AB2, s. 13 15Section 13. 186.11 (4) (a) 1. of the statutes is created to read:
AB2,14,1816 186.11 (4) (a) 1. Are corporations, limited partnerships, limited liability
17companies, or other entities that are permitted under the laws of this state and that
18are approved by the office of credit unions.
AB2, s. 14 19Section 14. 186.11 (4) (b) of the statutes is repealed and recreated to read:
AB2,14,2120 186.11 (4) (b) A credit union service organization under par. (a) may provide
21any of the following services related to the routine daily operations of credit unions:
AB2,14,2422 1. Checking and currency services, check cashing services, money order
23services, savings bond services, traveler's check services, and services regarding the
24purchase and sale of U.S. mint commemorative coins.
AB2,15,4
12. Clerical, professional, and management services, including, but not limited
2to, accounting, courier, credit analysis, facsimile transmission and copying, internal
3credit union audit, locator, management and personnel training and support,
4marketing, research, and supervisory committee audit services.
AB2,15,55 3. Consumer mortgage loan origination services.
AB2,15,96 4. Electronic transaction services, including, but not limited to, remote
7terminal, credit and debit card, data processing, electronic fund transfer, electronic
8income tax filing, payment item processing, wire transfer, and Internet financial
9services.
AB2,15,1310 5. Tax preparation services, services regarding the development and
11administration of individual retirement accounts, Keogh plans, deferred
12compensation plans, and other personnel benefit plans, and financial counseling
13services, including, but not limited to, estate planning.
AB2,15,1614 6. Fixed asset services, including, but not limited to, the management,
15development, sale, or lease of fixed assets and the sale, lease, or servicing of computer
16hardware or software.
AB2,15,1917 7. Insurance brokerage or agency services, including, but not limited to,
18providing vehicle warranty programs, providing group insurance purchasing
19programs, and acting as an agent for the sale of insurance.
AB2,15,2120 8. Services with regard to the leasing of real property owned by the credit union
21service organization or personal property.
AB2,15,2422 9. Loan support services, including, but not limited to, debt collection and loan
23processing, servicing, and sales services and services regarding the sale of
24repossessed collateral.
AB2,16,3
110. Record retention, security, and disaster recovery services, including, but
2not limited to, alarm monitoring, data storage and retrieval, and record storage
3services and providing forms and supplies.
AB2,16,44 11. Securities brokerage services.
AB2,16,55 12. Shared credit union branch operations.
AB2,16,66 13. Student loan origination services.
AB2,16,77 14. Travel agency services.
AB2,16,108 15. Trust and other fiduciary services, including, but not limited to, acting as
9an administrator for prepaid legal services plans or acting as a trustee, guardian,
10conservator, estate administrator, or in any other fiduciary capacity.
AB2,16,1111 16. Real estate brokerage services.
AB2, s. 15 12Section 15. 186.11 (4) (bd) and (bh) of the statutes are created to read:
AB2,16,2113 186.11 (4) (bd) The office of credit unions may expand the list of services under
14par. (b) that are related to the routine daily operations of credit unions. Any service
15approved under this paragraph shall be authorized for all credit union service
16organizations under par. (a). A credit union may file a written request with the office
17of credit unions to exercise its authority under this paragraph and may include,
18along with the request, a description of any proposed service and an explanation of
19how that service is related to the routine daily operations of credit unions. Within
2060 days after receiving a request under this paragraph, the office of credit unions
21shall approve or disapprove the request.
AB2,17,322 (bh) A credit union service organization under par. (a) may provide any service
23described under par. (b) or approved under par. (bd) through an investment by the
24credit union service organization in a third-party service provider. The amount that
25a credit union service organization may invest in a third-party service provider

1under this paragraph may not exceed the amount necessary to obtain the applicable
2services, or a greater amount if necessary for the credit union service organization
3to obtain the services at a reduced cost.
AB2, s. 16 4Section 16. 186.11 (4) (c) of the statutes is amended to read:
AB2,17,65 186.11 (4) (c) A credit union service corporation organization may be subject
6to audit by the office of credit unions.
AB2, s. 17 7Section 17. 186.113 (1) of the statutes is amended to read:
AB2,17,138 186.113 (1) Branch offices. If the need and necessity exist and with With the
9approval of the office of credit unions, establish branch offices inside this state or no
10more than 25 miles
or outside of this state. Permanent records may be maintained
11at branch offices established under this subsection. In this subsection, the term
12"branch office" does not include a remote terminal, a limited services office, or a
13service center.
AB2, s. 18 14Section 18. 186.113 (1m) (a) (intro.) of the statutes is amended to read:
AB2,17,1715 186.113 (1m) (a) (intro.) Establish Before the effective date of this paragraph
16.... [revisor inserts date], establish
limited services offices outside this state to serve
17any member of the credit union if all of the following requirements are met:
AB2, s. 19 18Section 19. 186.113 (6) (b) and (c) of the statutes are amended to read:
AB2,17,2119 186.113 (6) (b) Act as trustees or custodians of member tax deferred retirement
20funds, individual retirement accounts, medical savings accounts, or other employee
21benefit accounts or funds
permitted by federal law to be deposited in a credit union.
