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News Now

CU System
Wisconsin amendment has CRA reports from large CUs
MADISON, Wis. (3/5/08)--A banker-backed amendment singling out "large, nontraditional Wisconsin credit unions" as targets for requirements to document their efforts in serving lower-income populations has been introduced in the Wisconsin legislature. The Wisconsin Credit Union League was preparing a response at News Now's press time. The amendment exempts credit unions with $100 million or less in assets--roughly 85% of Wisconsin credit unions--from the community reinvestment requirements that were included in Assembly Bill (AB) 897, recently introduced by Rep. Mark Gottlieb (R-Port Washington). The remaining credit unions would be required to document their activities, the Wisconsin Bankers Association said in a press release. The rest of the press release was filled with the banker rhetoric against credit unions and their tax-exempt status as member-owned, democratically controlled cooperatives. For the full release and for more information on the original bill, use the resource links.
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