MADISON, Wis. (4/4/12)--Wisconsin Gov. Scott Walker has signed legislation that will allow credit unions to continue to expand support for their communities.
The bills signed into law include:
- Charitable Contributions (SB 356): This law will allow credit unions to further support their communities by doubling the amount a credit union can contribute to charitable organizations annually. Credit unions can now make annual donations up to 1% of their regular reserves. Wisconsin credit unions support close to 3,000 charities and programs with hundreds of thousands of dollars of monetary, in-kind and volunteer support annually.
- Public Deposits (SB 308): This law allows public entities to use a new service in placing their deposits at credit unions and other depository institutions.
- Uniform Commercial Code (SB 416): This law updates technical language relating to secured account transactions. The new law harmonizes how secured transactions are processed so that Wisconsin credit unions are on par with financial institutions in other states.
"Wisconsin's member-owned financial institutions are vested in and committed to making significant contributions to the communities they serve," said Brett Thompson, Wisconsin Credit Union League president/CEO.
"These new laws help credit unions continue to provide top notch service to their 2.2 million members in communities across the state. We appreciate the strong bi-partisan support for these measures from the state Senate, Assembly and the Governor in ensuring they became law," he added.