MADISON, Wis. (2/21/12)--The Wisconsin State Assembly--at the request of credit unions in the state--has passed Senate Bill 356, which will allow credit unions to double their financial support for charitable and community organizations.
As was the case in the Senate, the bill was adopted with no dissenting votes, said the Wisconsin Credit Union League.
SB 356 increases credit unions' charitable giving limit, set in 1971 at 0.5%, to 1% of regular reserves. The State Senate passed the bill late last month.
"Wisconsin's member-owned financial institutions are socially responsible, [and] vested in and committed to making significant contributions to the communities they serve," said league President/CEO Brett Thompson.
Authors of the proposal are State Sen. Glen Grothman (R-20) and State Rep. Dale Kooyenga (R-14). The bill had more than 30 co-sponsors, he said.
Wisconsin credit unions support nearly 3,000 charities and programs, with hundreds of thousands of dollars of monetary, in-kind and volunteer support annually. That support is in addition to the more than $200 million that credit unions saved their member-owners in the form of lower rates on loans, higher rates on savings and lower and fewer fees for financial services in 2011.
Credit unions' social responsibility is detailed in the 2011 REAL Solutions Scorecard for Wisconsin Credit Unions. Use the link.