MADISON, Wis. (4/17/14)--Wisconsin Gov. Scott Walker signed a package of credit union regulatory reforms into law Wednesday--action that will ease regulatory burden for the state's credit unions and remove barriers they face when serving their memberships.
Senate Bill 520 will modify a dozen credit union regulations, including those concerning permitted investments and incidental powers.
"We applaud the Legislature for passing and the governor for signing these common-sense reforms that let credit unions spend less time unraveling regulatory requirements and more time providing consumers and communities with services that have consistently earned them recognition for their social responsibility," said Brett Thompson, president/CEO of the Wisconsin Credit Union League (WCUL).
The bill, developed by credit union leaders and lawmakers in the state, including lead authors in the Assembly Rep. Dave Craig (R-Big Bend) and Gordon Hintz (D-Oshkosh), unanimously passed in both the Senate and Assembly.
The law also was crafted with the help of both the director of the Office of Credit Unions and staff from the WCUL.
"Wisconsin's lawmakers and the governor have again shown that they understand, appreciate and support credit unions across the state by adopting reforms that facilitate credit unions' continued service to their 2.4 million member-owners," said Tom Liebe, league vice president of governmental affairs.
The legislation was initiated through dialogue held in the State Assembly Financial Institutions Committee's "Right to Rules" review process.
State credit union leaders have called development of the law a case-study in good-faith public/private collaboration, according to a WCUL press release.