MADISON, Wis. – The Wisconsin State Assembly on Thursday voted unanimously to pass AB 807, legislation sponsored by the Wisconsin CU League that would modernize the state credit union statute, known as Chapter 186, and administrative code provisions relating to credit unions.
In part, the bill would allow the state regulatory office (Office of Credit Unions) to accept a federal examination for the purpose of satisfying the 18-month exam requirement.
The Assembly committee hearing on AB 807 was held Jan. 27. The State Assembly committee passed the bill unanimously on Feb. 3 by a vote of 12-0.
The Wisconsin CU League kicked off at its recent state GAC with a statewide push to support modernization legislation. With the passage of AB 807, the league said it now is asking credit unions in the state to support the Senate counterpart, SB 690.
Wisconsin CUs are being asked to send pre-written, editable emails or phone their state representatives.
According to the WCUL, the bill was crafted collaboratively by the league, its government affairs committee, a study group of credit union presidents and several other stakeholders, including the Office of Credit Unions.
The Wisconsin League said the legislation:
- Replaces a cumbersome approval process for new or relocated ATMs with a notification process,
- Gives the Office of Credit Unions the discretion to accept a federal examination for purposes of satisfying the 18-month exam requirement,
- Allows credit unions to establish the amount of charitable contributions they make,
- Addresses the ramifications of a director’s conflict of interest, and,
- Creates the right of members to gain access to non-confidential credit union records