MADISON, Wis. - A historic financial omnibus compromise bill hammered out between credit unions and banks in the state and which had the backing of Gov. Tommy Thompson, has died in the state Senate as a result of a poison pill amendment proposed by the Senate democratic leadership. The state Senate concluded its deliberations for the 1999-2000 legislative session on May 2. The next session convenes in Jan. 2001. In March, the Wisconsin Credit Union League and Wisconsin Bankers Association reached an agreement to combine the league's pending Credit Union Consumer Choice Bill-S.B. 274-with the WBA's Universal Bank Bill-A.B. 563 (CU Times, April 5.) All involved parties considered the omnibus bill "historic" considering the tension that has existed between credit unions and banks in the state. Although the agreement modified and streamlined portions of S.B.274, WCUL President Ron Halvorsen described the deal as "a good bill for the financial services industry and consumers of Wisconsin." The omnibus bill sailed through the Assembly Financial Institutions Committee by a 15-0 vote and the full Assembly on a unanimous voice vote. "Come November, credit union members will be asking their senators why this common-sense package for financial modernization, which received overwhelming bipartisan support in the state Assembly, failed to make it to the Senate floor," said Georgia Maxwell, director of Government Affairs for the Wisconsin Credit Union League. Maxwell said the amendment was "ill-timed and inappropriate" as part of the package. "The bill would have passed without the amendment. We're disappointed the Senate leadership waited until the final hour to bring this issue to the table when there was opportunity to do so in committee. Legislators from both houses were pleased by the compromise bill because they knew consumers would ultimately benefit from it and because it didn't force them to take sides among two powerful constituencies. Unfortunately, passing good public policy took a back seat to individual interests." The Senate Committee on Privacy, E-Commerce and Financial Institutions and the full Senate passed an earlier version of S.B. 274. Now it's back to square one for the league, and Maxwell vows credit unions will keep their efforts alive. "We'll be back next session when hopefully consumers' interests won't be overshadowed by election year politics." -
ekingoff@cutimes.com
