MADISON, Wis. – The Wisconsin State Senate yesterday unanimously approved a bill that would double the amount a state chartered credit union may give to charities and community organizations.
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The current law limits charitable giving to 0.5% of regular reserves within one year. The bill would double that to 1%.
“Wisconsin’s member-owned financial institutions are vested in and committed to making significant contributions to the communities they serve,” said Brett Thompson, president of the Wisconsin CU League. “Increasing the amount they can give to charitable and community causes will ensure they can continue to do so long into the future.”
The measure must now be approved by the state Assembly.
