277,46
Section
46. DFI-CU 61.04 of the administrative code is amended to read:
DFI-CU 61.04 Dealer financial statements. Credit unions purchasing member contracts interests in credit sales transactions made with recourse must secure annual sworn financial statements from each participating seller until the purchased contracts interests have been paid. These sworn financial statements are to be retained by the credit union for review by departmental examiners.
277,47
Section
47. Chapter DFI-CU 65 of the administrative code is repealed.
277,48
Section
48. DFI-CU 66.02 (2) (note) of the administrative code is repealed.
277,49m
Section 49m. Chapter DFI-CU 67 of the administrative code is repealed.
277,55
Section
55. DFI-CU 68.02 (note) of the administrative code is repealed.
277,56
Section
56. DFI-CU 68.03 (2) of the administrative code is amended to read:
DFI-CU 68.03 (2) "Authorized depository financial institution" means any bank insured by the federal deposit insurance corporation or savings and loan association insured by the federal savings and loan deposit insurance corporation.
277,57
Section
57. DFI-CU 68.06 (2) of the administrative code is amended to read:
DFI-CU 68.06 (2) Authorized depository financial institutions. A credit union may invest in deposit accounts of any authorized depository financial institution, provided the aggregate investment per institution shall not exceed the greater of the deposit insurance limit under federal deposit insurance corporation or federal savings and loan insurance corporation or 1/2 the unimpaired balance of the credit union's regular reserve unless the director of credit unions approves investment by the credit union exceeding this amount.
277,58
Section
58. Chapter DFI-CU 70 of the administrative code is repealed.
277,59
Section
59. DFI-CU 72.12 and 72.13 of the administrative code are repealed.
277,60d
Section 60d. Chapter DFI-CU 74 (title) of the administrative code is amended to read:
Chapter DFI-CU 74
INCIDENTAL POWERS ACTIVITY
AUTHORITY PARITY WITH FEDERAL
CREDIT UNIONS - DEBT CANCELLATION
CONTRACTS AND DEBT SUSPENSION
AGREEMENTS
277,60h
Section 60h. DFI-CU 74.01 of the administrative code is repealed.
277,60j
Section 60j. DFI-CU 74.02 (7) of the administrative code is repealed.
277,60p
Section 60p. DFI-CU 74.03 of the administrative code is amended to read:
DFI-CU 74.03 Debt cancelation contracts and debt suspension agreements. A credit union may provide debt cancellation contracts and debt suspension agreements as an incidental powers activity in the same manner and to the same extent that the products are provided by federally-chartered credit unions.
277,60t
Section 60t. DFI-CU 74.09 of the administrative code is amended to read:
DFI-CU 74.09 Safety and soundness. A credit union shall manage the risks associated with debt cancellation contracts and debt suspension agreements in accordance with safety and soundness principles. A credit union shall establish and maintain effective risk management and control processes over its debt cancellation contracts and debt suspension agreements. The processes include appropriate recognition and financial reporting of income, expenses, assets and liabilities, and appropriate treatment of all expected and unexpected losses associated with the products. A credit union shall assess the adequacy of its internal control and risk mitigation activities in view of the nature and scope of its debt cancellation contract and debt suspension agreement programs. The director may limit, restrict or prohibit a credit union from utilizing any incidental power
providing debt cancellation contracts and debt suspension agreements if examination results indicate that the credit union is conducting its business in an unauthorized or unsafe manner or is violating any of the provisions of this chapter.
277,61
Section
61. DFI-SL 6.01 of the administrative code is amended to read:
DFI-SL 6.01 Destruction of records. Except where a longer retention period is required by another state or federal agency having jurisdiction over the association, the division authorizes the destruction of records at the end of the applicable minimum retention period determined under laws, rules, or regulations, an association may destroy its records subject to the considerations set forth in s. DFI-SL 6.03. In the destruction of records, the association shall take reasonable precautions should be taken to assure the confidentiality of members' accounts information in the records.
277,62
Section
62. DFI-SL 6.03 of the administrative code is amended to read:
DFI-SL 6.03 Records retention requirements. Each association shall retain its records in a manner consistent with prudent business practices and in accordance with this chapter and the other applicable state or federal laws, rules or, and regulations
of state or federal agencies. Each association shall retain its records for the minimum period specified in the technical publication of the Financial Managers Society, Inc. of Chicago, Illinois, titled "Records Retention Guidelines" and dated July 1986. The record retention system utilized must be able to accurately produce such records.
277,63
Section
63. DFI-SB 6.01 of the administrative code is amended to read:
DFI-SB 6.01 Retention of records. Each savings bank shall retain its records in a manner consistent with prudent business practices and in accordance with this chapter and the other applicable
state or federal laws, rules of state agencies, and regulations
of federal agencies. Each savings bank shall retain its records for the minimum period specified in the technical publication of the Financial Managers Society, Inc. of Chicago, Illinois, titled "Records Retention Guidelines" and dated 1992. The record retention system utilized must be able to accurately produce such records.
277,64
Section
64. DFI-SB 6.01 (second note) of the administrative code is repealed.
277,65
Section
65. DFI-SB 6.03 of the administrative code is amended to read:
DFI-SB 6.03 Destruction of records. Except where a longer retention period is required by another state or federal agency having jurisdiction over the savings bank laws, rules, or regulations, a savings bank may destroy its records at the end of the applicable minimum retention period determined under subject to the considerations set forth in s. DFI-SB 6.01. In the destruction of records, the savings bank shall take reasonable precautions to assure the confidentiality of information in the records.
277,66
Section
66. DFI-SB 6.05 (1) of the administrative code is amended to read:
DFI-SB 6.05 (1) Microphotography standards. Microphotography may be used to commit a savings bank's records to microfilm. The film used shall be of a quality which permits it to be legible for at least the retention periods under s. DFI-SB 6.01 as long as the records are retained.
277,67
Section
67.
Effective dates. This act takes effect on the day after publication, except as follows:
(1) The treatment of section 35.93 (2) (b) 4. and (c) 1. and (3) (e) (intro.) and 1. of the statutes takes effect on January 1, 2015.
