MADISON, Wis. — The Wisconsin Credit Union League Friday threw cold water on a banker-backed Community Reinvestment Act bill introduced in the state Assembly this week as a desperate maneuver "which has no chance of passage this session and they know it."
Minimizing the impact of the future of the bill introudced by a Port Washington Republican and drafted by the Wisconsin Bankers Association, league officials chided the banker group for "shopping" for lawmakers willing to sign on to the proposed legislation which would impose CRA-type rules on CUs.
"You'll notice this bill has only a single author and there is one week to go in the session," said Tom Liebe, vice president of government affairs for the league. The bill which also contains language opening up CUs to convert to mutual banks was introduced by Rep. Mark Gottlieb.
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In a press release, the Wisconsin BA said CRA rules were needed to apply to CUs because they have abandoned low income and minority consumers. A spokesman for the Wisconsin BA said it would "not be surprised if our bill does not set a trend" for other state bankers associations.
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