AB2,17,2322 (c) Act as a depository for member-deferred member qualified and
23nonqualified deferred
compensation funds as permitted by federal law.
AB2, s. 20 24Section 20. 186.113 (11) of the statutes is renumbered 186.113 (11) (a) and
25amended to read:
AB2,18,1
1186.113 (11) (a) Have Offer deposit accounts to members.
AB2, s. 21 2Section 21. 186.113 (11) (b) of the statutes is created to read:
AB2,18,83 186.113 (11) (b) Offer deposit accounts to any person if the credit union satisfies
4the requirements specified in 12 CFR 701.34 (a) for designation as a low-income
5credit union and files a statement with the office of credit unions agreeing to be bound
6by requirements and conditions that are substantially identical to those imposed by
7the national board and the national credit union administration on federal credit
8unions designated under 12 CFR 701.34 (a).
AB2, s. 22 9Section 22. 186.113 (24) of the statutes is created to read:
AB2,18,1110 186.113 (24) Funeral trusts. Accept deposits made by members for the
11purpose of funding burial agreements by trusts created pursuant to s. 445.125.
AB2, s. 23 12Section 23. 186.113 (25) of the statutes is created to read:
AB2,18,1413 186.113 (25) Sale of insurance products. Sell insurance, annuities, and
14related products.
AB2, s. 24 15Section 24. 186.17 (1) of the statutes is repealed and recreated to read:
AB2,18,1816 186.17 (1) Regular reserves. A credit union shall establish and maintain a
17regular reserve account and shall transfer amounts to the regular reserve account
18as required by the national board.
AB2, s. 25 19Section 25. 186.20 of the statutes is created to read:
AB2,18,22 20186.20 Financial privacy. A credit union shall comply with any applicable
21requirements under 15 USC 6801 to 6803 and any applicable regulations prescribed
22by the national credit union administration under 15 USC 6804.
AB2, s. 26 23Section 26. 186.22 (12m) of the statutes is amended to read:
AB2,18,2524 186.22 (12m) Meetings of directors. Section 186.07 (3) and (3m) applies to
25a credit union finance corporation.
AB2, s. 27
1Section 27. 186.235 (7) (a) (intro.) of the statutes is amended to read:
AB2,19,72 186.235 (7) (a) (intro.) Employees of the office of credit unions and members
3of the review board shall keep secret all the facts and information obtained in the
4course of examinations, except or contained in any report provided by a credit union
5other than any semiannual or quarterly financial report that is regularly filed with
6the office of credit unions. This requirement does not apply
in any of the following
7situations:
AB2, s. 28 8Section 28. 186.235 (7) (c) of the statutes is created to read:
AB2,19,129 186.235 (7) (c) If any person mentioned in par. (a) discloses any information
10about the private account or transactions of a credit union or any information
11obtained in the course of an examination of a credit union, except as provided in pars.
12(a) and (b), that person is guilty of a Class I felony.
AB2, s. 29 13Section 29. 186.235 (7m) of the statutes is created to read:
AB2,19,1614 186.235 (7m) Return of examination reports. Examination reports possessed
15by a credit union are confidential, remain the property of the office of credit unions,
16and shall be returned to the office of credit unions immediately upon request.
AB2, s. 30 17Section 30. 186.235 (16) (a) of the statutes is renumbered 186.235 (16) and
18amended to read:
AB2,19,2419 186.235 (16) Annual Periodic examination. At least once each year every 18
20months
, the office of credit unions shall examine the records and accounts of each
21credit union. For that purpose the office of credit unions shall have full access to, and
22may compel the production of, each credit union's records and accounts. They The
23office of credit unions
may administer oaths to and examine each credit union's
24officers and agents.
AB2, s. 31 25Section 31. 186.235 (16) (b) of the statutes is repealed.
AB2, s. 32
1Section 32. 186.235 (16m) of the statutes is created to read:
AB2,20,32 186.235 (16m) Financial privacy examination. The office of credit unions shall
3examine a credit union to determine the credit union's compliance with s. 186.20.
AB2, s. 33 4Section 33. 186.36 of the statutes is amended to read:
AB2,20,8 5186.36 Sale of insurance in credit unions. Any officer or employee of a
6credit union, when acting as an agent for the sale of insurance on behalf of the credit
7union, shall pay all commissions received from the sale of credit life insurance or
8credit accident and sickness
insurance to the credit union.
AB2, s. 34 9Section 34. 186.41 (title) of the statutes is amended to read:
AB2,20,11 10186.41 (title) Interstate acquisition acquisitions and merger mergers
11of credit unions.
