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(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.
SB274-SSA1,12,4
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:
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(a) Acquire an interest in, or some or all of the assets of, one or more
in-state 6Wisconsin credit unions.
SB274-SSA1,12,77
(b) Merge with one or more
in-state Wisconsin credit unions.
SB274-SSA1, s. 14
8Section
14. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended to
9read:
SB274-SSA1,12,1110
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:
SB274-SSA1,12,1512
(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.
SB274-SSA1,12,1816
(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).
SB274-SSA1,13,219
(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.
SB274-SSA1,13,63
(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.
SB274-SSA1,13,97
(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.
SB274-SSA1, s. 15
10Section
15. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to read:
SB274-SSA1,13,1411
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.
SB274-SSA1,13,1715
(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.
SB274-SSA1,13,2218
(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, members or other customers of the applicant or of the
in-state Wisconsin 22credit union or contrary to the best interests of the public.
SB274-SSA1,14,223
(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.
SB274-SSA1,14,54
186.41
(5m) Branching not limited. This section does not limit branching
5authority under
s. ss. 186.113 (1) and (1m)
and 186.1155 (3) (g).
SB274-SSA1, s. 17
6Section
17. 186.41 (6) (a) of the statutes is renumbered 186.41 (6).
SB274-SSA1,14,11
10186.45 Non-Wisconsin credit union, Wisconsin offices. (1) Definitions. 11In this section:
SB274-SSA1,14,1312
(a) "Non-Wisconsin credit union" means a credit union organized under the
13laws of and with its principal office located in a state other than this state.
SB274-SSA1,14,1414
(b) "Wisconsin credit union" has the meaning given in s. 186.41 (1) (bm).
SB274-SSA1,14,19
15(2) Approval. A non-Wisconsin credit union may open an office and conduct
16business as a credit union in this state if the office of credit unions finds that
17Wisconsin credit unions are allowed to do business in the other state under
18conditions similar to those contained in this section and that the non-Wisconsin
19credit union meets all of the following conditions:
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(a) Is a credit union organized under laws similar to the credit union laws of
21this state.
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(b) Is financially solvent based upon national board ratings.
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(c) Has member savings insured with federal share insurance.
SB274-SSA1,14,2524
(d) Is effectively examined and supervised by the credit union authorities of the
25state in which it is organized.
SB274-SSA1,15,2
1(e) Has received approval from the credit union authorities of the state in which
2it is organized.
SB274-SSA1,15,43
(f) Has a need to place an office in this state to adequately serve its members
4in this state.
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(g) Meets all other relevant standards or qualifications established by the office
6of credit unions.
SB274-SSA1,15,8
7(3) Requirements. A non-Wisconsin credit union shall agree to do all of the
8following:
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(a) Grant loans at rates not in excess of the rates permitted for Wisconsin credit
10unions.
SB274-SSA1,15,1111
(b) Comply with this state's laws.
SB274-SSA1,15,1212
(c) Designate and maintain an agent for the service of process in this state.
SB274-SSA1,15,16
13(4) Records. As a condition of a non-Wisconsin credit union doing business in
14this state under this section, the office of credit unions may require copies of
15examination reports and related correspondence regarding the non-Wisconsin
16credit union.
SB274-SSA1,16,218
(1)
Emergency rules. Using the procedure under section 227.24 of the statutes,
19the office of credit unions shall promulgate rules required under section 186.1155 (5)
20of the statutes, as created by this act, for the period before permanent rules become
21effective, but not to exceed the period authorized under section 227.24 (1) (c) and (2)
22of the statutes. Notwithstanding section 227.24 (1) (a) and (2) (b) of the statutes, the
23office of credit unions need not provide evidence of the necessity of preservation of
1the public peace, health, safety or welfare in promulgating rules under this
2subsection.