Mitt Romney’s victory in Wisconsin’s presidential primary Tuesday may have been a top news headliner but for credit unions so was Gov. Scott Walker signing three key bills on charities, public funds and the Uniform Commercial Code.
The Wisconsin Credit Union League contended that easy passage of the bills and their enactment demonstrates the industry’s new legislative muscle and a positive sign in the fight over member business lending in Congress.
“One bill, doubling the amount credit unions can contribute to a charity from 0.5% to 1% of regular reserves, passed the state Senate unanimously and that in itself is no small achievement even though this may not be earth-shattering legislation,” said Tom Liebe, the league’s vice president of governmental affairs.
Meanwhile, the new public funds law sets up a new framework allowing public entities to use syndicated services in placing deposits in credit unions, a service not previously available.
Liebe pointed out that credit unions are already empowered to receive municipal funds. “We recognize that considering liquidity conditions in the current rate environment, many credit unions are not looking for such funds now, but we want to be ready in the future when they may want them,” Liebe said.
The third bill Walker signed is an update of the Uniform Commercial Code. The new law harmonizes how secured transactions are processed, putting Wisconsin credit unions are on par with financial institutions in other states, the league said.
All three bills become effective 90 days after the governor’s signing.