Wisconsin CU League News Release - 2/16/12

Bill to increase credit unions’ donation limit for first time in 40 years passes state Legislature

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Christine Henzig
Director of Communications
(262) 549-0200, Ext. 6019
chenzig@theleague.coop

Madison, WI - At the request of credit unions, the State Assembly has passed Senate Bill 356 (SB 356), that will allow credit unions to double their financial support for charitable and community organizations. As it was in the Senate, it was adopted with no dissenting votes.

SB 356 increases credit unions’ charitable giving limit, set in 1971 at 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 of 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.

Credit unions’ social responsibility is detailed in the 2011 REAL Solutions Scorecard for Wisconsin Credit Unions.

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