Wis. Gov. Walker signs CU modernization bill
PEWAUKEE, Wis. (4/4/16)--Wisconsin Gov. Scott Walker signed into law legislation that streamlines, clarifies and makes more transparent the regulations affecting 150 state-chartered credit unions.
"We thank the governor for his support of the law and look forward to working with him and the Legislature on future efforts that support credit unions and their 2.7 million member-owners," said Brett Thompson, Wisconsin Credit Union League president/CEO..
On hand for the bill signing March 30 were the bill’s lead author, state Assembly Financial Institutions Committee Chair Rep. Dave Craig (R-Town of Vernon) and Senate author Sen. Rick Gudex (R-Fond du Lac).
The legislation--AB807/SB 690--updates portions of the state statute relating to credit unions, Chapter 186, and related provisions of administrative code. The legislation was unanimously approved by the Wisconsin Legislature.
- Removes the 5% cap on fixed assets for state credit unions to align with the federal rules;
- Allows credit unions to extend preferential loan rates to loan officers, previously not permitted as they were considered “officials;
- Replaces an approval process for new or relocated ATMs with a notification process;
- Gives the regulator the discretion to accept a federal examination for purposes of satisfying the 18-month exam requirement;
- Allows credit unions to establish the amount of charitable contributions they make;
- Addresses the ramifications of a director's conflict of interest; and
- Creates the right of members to gain access to non-confidential credit union records.
"This is a common-sense law that benefits our state's citizens, families and communities," Thompson said.