Removing Barriers Blog

Wisconsin Charter Modernization Nears Enactment
Posted March 18, 2016 by CUNA Advocacy

Legislation that streamlines, clarifies and increases the transparency of regulations affecting Wisconsin’s 150 state-chartered credit unions is awaiting Governor Scott Walker’s signature. After aggressive lobbying by the Wisconsin League, A-807 was unanimously approved by the state Assembly in February and passed the state Senate earlier this week.

Highlights of the legislation include:

  • Removing the 5 % cap on fixed assets for state CUs to align with the federal rules;
  • Permitting loan officers to receive preferential loan rates (previously they were considered "officials" under the Wis. code);
  • Replacing an approval process for new or relocated ATMs with a notification process;
  • Giving the regulator the discretion to accept a federal examination for purposes of satisfying the 18 month exam requirement;
  • Allowing credit unions to establish the amount of charitable contributions they make;
  • Addressing the ramifications of a director's conflict of interest; and
  • Permitting members to gain access to non-confidential credit union records.