsin's financial industry a more competitive and robust sector of the state economy. The WEDC is the state's leading economic development entity that was created by Governor Scott Walker's special session on jobs and replaced the Department of Commerce in July 2011.

As part of the meeting, credit unions will receive an update on the organization’s plans and progress, share insights affecting the financial services industry, and explore the formation of a financial services consortium. The consortium would ask financial professionals to advise on financial services issues and remain involved in the communication process by which Wisconsin’s schools and universities, skilled labor pool, producers, and customers come together.

"Effectively, it would help keep credit unions plugged into state policymaking as a means of stimulating economic growth," said Brett Thompson, League President & CEO.

The dialog with WEDC will discuss issues that affect credit unions' contribution to the state's economic engine, including but not limited to employee education, training, recruitment and retention.

Credit unions are a vital part of the state economy, paying millions in taxes annually while providing financial services through a cooperative structure. This member-ownership returned $201 million to 2.2 million Wisconsin citizens in 2011 via higher interest on savings, lower loan rates and lower or fewer fees. Bank customers saved $66 million in 2011 because of credit union competition. Credit unions employ more than 7,413 full- and part-time staff with an annual payroll of $278.6 million. They spent $581 million locally in 2011.

The League will announce a new date for the meeting as soon as it has been determined. Contact Sarah Wainscott at (608) 514-0086 if you have any questions.