AB2, s. 35 12Section 35. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and
13amended to read:
AB2,20,1514 186.41 (1) (bm) "In-state Wisconsin credit union" means a credit union having
15its principal office located in this state.
AB2, s. 36 16Section 36. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and
17amended to read:
AB2,20,2018 186.41 (1) (am) "Regional Out-of-state credit union" means a state or federal
19credit union that has its, the principal office of which is located in one of the regional
20states
a state other than this state.
AB2, s. 37 21Section 37. 186.41 (1) (d) of the statutes is repealed.
AB2, s. 38 22Section 38. 186.41 (2) and (3) of the statutes are amended to read:
AB2,20,2423 186.41 (2) In-state Wisconsin credit union. (a) An in-state A Wisconsin credit
24union may do any of the following:
AB2,21,2
11. Acquire an interest in, or some or all of the assets and liabilities of, one or
2more regional out-of-state credit unions.
AB2,21,33 2. Merge with one or more regional out-of-state credit unions.
AB2,21,74 (b) An in-state A Wisconsin credit union proposing any action under par. (a)
5shall provide the office of credit unions a copy of any original application seeking
6approval by a federal agency or by an agency of the regional another state and of any
7supplemental material or amendments filed in connection with any application.
AB2,21,9 8(3) Regional Out-of-state credit unions. Except as provided in sub. (4), a
9regional
an out-of-state credit union may do any of the following:
AB2,21,1110 (a) Acquire an interest in, or some or all of the assets of, one or more in-state
11Wisconsin credit unions.
AB2,21,1212 (b) Merge with one or more in-state Wisconsin credit unions.
AB2, s. 39 13Section 39. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended to
14read:
AB2,21,1615 186.41 (4) Limitations. (intro.) A regional An out-of-state credit union may
16not take any action under sub. (3) until all of the following conditions have been met:
AB2,21,2017 (a) The office of credit unions finds that the statutes of the regional state in
18which the regional out-of-state credit union has its principal office permit in-state
19Wisconsin credit unions to both acquire regional out-of-state credit union assets and
20merge with one or more regional out-of-state credit unions in the regional that state.
AB2,21,2321 (b) The office of credit unions has not disapproved the acquisition of in-state
22Wisconsin credit union assets or the merger with the in-state Wisconsin credit union
23under sub. (5).
AB2,22,724 (c) The office of credit unions gives a class 3 notice, under ch. 985, in the official
25state newspaper, of the application to take an action under sub. (3) and of the

1opportunity for a hearing and, if at least 25 residents of this state petition for a
2hearing within 30 days of the final notice or if the office of credit unions on its own
3motion calls for a hearing within 30 days of the final notice, the office of credit unions
4holds a public hearing on the application, except that a hearing is not required if the
5office of credit unions finds that an emergency exists and that the proposed action
6under sub. (3) is necessary and appropriate to prevent the probable failure of an
7in-state
a Wisconsin credit union that is closed or in danger of closing.
AB2,22,118 (d) The office of credit unions is provided a copy of any original application
9seeking approval by a federal agency of the acquisition of in-state Wisconsin credit
10union assets or of the merger with an in-state a Wisconsin credit union and of any
11supplemental material or amendments filed with the application.
AB2,22,1412 (f) With regard to an acquisition of assets of an in-state a Wisconsin credit
13union that is chartered on or after May 9, 1986, the in-state Wisconsin credit union
14has been in existence for at least 5 years before the date of acquisition.
AB2, s. 40 15Section 40. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to read:
AB2,22,1916 186.41 (5) (a) Considering the financial and managerial resources and future
17prospects of the applicant and of the in-state Wisconsin credit union concerned, the
18action would be contrary to the best interests of the members of the in-state
19Wisconsin credit union.
AB2,22,2220 (b) The action would be detrimental to the safety and soundness of the
21applicant or of the in-state Wisconsin credit union concerned, or to a subsidiary or
22affiliate of the applicant or of the in-state Wisconsin credit union.
AB2,23,223 (c) Because the applicant, its executive officers, or directors have not
24established a record of sound performance, efficient management, financial
25responsibility, and integrity, the action would be contrary to the best interests of the

1creditors, the members or, the other customers of the applicant or of the in-state , the
2Wisconsin
credit union, or contrary to the best interests of the public.
AB2,23,63 (cr) The applicant has failed to propose to provide adequate and appropriate
4services of the type contemplated by the community reinvestment act of 1977 in the
5community in which the in-state Wisconsin credit union which the applicant
6proposes to acquire or merge with is located.
AB2, s. 41 7Section 41. 186.41 (6) (a) of the statutes is renumbered 186.41 (6).
AB2, s. 42 8Section 42. 186.41 (6) (b) of the statutes is repealed.
AB2, s. 43 9Section 43. 186.41 (8) of the statutes is repealed.
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