At the request of Wisconsin's credit unions, the state assembly has passed a Senate bill that will allow credit unions to double their financial support for charitable and community organizations.
According to the Wisconsin Credit Union League, Senate bill 356 increases credit unions' charitable giving limit, set in 1971 at one half of 1%, to a full 1% of regular reserves.
WCUL President/CEO Brett Thompson said he is grateful to the authors of the proposal, Sen. Glen Grothman (R-West Bend) and Rep. Dale Kooyenga (R-Brookfield), and its more than 30 cosponsors.
Wisconsin credit unions support close to 3,000 charities and programs with hundreds of thousands of dollars of monetary, in-kind and volunteer support annually, according to the league.
That support is in addition to the more than $200 million 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, the league noted.
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