Notice of Hearing
Financial Institutions - Credit Unions
Pursuant to s. 227.17
, Stats., notice is hereby given that the Office of Credit Unions will hold a public hearing at the time and place indicated below to consider creating a rule relating to member business loans.
Hearing Date, Time and Location
April 12, 2002 Tommy G. Thompson Conference Room
Friday 5th Floor
10:00 a.m. Department of Financial Institutions
345 West Washington Avenue
Madison, WI 53703
This facility is accessible to individuals with disabilities through levels A, B or the first floor lobby. If you require reasonable accommodation to access any meeting, please call Mark Schlei at (608) 267-1705 or TTY (608) 266-8818 for the hearing impaired at least 10 days prior to the hearing date. Reasonable accommodation includes materials prepared in an alternative format, as provided by the Americans with Disabilities Act.
Written comments in lieu of public hearing testimony must be received not later than the hearing date and should be addressed to Ginger Larson, Office of Credit Unions, P.O. Box 14137, Madison, WI 53714-0137.
Analysis prepared by the Department of Financial Institutions, Office of Credit Unions
An order to create ch. DFI-CU 72
relating to member business loans. Analysis: Statutes interpreted: ss. 186.115 (1)
, 186.235 (8)
, Stats. Summary: The rule provides certain criteria, exemptions, prohibitions and waivers; establishes procedures for programs and criteria for policies; sets forth collateral, security and record keeping requirements; and sets forth limitations, calculations and classifications relating to member business loans. The rule would be the implementing provision under state law authorizing credit unions to make loans to their members. The promulgation of this rule has been approved by the Credit Union Review Board.
There is no state fiscal effect, and there are no local government costs. No funding sources or ch. 20
appropriations are affected. There are no long-range fiscal implications.
Initial Regulatory Flexibility Analysis
The proposed rule will not have an effect on small businesses.
Copies of Rule and Contact Person
A copy of the full text of the proposed rules and fiscal estimate may be obtained through the following:
Mark Schlei, Deputy General Counsel
Department of Financial Institutions
Office of the Secretary
P.O. Box 8861
Madison, WI 53708-8861
Tel. (608) 267-1705
TTY (608) 266-8818
A copy of the full text of the proposed rule may also be obtained at the Department of Financial Institutions' website, www.wdfi.org