Bill Updating Wisconsin CU Statute Reaches Governor's Desk

MADISON, Wis. – The Wisconsin State Legislature passed a bill, A.B. 2, that modernizes the state’s credit union statute. The bill was been sent to Gov. Jim Doyle and he is expected to sign it in to law. A.B. 2 was introduced in January. It allows state-chartered credit unions to serve more Wisconsin consumers and gives them parity with federal credit unions in key area. Passage of the bill followed debate over a wage lien provision that concerns the right of workers to claim wages owed them by companies filing for bankruptcy. As amended, the bill gives workers priority to collect up to $3,000 ahead of a secured lender, such as a credit union or bank, even if the lien of the secured lender was filed before the wage lien. The bill was passed by the state Senate by a vote of 24 to 9 , and an amended version passed the Assembly by a 64 to 33 vote. Wisconsin Credit Union League President/CEO Brett Thompson applauded “the Legislature, bank and non-bank trade groups, and the Governor and his administration for all their hard work in bringing the interests of some very diverse constituencies together through this bill.” The WCUL represents 300 of the state’s credit unions. -