Wisconsin Legislature: Final Rule Adopted Under s. 186.118 (3) (b), Stats.

Final Rule Adopted Under s. 186.118 (3) (b), Stats.

Department of Financial Institutions (DFI)

Administrative Code Chapter Group Affected:

Chs. DFI-CU 51-75; Department of Financial Institutions-Credit Unions

Administrative Code Chapter Affected:

Related to: Incidental powers activities that are authorized for federally chartered credit unions and in which Wisconsin-chartered credit unions may engage, pursuant to s. 186.118, Stats.

(See the Public Notices in this Register for rule text and explanation)

Notes: This rule was field with LRB on March 29, 2018 and will be published in the Administrative code in Register 748B on April 30, 2018, effective may 1, 2018.

Section 186.118 (3) (b), reads:

(b) 1. The office of credit unions shall promulgate a rule adding an activity or power to the list of activities and powers established under sub. (2) (a) if the office of credit unions determines under par. (a) that the activity or power authorized for federally chartered credit unions should also be authorized for credit unions organized under s.

2. The office of credit unions shall submit the proposed rule under subd. 1. to the legislative reference bureau in an electronic format approved by the legislative reference bureau, and the legislative reference bureau shall publish the proposed rule in the notice section of the Wisconsin administrative register under s. 35.93.

3. Sections 227.114 (4) and (6), 227.115, 227.135, 227.137, 227.14 (2) (a) 6., (2g), (4), and (4m), 227.15, 227.16, 227.17, 227.18, 227.185, 227.19, and 227.30 do not apply to the office of credit unions in promulgating a rule under subd. 1. or to any rule promulgated by the office of credit unions under subd. 1. Guidelines prescribed by executive order of the governor do not apply to the office of credit unions in promulgating a rule under subd. 1.

Chapter DFI—CU 75

AUTHORIZED INCIDENTAL POWERS ACTIVITIES

DFI-CU 75.01 Purpose. The purpose of this chapter is to set forth a list of incidental powers activities that are authorized for federally chartered credit unions and in which Wisconsin-chartered credit unions may engage, pursuant to s. 186.118, Stats.

DFI-CU 75.02 Interpretation. The interpretation of rules in this chapter shall be coordinated with and parallel to the interpretation of federal laws and regulations from which these rules are derived, except as otherwise provided for by Wisconsin law.

DFI-CU 75.03 Definitions. In this chapter:

(1) “Acceptance of secondary capital accounts by low-income designated credit unions” has the meaning set forth in 12 C.F.R. s. 701.34.

(2) “Certification services" has the meaning set forth in 12 C.F.R. s. 721.3(a).

(3) “Charitable contributions and donations" has the meaning set forth in 12 C.F.R. s. 721.3(b)(1).

(4) “Charitable donation accounts" has the meaning set forth in 12 C.F.R. s. 721.3(b)(2).

(5) “Correspondent services" has the meaning set forth in 12 C.F.R. s. 721.3(c).

(6) “Electronic financial services" has the meaning set forth in 12 C.F.R. s. 721.3(d).

(7) “Excess capacity" has the meaning set forth in 12 C.F.R. s. 721.3(e).

(8) “Financial counseling services" has the meaning set forth in 12 C.F.R. s. 721.3(f).

(9) “Finder activities" has the meaning set forth in 12 C.F.R. s. 721.3(g).

(10) “Loan-related products" has the meaning set forth in 12 C.F.R. s. 721.3(h).

(11) “Marketing activities" has the meaning set forth in 12 C.F.R. s. 721.3(i).

(12) “Monetary instrument services" has the meaning set forth in 12 C.F.R. s. 721.3(j).

(13) “Operational programs" has the meaning set forth in 12 C.F.R. s. 721.3(k).

(14) “Stored value products" has the meaning set forth in 12 C.F.R. s. 721.3(l).

(15) “Trustee or custodial services" has the meaning set forth in 12 C.F.R. s. 721.3(m).

DFI-CU 75.04 Incidental powers activities. The following incidental powers activities are preapproved for Wisconsin-chartered credit unions:

(1) Acceptance of secondary capital accounts by low-income designated credit unions.

(2) Certification services.

(3) Charitable contributions and donations.

(4) Charitable donation accounts.

(5) Correspondent services.

(6) Electronic financial services.

(7) Excess capacity.

(8) Financial counseling services.

(9) Finder activities.

(10) Loan-related products.

(11) Marketing activities.

(12) Monetary instrument services.

(13) Operational programs.

(14) Stored value products.

(15) Trustee or custodial services.