Gov. Scott Walker today signed Senate Bill 520, a package of regulatory changes that apply to credit unions statewide.
The bill makes changes to several rules the Department of Financial Institutions enforces in relation to credit unions. They include permitted investments, incidental powers and the acquisition of interest in credit sales transactions. The bipartisan legislation was authored by Rep. Dave Craig (R-Big Bend) and Rep. Gordon Hintz (D-Oshkosh).
“The overall regulatory burden – what some describe as a crisis of creeping complexity – is generally accepted as perhaps the single biggest challenge to Wisconsin’s member-owned credit unions today,” said Tom Liebe, vice president of government affairs at the WCUL. “That’s why introducing and passing a package of proactive, pro-credit union reforms and updates is only half the battle; having them become law is the real end-game for us.”
The Wisconsin Credit Union League reviewed the existing laws related to credit unions with the authors and the director of the Office of Credit Unions. It was passed unanimously by both the Assembly and Senate, and will impact 2.4 million credit union member-owners in Wisconsin.
“Passage of reforms such as this yield regulatory improvements and allow operational changes that provide state credit unions a measure of relief and flexibility going forward,” said Brett Thompson, League president and chief executive officer. “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.”
