Wisconsin CU League News Release - 4/3/12

Governor signs three pieces of legislation that deepen credit unions’ role in their communities

Additional resources

View the online version of the Scorecard

Media contact

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

Madison, WI - Governor Scott Walker has signed legislation that will allow credit unions to continue to expand support for their communities. The bills signed into law include:

Charitable Contributions (SB 356): This law will allow credit unions to further support their communities by doubling the amount a credit union can contribute to charitable organizations in a year. Credit unions can now make annual donations up to one percent of their regular reserves. 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.

Public Deposits (SB 308): This law allows public entities to use a new service in placing their deposits at credit unions and other depository institutions.

Uniform Commercial Code (SB 416): This law updates technical language relating to secured account transactions. The new law harmonizes how secured transactions are processed so that Wisconsin credit unions are on par with financial institutions in other states.

“Wisconsin's member-owned financial institutions are vested in and committed to making significant contributions to the communities they serve,” said League President & CEO Brett Thompson. “These new laws help credit unions continue to provide top notch service to their 2.2 million members in communities across the state. We appreciate the strong bi-partisan support for these measures from the state Senate, Assembly and the Governor in ensuring they became law.”

“As co-ops that exist to serve our member-owners, we appreciate that Wisconsin lawmakers recognize how vital credit unions’ contributions are to the strength of their communities,” said Michele Lehmann, President of St. Mary’s & Affiliates Credit Union. “Enabling credit unions to be even more responsive to local needs and offer improved service makes our state a better place to live.”

Credit unions returned $200 million to Wisconsin consumers in 2011. Read more about their social responsibility in the REAL Solutions Scorecard for Wisconsin Credit Unions at www.theleague.coop/scorecard.

Credit unions are cooperative financial institutions that are owned by their members and do not have stockholders. Because they are not-for-profit, they return earnings to members in the form of more competitive rates of return on accounts, lower interest on loans, lower fees and improved services. Around 2.2 million Wisconsin residents belong to credit unions, of which nearly half are open to the local community. Find a credit union to join by visiting www.asmarterchoice.org.