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.

The bill passed by the Assembly was also passed with no dissenting votes in the state Senate as credit union Activists attending the League’s state GAC looked on.