MADISON, Wis. -- The state Assembly passed a bill yesterday that will allow credit unions to double their financial support for charitable and community organizations, the first time in 40 years the limit has been lifted.
The bill, which already passed the Senate, now goes to the Governor for his signature.
The measure increases credit unions’ charitable giving limit, set in 1971 at 0.5%, to 1% of regular reserves.
“Wisconsin's member-owned financial institutions are socially responsible, vested in and committed to making significant contributions to the communities they serve” said Brett Thompson, president of the Wisconsin CU League, which lobbied for passage of the bill.
Wisconsin credit unions support close to 3,000 charities and programs with hundreds of thousands of dollars of monetary, in-kind and volunteer support annually.
