Tuesday, June 28, 2011

Charter Choice Becomes Easier In Wisconsin

Wisconsin Gov. Scott Walker (R) on Sunday signed the state budget bill that includes a provision intended to make it easier for credit unions to convert to banks.

The provision will require that a majority of a credit union’s voting members approve a conversion to a bank -- instead of a majority of all the credit union’s members. The measure also will allow credit unions to convert directly to stock-owned banks, bypassing the current intermediate step of converting to mutual savings banks.

The provision had been included in a previous state budget bill; but former Gov. James Doyle (D) vetoed it.

To read the legislative language, click here and go to page 410.
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1 comment:

  1. AnonymousJune 28, 2011 at 4:57 PM

    Now, the interesting thing will be whether or not the FDIC would approve a CU to stock-owned bank conversion.

    ReplyDelete

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