Pewaukee, Wis. – Wisconsin’s credit unions applaud and thank the State Legislature and Governor for bipartisan legislation signed into law this week. Credit union representatives advocated for both measures, which each passed unanimously.
Governor Scott Walker signed into law:
- AB 280 / SB 212 – Financial Literacy
The bill requires school boards to adopt financial literacy standards and curriculum for students in grades K-12. Credit unions have a longstanding tradition of supporting, and also providing meaningful financial education. For nearly two decades credit unions have offered in-school credit union branches (now there are over 100), going straight to the source to teach regular saving and responsible borrowing. That’s in addition to classroom presentations, free teaching materials, interactive reality fairs that walk students through real-life budgeting and career choices, and sponsoring teachers’ continued financial learning.
- AB 283 / SB 213 – Prize-Linked Savings
The bill permits credit unions and other financial institutions to offer prize-linked savings accounts. In these programs, a consumer makes a deposit into a qualified savings account and in doing so is entered into a prize drawing – rewarding the individual for saving. Since 2009, over $175 million has been saved by 75,000 credit union members nationwide. More than 80% of the people participating nationwide were financially vulnerable and accumulated savings of over $2,400 on average.
“These bills offer new opportunities for Wisconsinites to improve their financial well-being, which is a purpose shared with our 130 state chartered credit unions,” said League President & CEO Brett Thompson. “Wisconsin’s consumers and communities can consider their member-owned, locally-run credit unions dedicated partners in achieving the intent of these forward-thinking laws.”
Read more about credit unions’ social responsibility in the Scorecard at www.theleague.coop/scorecard. Find a credit union to join at aSmarterChoice.org.
Christine Henzig, Director of Communications