Corporate central credit union.
National corporate central credit union.
Federal share insurance.
Sale of insurance in credit unions.
Interstate acquisitions and mergers of credit unions.
Non-Wisconsin credit union, Wisconsin offices.
Customer access to appraisals.
Customer access to credit reports.
Record search; members' inspection of records.
Reproduction and destruction of records; evidence.
In this chapter:
"Credit union" means, except as specifically provided under ss. 186.41 (1)
and 186.45 (1)
, a cooperative, nonprofit corporation, incorporated under this chapter to encourage thrift among its members, create a source of credit at a fair and reasonable cost, and provide an opportunity for its members to improve their economic and social conditions.
"Deposit account" means an account treated as any form of savings.
"Federal share insurance" means the national credit union share insurance fund under 12 USC 1783
"National board" means the national credit union administration board of the national credit union administration established under 12 USC 1752
or the managing body of any successor that is authorized to provide federal share insurance for credit unions.
"Net worth" means the aggregate of retained earnings of a credit union, as determined according to generally accepted accounting principles, and other forms of capital approved by the director of the office of credit unions.
"Regular reserve" means an irrevocable reserve set aside to cover losses.
"Share deposit" means a balance that is established and maintained by a person at a credit union that confers membership rights to that person.
"Vicinal industries" includes employers which operate one or more facilities within a well-defined neighborhood or urban, suburban or rural community whose limits shall not be determined by any arbitrary physical standard.
Credit union review board. 186.015(1)
Confer with office.
The office of credit unions shall confer with the credit union review board on matters affecting credit unions and the office. Detailed minutes of each review board meeting shall be kept, and the decision of the review board with reference to all orders issued, or policies established by the office of credit unions pursuant to this chapter is final, except for judicial review as provided in ch. 227
The review board shall do all of the following:
Advise the office of credit unions and others in improving the condition and service of credit unions.
Review the acts and decisions of the office of credit unions and conduct reviews under sub. (5)
Respond promptly on credit union matters and to questions submitted to the review board by the office of credit unions or by a credit union.
Perform other credit union review functions as provided by law or rule.
Conduct hearings, take testimony, issue subpoenas and administer oaths to witnesses.
(3) Approval of actions.
The review board may require the office of credit unions to submit any of the office's official actions to the review board for its approval.
The review board may promulgate rules of procedure under ch. 227
Any interested person may appear at a hearing of the review board, participate in the examination of witnesses and present evidence.
Any person causing a witness to be subpoenaed shall advance and pay the fees and mileage of the witness, which shall be the same as in circuit court.
The fees and mileage of witnesses who are called at the instance of the review board shall be paid by the state in the same manner that other expenses are paid, upon presentation of proper vouchers approved by at least one member of the review board and charged to the appropriation of the office of credit unions.
Any interested person aggrieved by any act, order or determination of the office of credit unions that relates to credit unions may, within 60 days after the date of the act, order or determination, apply for review by the review board. The review board shall determine if the office of credit unions acted within the scope of the office's authority, has not acted in an arbitrary or capricious manner and has based the act, order or determination on evidence supported by the record. The review board shall dispose of a review application within 60 days after the date on which it is received, unless the review board designates a hearing examiner, in which case the review board shall dispose of the review application within 180 days after the date on which it is received.
Three members of the review board shall constitute a quorum and a majority vote of those present shall decide. A member of the review board is not qualified to act in any matter involving a credit union in which the member is an officer, director or stockholder, or to which the member is indebted.
Any final order or determination of the review board shall be subject to review in the manner provided in ch. 227
See also DFI-CU and ch. DFI-CU 56
, Wis. adm. code.
Incorporation, bylaws, amendment, fees. 186.02(1)(1)
Seven or more residents of this state may organize a credit union by filing with the office of credit unions the proposed articles of incorporation in duplicate and the proposed bylaws, together with a $100 filing fee. The articles of incorporation shall state the name and purpose of the credit union, the county in which its initial principal office is located and the names and addresses of the incorporators.
The bylaws shall prescribe all of the following:
The conditions that determine eligibility for membership.
The par value of capital stock not exceeding $50 per share.
The conditions on which accounts may be paid in, transferred and withdrawn.
The method of receipting for money paid on accounts.
The number of directors and the length of their terms.
The responsibilities and qualifications of the directors.
Procedures for removing directors from the board of directors.
The date of the annual membership meeting, to be held before July 1.
The manner by which members are notified of annual and special meetings.
The number of members constituting a quorum at an annual or special meeting.
Groups having common or related bonds of occupation or association.
Except as otherwise provided in this subdivision, individuals who reside or are employed within well-defined and contiguous neighborhoods and communities. If the office of credit unions, subsequent to a credit union merger, determines that it would be inappropriate under the circumstances to require members of the credit union that results from the merger to reside or be employed in contiguous neighborhoods and communities, the requirement that these neighborhoods and communities be contiguous does not apply.
Individuals who reside or are employed within well-defined and contiguous rural districts or multicounty regions.
Members of bona fide fraternal, religious, cooperative, labor, rural, educational, or similar organizations and employees of the credit union.
Members of the immediate family of all qualified persons are eligible for membership.
An organization or association of individuals, the majority of the directors, owners, or members of which are eligible for membership, may be admitted to membership in the same manner and under the same conditions as individuals.
An organization or association that has a business location within any geographic limits of the credit union's field of membership may be admitted to membership.
An individual member who ceases to qualify for membership under the bylaws may retain his or her full membership in the credit union at the discretion of the board of directors.
A public depositor who makes a public deposit in a credit union may become a member of the credit union if the bylaws permit membership of public depositors.
If the bylaws require a member to purchase capital stock, an amount equivalent to the value of the required number of shares deposited by the member in any deposit account of the credit union may be treated as the member's share deposit.
Subject to par. (b)
, a credit union may not be organized unless the articles and bylaws are approved by the office of credit unions. If the office of credit unions approves the articles and bylaws, the office of credit unions shall return one approved duplicate original of the articles of incorporation to the incorporators, and the incorporators shall within 30 days record the articles of incorporation in the office of the register of deeds of the county in which the credit union is to be located. The legal existence of the credit union commences on the date and time the articles are recorded. The register of deeds shall transmit to the office of credit unions a certificate stating the date and time when the articles were recorded, and the office of credit unions shall issue a certificate of incorporation to the credit union.
If the office of credit unions refuses to approve the articles or bylaws, the incorporators may appeal the refusal to the credit union review board and the decision of the review board is final, subject to judicial review under ch. 227
Amendments to the articles of incorporation adopted by a vote of two-thirds of the members of the credit union present at an annual meeting or a special meeting called for that purpose may be filed with the office of credit unions upon payment of a $50 fee. If approved by the office of credit unions, amendments to the articles are effective on recording in the office of the register of deeds in the same manner as the original articles.
All amendments to the bylaws shall be filed with the office of credit unions and shall be accompanied by the payment of a $50 fee. Amendments to the bylaws shall take effect only after being approved by the office.