AB2-SSA1, s. 9
10Section
9. 186.02 (2) (b) 2m. of the statutes is created to read:
AB2-SSA1,5,1211
186.02
(2) (b) 2m. Individuals who reside or are employed within well-defined
12and contiguous rural districts or multicounty regions.
AB2-SSA1, s. 10
13Section
10. 186.02 (2) (c) of the statutes is amended to read:
AB2-SSA1,5,1814
186.02
(2) (c) Members of the immediate family of all qualified persons are
15eligible for membership.
In this paragraph, "members of the immediate family"
16include the wife, husband, parents, stepchildren and children of a member whether
17living together in the same household or not and any other relatives of the member
18or spouse of a member living together in the same household as the member.
AB2-SSA1, s. 11
19Section
11. 186.02 (2) (d) of the statutes is renumbered 186.02 (2) (d) 1. and
20amended to read:
AB2-SSA1,5,2421
186.02
(2) (d) 1.
Organizations and associations An organization or association 22of individuals, the majority of
whom the directors, owners, or members of which are
23eligible for membership, may be admitted to membership in the same manner and
24under the same conditions as individuals.
AB2-SSA1, s. 12
25Section
12. 186.02 (2) (d) 2. of the statutes is created to read:
AB2-SSA1,6,3
1186.02
(2) (d) 2. An organization or association that has a business location
2within any geographic limits of the credit union's field of membership may be
3admitted to membership.
AB2-SSA1, s. 13
4Section
13. 186.06 (4) of the statutes is amended to read:
AB2-SSA1,6,75
186.06
(4) Fiscal year. The fiscal year of every credit union shall end at the
6close of business on December 31
and the credit union shall, at least semiannually,
7transfer funds as provided in s. 186.17.
AB2-SSA1, s. 14
8Section
14. 186.07 (3m) of the statutes is created to read:
AB2-SSA1,6,169
186.07
(3m) Written consent in lieu of meeting. (a) Unless the articles of
10incorporation or bylaws provide otherwise, any action required or permitted by this
11chapter to be authorized at a board of directors' meeting may be authorized without
12a meeting if that action is authorized by all directors and is evidenced by one or more
13written statements, signed by each director, describing and consenting to the action.
14Such an action has the same effect as an action authorized by unanimous vote at a
15meeting at which all directors are present and may be described as such in any
16document.
AB2-SSA1,6,1917
(b) Any action authorized under par. (a) is effective when the last director signs
18the statement evidencing his or her consent, unless the statement specifies a
19different effective date.
AB2-SSA1,6,2120
(c) A credit union shall retain all statements signed by its directors under par.
21(a).
AB2-SSA1, s. 15
22Section
15. 186.11 (4) (title) of the statutes is amended to read:
AB2-SSA1,6,2423
186.11
(4) (title)
Investment in credit union service corporations
24organizations.
AB2-SSA1, s. 16
1Section
16. 186.11 (4) (a) of the statutes is renumbered 186.11 (4) (a) (intro.)
2and amended to read:
AB2-SSA1,7,73
186.11
(4) (a) (intro.)
A Unless the office of credit unions approves a higher
4percentage, a credit union may invest not more than 1.5% of its total assets in the
5capital shares or obligations of
a credit union service
corporation organizations that,
6in the opinion of the office of credit unions, are sufficiently bonded and insured and
7that satisfy all of the following:
AB2-SSA1,7,9
82. Are organized primarily to provide goods and services to credit unions, credit
9union organizations and credit union members.
AB2-SSA1, s. 17
10Section
17. 186.11 (4) (a) 1. of the statutes is created to read:
AB2-SSA1,7,1311
186.11
(4) (a) 1. Are corporations, limited partnerships, limited liability
12companies, or other entities that are permitted under the laws of this state and that
13are approved by the office of credit unions.
AB2-SSA1, s. 18
14Section
18. 186.11 (4) (b) of the statutes is repealed and recreated to read:
AB2-SSA1,7,1615
186.11
(4) (b) A credit union service organization under par. (a) may provide
16any of the following services related to the routine daily operations of credit unions:
AB2-SSA1,7,1917
1. Checking and currency services, check cashing services, money order
18services, savings bond services, traveler's check services, and services regarding the
19purchase and sale of U.S. mint commemorative coins.
AB2-SSA1,7,2320
2. Clerical, professional, and management services, including, but not limited
21to, accounting, courier, credit analysis, facsimile transmission and copying, internal
22credit union audit, locator, management and personnel training and support,
23marketing, research, and supervisory committee audit services.
AB2-SSA1,7,2424
3. Consumer mortgage loan origination services.
AB2-SSA1,8,4
14. Electronic transaction services, including, but not limited to, remote
2terminal, credit and debit card, data processing, electronic fund transfer, electronic
3income tax filing, payment item processing, wire transfer, and Internet financial
4services.
