The League's Government Affairs Committee member and AVP-Business Development Jeremiah DeGollon, of Summit Credit Union stood behind Governor Walker during the bill signing for the Savings Promotion Act along with (just right of him) League President & CEO Brett Thompson, League VP of Government Affairs Sarah Wainscott, League Government Affairs Specialist Andrea Gugel, and other banking industry representatives.
Wisconsin credit union Activists' impact has helped enact law to help enhance financial education and saving opportunities for Wisconsinites.
Governor Scott Walker has signed into law two credit union-supported bills:
AB 283 / SB 213 - The Savings Promotion Act
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. Five-figure grand prizes have been typical, with some programs offering six- and even seven-figure jackpots. 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. Similar programs are available in at least 10 other states. The League's Government Affairs Committee has recommended that The League Board consider developing a statewide program.
AB 280 / SB 212 - Financial Literacy
This legislation - also passed unanimously by both legislative chambers - requires school boards to adopt financial literacy standards and curriculum for students in grades K-12. Support from Wisconsin credit unions has already helped a significant number of Wisconsin schools to adopt their own financial education requirements for graduation. This new law may encourage additional schools to seek partnerships to fulfill the statewide requirement. Be sure to reach out to schools in your area, and if you'd like ideas from other credit unions, reach out to peers through The League's online discussion platform, commUNITY.
The League, Filene Research Institute and Activists testified in support of both measures earlier in 2017.
The bills were signed into law November 27, 2017 and November 30, 2017, respectively.
Activists' support for both measures stems from The League's Legislative Guiding Principles - which are affirmed by credit union representatives on our Government Affairs Committee.
YOU can keep this valuable momentum going! Be sure you're signed on as an Activist and come to The League's annual State Government Affairs Conference.
Attending the signing of the bill requiring financial education were (L to R) League Government Affairs Specialist Andrea Gugel; Summit Credit Union representatives Jeremiah DeGollon, SVP - Marketing Chris Schell and President/CEO Kim Sponem; League President & CEO Brett Thompson; Royal Credit Union Director of Public Affairs & Financial Education Jennifer McHugh; and League VP of Government Affairs Sarah Wainscott.