State legislature passes bill to double
credit unions’ giving limit
Legislation doubling the limit on credit
unions’ charitable giving passed by the Wisconsin Legislature now
awaits the Governor’s signature to become law. The state Assembly
passed SB 356 on February 16 with no dissenting votes.
The legislation increases credit unions’
charitable giving limit, set in 1971, from one half of one percent to
one percent of regular reserves.
"Wisconsin's member-owned financial
institutions are socially responsible, vested in and committed to making
significant contributions to the communities they serve," said League
President & CEO Brett Thompson. "We’re extremely grateful to
the authors of this proposal, Senator Glen Grothman and Representative
Dale Kooyenga, and its more than 30 cosponsors."
Wisconsin credit unions support close to 3,000
charities and programs with hundreds of thousands of dollars in
monetary, in-kind and volunteer support annually. That support is in
addition to the more than $200 million credit unions saved their
member-owners in the form of lower rates on loans, higher rates
on savings and lower and fewer fees for financial services in 2011.