AB2-SSA1,8,85
5. Tax preparation services, services regarding the development and
6administration of individual retirement accounts, Keogh plans, deferred
7compensation plans, and other personnel benefit plans, and financial counseling
8services, including, but not limited to, estate planning.
AB2-SSA1,8,119
6. Fixed asset services, including, but not limited to, the management,
10development, sale, or lease of fixed assets and the sale, lease, or servicing of computer
11hardware or software.
AB2-SSA1,8,1412
7. Insurance brokerage or agency services, including, but not limited to,
13providing vehicle warranty programs, providing group insurance purchasing
14programs, and acting as an agent for the sale of insurance.
AB2-SSA1,8,1615
8. Services with regard to the leasing of real property owned by the credit union
16service organization or personal property.
AB2-SSA1,8,1917
9. Loan support services, including, but not limited to, debt collection and loan
18processing, servicing, and sales services and services regarding the sale of
19repossessed collateral.
AB2-SSA1,8,2220
10. Record retention, security, and disaster recovery services, including, but
21not limited to, alarm monitoring, data storage and retrieval, and record storage
22services and providing forms and supplies.
AB2-SSA1,8,2323
11. Securities brokerage services.
AB2-SSA1,8,2424
12. Shared credit union branch operations.
AB2-SSA1,8,2525
13. Student loan origination services.
AB2-SSA1,9,1
114. Travel agency services.
AB2-SSA1,9,42
15. Trust and other fiduciary services, including, but not limited to, acting as
3an administrator for prepaid legal services plans or acting as a trustee, guardian,
4conservator, estate administrator, or in any other fiduciary capacity.
AB2-SSA1,9,55
16. Real estate brokerage services.
AB2-SSA1, s. 19
6Section
19. 186.11 (4) (bd) and (bh) of the statutes are created to read:
AB2-SSA1,9,157
186.11
(4) (bd) The office of credit unions may expand the list of services under
8par. (b) that are related to the routine daily operations of credit unions. Any service
9approved under this paragraph shall be authorized for all credit union service
10organizations under par. (a). A credit union may file a written request with the office
11of credit unions to exercise its authority under this paragraph and may include,
12along with the request, a description of any proposed service and an explanation of
13how that service is related to the routine daily operations of credit unions. Within
1460 days after receiving a request under this paragraph, the office of credit unions
15shall approve or disapprove the request.
AB2-SSA1,9,2216
(bh) A credit union service organization under par. (a) may provide any service
17described under par. (b) or approved under par. (bd) through an investment by the
18credit union service organization in a third-party service provider. The amount that
19a credit union service organization may invest in a third-party service provider
20under this paragraph may not exceed the amount necessary to obtain the applicable
21services, or a greater amount if necessary for the credit union service organization
22to obtain the services at a reduced cost.
AB2-SSA1, s. 20
23Section
20. 186.11 (4) (c) of the statutes is amended to read:
AB2-SSA1,9,2524
186.11
(4) (c) A
credit union service
corporation organization may be subject
25to audit by the office of credit unions.
AB2-SSA1, s. 21
1Section
21. 186.113 (1) of the statutes is amended to read:
AB2-SSA1,10,72
186.113
(1) Branch offices. If the need and necessity exist and with With the
3approval of the office of credit unions, establish branch offices inside
this state or no
4more than 25 miles or outside of this state. Permanent records may be maintained
5at branch offices established under this subsection. In this subsection, the term
6"branch office" does not include a remote terminal, a limited services office
, or a
7service center.
AB2-SSA1, s. 22
8Section
22. 186.113 (1m) (a) (intro.) of the statutes is amended to read:
AB2-SSA1,10,119
186.113
(1m) (a) (intro.)
Establish
Before the effective date of this paragraph
10.... [revisor inserts date], establish limited services offices outside this state to serve
11any member of the credit union if all of the following requirements are met:
AB2-SSA1, s. 23
12Section
23. 186.113 (6) (b) and (c) of the statutes are amended to read:
AB2-SSA1,10,1513
186.113
(6) (b) Act as trustees
or custodians of member tax deferred
retirement 14funds
, individual retirement accounts, medical savings accounts, or other employee
15benefit accounts or funds permitted by federal law to be deposited in a credit union.
AB2-SSA1,10,1716
(c) Act as a depository for
member-deferred member qualified and
17nonqualified deferred compensation funds as permitted by federal law.
AB2-SSA1, s. 24
18Section
24. 186.113 (11) of the statutes is renumbered 186.113 (11) (a) and
19amended to read:
AB2-SSA1,10,2020
186.113
(11) (a)
Have
Offer deposit accounts
to members.
AB2-SSA1, s. 25
21Section
25. 186.113 (11) (b) of the statutes is created to read:
AB2-SSA1,11,222
186.113
(11) (b) Offer deposit accounts to any person if the credit union satisfies
23the requirements specified in
12 CFR 701.34 (a) for designation as a low-income
24credit union and files a statement with the office of credit unions agreeing to be bound
25by requirements and conditions that are substantially identical to those imposed by
1the national board and the national credit union administration on federal credit
2unions designated under
12 CFR 701.34 (a).
AB2-SSA1, s. 26
3Section
26. 186.113 (24) of the statutes is created to read:
AB2-SSA1,11,54
186.113
(24) Funeral trusts. Accept deposits made by members for the
5purpose of funding burial agreements by trusts created pursuant to s. 445.125.
