State regulatory reform removes barriers to Wisconsin credit unions' success
Removing barriers that impede their success is key to credit uions' national "Unite for Good" strategy for growth. Wisconsin credit unions' latest achievement in doing so came the week of The League's Government Affairs Conference (GAC) in Madison, as the state legislature approved the largest state regulatory reforms for credit unions in more than a decade. They now move on to the Governor for his consideration.
The changes update out-of-date, contradictory or simply unnecessary notations, phrases or sections of the code.
While no single change in the bills may be pivotal in and of itself, passage of this package will yield regulatory improvements and operational changes reducing a small portion of the regulatory burden on state credit unions.
This legislation—whose primary authors are Rep. Dave Craig (R-Bend) and Senator Frank Lasee (R-Belleview)—was initiated as part of the State Assembly Financial Institutions Committee’s ‘Right the Rules’ effort.
Work on these bills began early last summer and represents an agreed-upon proposal between The League, key lawmakers, the Office of Credit Unions and the Department of Financial Institutions.
The bills passed through committee on unanimous, bi-partisan votes.
If you have any questions, please contact Tom Liebe, VP of Government Affairs, at (608) 514-0082.
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.