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.
AB2-SSA1,14,224
(b)
An in-state A Wisconsin credit union proposing any action under par. (a)
25shall provide the office of credit unions a copy of any original application seeking
1approval by a federal agency or by an agency of
the regional another state and of any
2supplemental material or amendments filed in connection with any application.
AB2-SSA1,14,4
3(3) Regional Out-of-state credit unions. Except as provided in sub. (4),
a
4regional an out-of-state credit union may do any of the following:
AB2-SSA1,14,65
(a) Acquire an interest in, or some or all of the assets of, one or more
in-state 6Wisconsin credit unions.
AB2-SSA1,14,77
(b) Merge with one or more
in-state Wisconsin credit unions.
AB2-SSA1, s. 43
8Section
43. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended to
9read:
AB2-SSA1,14,1110
186.41
(4) Limitations. (intro.)
A regional An out-of-state credit union may
11not take any action under sub. (3) until all of the following conditions have been met:
AB2-SSA1,14,1512
(a) The office of credit unions finds that the statutes of the
regional state in
13which the
regional out-of-state credit union has its principal office permit
in-state 14Wisconsin credit unions to both acquire
regional out-of-state credit union assets and
15merge with one or more
regional out-of-state credit unions in
the regional that state.
AB2-SSA1,14,1816
(b) The office of credit unions has not disapproved the acquisition of
in-state 17Wisconsin credit union assets or the merger with the
in-state Wisconsin credit union
18under sub. (5).
AB2-SSA1,15,219
(c) The office of credit unions gives a class 3 notice, under ch. 985, in the official
20state newspaper, of the application to take an action under sub. (3) and of the
21opportunity for a hearing and, if at least 25 residents of this state petition for a
22hearing within 30 days of the final notice or if the office of credit unions on its own
23motion calls for a hearing within 30 days of the final notice, the office of credit unions
24holds a public hearing on the application, except that a hearing is not required if the
25office of credit unions finds that an emergency exists and that the proposed action
1under sub. (3) is necessary and appropriate to prevent the probable failure of
an
2in-state a Wisconsin credit union that is closed or in danger of closing.
AB2-SSA1,15,63
(d) The office of credit unions is provided a copy of any original application
4seeking approval by a federal agency of the acquisition of
in-state Wisconsin credit
5union assets or of the merger with
an in-state a Wisconsin credit union and of any
6supplemental material or amendments filed with the application.
AB2-SSA1,15,97
(f) With regard to an acquisition of assets of
an in-state a Wisconsin credit
8union that is chartered on or after May 9, 1986, the
in-state Wisconsin credit union
9has been in existence for at least 5 years before the date of acquisition.
AB2-SSA1, s. 44
10Section
44. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to read:
AB2-SSA1,15,1411
186.41
(5) (a) Considering the financial and managerial resources and future
12prospects of the applicant and of the
in-state Wisconsin credit union concerned, the
13action would be contrary to the best interests of the members of the
in-state 14Wisconsin credit union.
AB2-SSA1,15,1715
(b) The action would be detrimental to the safety and soundness of the
16applicant or of the
in-state Wisconsin credit union concerned, or to a subsidiary or
17affiliate of the applicant or of the
in-state Wisconsin credit union.
AB2-SSA1,15,2218
(c) Because the applicant, its executive officers
, or directors have not
19established a record of sound performance, efficient management, financial
20responsibility
, and integrity, the action would be contrary to the best interests of the
21creditors,
the members
or, the other customers of the applicant
or of the in-state
, the
22Wisconsin credit union
, or
contrary to the best interests of the public.
AB2-SSA1,16,223
(cr) The applicant has failed to propose to provide adequate and appropriate
24services of the type contemplated by the community reinvestment act of 1977 in the
1community in which the
in-state Wisconsin credit union which the applicant
2proposes to acquire or merge with is located.
AB2-SSA1, s. 45
3Section
45. 186.41 (6) (a) of the statutes is renumbered 186.41 (6).
AB2-SSA1,16,8
7186.45 Non-Wisconsin credit union, Wisconsin offices. (1) Definitions. 8In this section:
AB2-SSA1,16,109
(a) "Non-Wisconsin credit union" means a credit union organized under the
10laws of and with its principal office located in a state other than this state.
AB2-SSA1,16,1111
(b) "Wisconsin credit union" has the meaning given in s. 186.41 (1) (bm).
AB2-SSA1,16,16
12(2) Approval. A non-Wisconsin credit union may open an office and conduct
13business as a credit union in this state if the office of credit unions finds that
14Wisconsin credit unions are allowed to do business in the other state under
15conditions similar to those contained in this section and that all of the following apply
16to the non-Wisconsin credit union:
AB2-SSA1,16,1817
(a) It is a credit union organized under laws similar to the credit union laws of
18this state.
AB2-SSA1,16,1919
(b) It is financially solvent based upon national board ratings.