MADISON, Wis.–The Wisconsin Senate has passed legislation that will streamline, clarify and make more transparent the regulations affecting the state’s 150 state-chartered credit unions, according to the Wisconsin CU League.
“We appreciate the overwhelming support of Wisconsin lawmakers, particularly the bill’s lead author, and Assembly Financial Institutions Committee Chair Rep. Dave Craig (R-Town of Vernon), and Senate author Sen. Rick Gudex,” said League President and CEO Brett Thompson. “Rep. Craig’s leadership and Sen. Gudex's efforts allowed the bill to move smoothly and quickly through the legislature with unanimous, bipartisan support.”
The legislation – AB807/SB 690 – updates portions of the state statute relating to credit unions, Chapter 186, and related provisions of administrative code to:
- Increase the efficiency of state regulatory agencies by eliminating needless tasks
- Clarify important concepts and expectations for the institutions that state regulators examine; and
- Preserve safety and soundness across the state’s financial services industry.
The bill was unanimously approved by the state Assembly in February. It is expected that Governor Walker will sign it into law.