Wisconsin credit unions are backing legislation that would make it easier for all people in the state to join their institutions.
The legislation, which was developed by two state credit union trade groups, has been introduced to both houses of the state Legislature.
The two bills, which are identical, would also allow credit unions to form shared service centers and offer new services.
Catching Up
Charles W. Sullivan, president of the Wisconsin Credit Union League, said the changes would bring the state's statute in line with those of other states.
Also, much of the statute is antiquated and needs to be changed, he said.
"Some of the language dates back to the '30s," Mr. Sullivan said.
The proposals would give credit union boards the power to define who in a member's family will be allowed to join. Currently, only immediate family members are eligible.
The measures also would make it easier for credit unions to serve multicounty regions.
Bankers Opposed
In addition, the proposals would allow credit unions to form shared service centers, in which different credit unions jointly use a branch, and offer services such as debit cards.
Bankers groups in Wisconsin oppose the proposals.
"I think credit unions definitely have a role, but this goes far beyond fair competition," said Harry J. Argue, executive director of Madison-based Wisconsin Bankers Association.
Mr. Argue said he did support updating the language in the statute.
Since 1988, the credit union league and the Wisconsin Federation of Cooperatives have worked on the revisions.
Bipartisan Support
"We spent a lot of time talking to credit unions, seeking input, and getting ideas of what kinds of changes needed to be made." Mr. Sullivan said.
The state Assembly held hearings earlier this month and the state Senate has scheduled a hearing for Jan. 12.
The legislation has received bipartisan support, with 10 state senators and 28 state representatives signing on as authors of the bills.
