Wisconsin CU League News Release - 4/3/12
Governor signs three pieces of legislation that deepen credit
unions’ role in their communities
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.
| Governor signs three pieces of legislation that deepen credit unions’ role in their communities |
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