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Conversion Without Representation: Wisconsin Panel Approves Making CU-to-Banks Switch Easier

Badger State legislative panel inserted banker-pushed measure into budget bill without public hearings or debate.

By Claude R. Marx | Updated on May 13, 2011

The Wisconsin Legislature’s Joint Financial Committee on Thursday approved a provision pushed by the banking lobby that would make it easier for credit unions to convert to banks.

Under the provision, state-chartered credit unions there could convert directly to banks, if their members approve, without becoming federally chartered or returning equity to members as is currently required. The provision is part of the budget bill that will fund Wisconsin’s government for the fiscal year beginning on July 1.

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