Removing Barriers Blog

Wisconsin Credit Union League Helps to Advance Financial Literacy and Savings Bills
Posted December 04, 2017 by CUNA Advocacy

Last week the Wisconsin Credit Union League successfully advocated for the passage of bills permitting prize-linked savings raffles and requiring financial literacy standards in schools. The bills passed both chambers unanimously and were signed by Governor Walker.

The prize-linked savings measure, AB 283/SB 213, permits credit unions and other financial institutions to offer prize-linked savings accounts. In these programs, a consumer makes a deposit into a qualified savings account and in doing so is entered into a prize drawing, thus rewarding the individual for saving. Wisconsin becomes the 23rd state to authorize such programs. WCUL will now consider pursuing a statewide prize linked savings program.  

With AB 280/ SB 212, school boards will be required to adopt financial literacy standards and curriculum for students in grades K-12.  Credit unions have a longstanding tradition of supporting, and also providing meaningful financial education. For nearly two decades Wisconsin credit unions have offered in-school credit union branches (now there are over 100). Credit unions also present financial education in classes, provide free teaching materials, staff interactive reality fairs and sponsor teachers’ continued financial learning.