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News Now

CU System
Wisconsin lawmakers adjourn for year minus CRA-type bill
PEWAUKEE, Wis. (3/18/08)--Wisconsin legislators Thursday adjourned for the year without acting on a bill introduced last month that would require state-chartered credit unions to prove they serve people of modest incomes. The bill, supported by the Wisconsin Bankers Association, would have placed requirements on state-chartered credit unions with more than $100 million in assets. The requirements would have been similar to those contained in the Community Reinvestment Act (CRA). The league has argued that the bill would burden credit unions with costly and unnecessary regulation. “Looking at the many REAL Solutions programs our credit unions are engaged in, it’s clear they meet this requirement every day, all across the state,” Tom Liebe, vice president of governmental affairs at the Wisconsin Credit Union League, told News Now. During a state Assembly Committee on Financial Institutions, league staff reminded committee members that a reading of Wisconsin law reveals that a credit union exists to “encourage thrift among its members, create a source of fair credit at a fair and reasonable cost, and provide an opportunity for its members to improve their economic and social conditions.” “Introduction of the bill certainly makes clear the need for credit unions to continue to stand up and tell decision makers their unique and meaningful stories of service to members and communities,” Liebe said.
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