AB2-SSA1, s. 27
6Section
27. 186.113 (25) of the statutes is created to read:
AB2-SSA1,11,87
186.113
(25) Sale of insurance products. Sell insurance, annuities, and
8related products.
AB2-SSA1, s. 28
9Section
28. 186.17 (1) of the statutes is repealed and recreated to read:
AB2-SSA1,11,1210
186.17
(1) Regular reserves. A credit union shall establish and maintain a
11regular reserve account and shall transfer amounts to the regular reserve account
12as required by the national board.
AB2-SSA1,11,16
14186.20 Financial privacy. A credit union shall comply with any applicable
15requirements under
15 USC 6801 to
6803 and any applicable regulations prescribed
16by the national credit union administration under
15 USC 6804.
AB2-SSA1, s. 30
17Section
30. 186.22 (12m) of the statutes is amended to read:
AB2-SSA1,11,1918
186.22
(12m) Meetings of directors. Section 186.07 (3)
and (3m) applies to
19a credit union finance corporation.
AB2-SSA1, s. 31
20Section
31. 186.235 (7) (a) (intro.) of the statutes is amended to read:
AB2-SSA1,12,221
186.235
(7) (a) (intro.) Employees of the office of credit unions and members
22of the review board shall keep secret all the facts and information obtained in the
23course of examinations
, except or contained in any report provided by a credit union
24other than any semiannual or quarterly financial report that is regularly filed with
1the office of credit unions. This requirement does not apply in any of the following
2situations:
AB2-SSA1, s. 32
3Section
32. 186.235 (7) (c) of the statutes is created to read:
AB2-SSA1,12,74
186.235
(7) (c) If any person mentioned in par. (a) discloses any information
5about the private account or transactions of a credit union or any information
6obtained in the course of an examination of a credit union, except as provided in pars.
7(a) and (b), that person is guilty of a Class I felony.
AB2-SSA1, s. 33
8Section
33. 186.235 (7m) of the statutes is created to read:
AB2-SSA1,12,119
186.235
(7m) Return of examination reports. Examination reports possessed
10by a credit union are confidential, remain the property of the office of credit unions,
11and shall be returned to the office of credit unions immediately upon request.
AB2-SSA1, s. 34
12Section
34. 186.235 (16) (a) of the statutes is renumbered 186.235 (16) and
13amended to read:
AB2-SSA1,12,1914
186.235
(16) Annual
Periodic examination. At least once
each year every 18
15months, the office of credit unions shall examine the records and accounts of each
16credit union. For that purpose the office of credit unions shall have full access to, and
17may compel the production of, each credit union's records and accounts.
They The
18office of credit unions may administer oaths to and examine each credit union's
19officers and agents.
AB2-SSA1, s. 35
20Section
35. 186.235 (16) (b) of the statutes is repealed.
AB2-SSA1, s. 36
21Section
36. 186.235 (16m) of the statutes is created to read:
AB2-SSA1,12,2322
186.235
(16m) Financial privacy examination. The office of credit unions shall
23examine a credit union to determine the credit union's compliance with s. 186.20.
AB2-SSA1,13,4
1186.36 Sale of insurance in credit unions. Any officer or employee of a
2credit union, when acting as an agent for the sale of insurance on behalf of the credit
3union, shall pay all commissions received from the sale of
credit life insurance or
4credit accident and sickness insurance to the credit union.
AB2-SSA1, s. 38
5Section
38. 186.41 (title) of the statutes is amended to read:
AB2-SSA1,13,7
6186.41 (title)
Interstate acquisition acquisitions and merger mergers
7of credit unions.
AB2-SSA1, s. 39
8Section
39. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and
9amended to read:
AB2-SSA1,13,1110
186.41
(1) (bm) "
In-state Wisconsin credit union" means a credit union having
11its principal office located in this state.
AB2-SSA1, s. 40
12Section
40. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and
13amended to read:
AB2-SSA1,13,1614
186.41
(1) (am) "
Regional Out-of-state credit union" means a state or federal
15credit union
that has its, the principal office
of which is located in
one of the regional
16states a state other than this state.
AB2-SSA1, s. 42
18Section
42. 186.41 (2) and (3) of the statutes are amended to read:
AB2-SSA1,13,2019
186.41
(2) In-state
Wisconsin credit union. (a)
An in-state A Wisconsin credit
20union may do any of the following:
AB2-SSA1,13,2221
1. Acquire an interest in, or some or all of the assets and liabilities of, one or
22more
regional out-of-state credit unions.
AB2-SSA1,13,2323
2. Merge with one or more
regional out-of-state credit unions.