AB1-ASA1-AA1, s. 346ph 12Section 346ph. 186.02 (2) (d) of the statutes is renumbered 186.02 (2) (d) 1.
13and amended to read:
AB1-ASA1-AA1,178,1714 186.02 (2) (d) 1. Organizations and associations An organization or association
15of individuals, the majority of whom the directors, owners, or members of which are
16eligible for membership, may be admitted to membership in the same manner and
17under the same conditions as individuals.
AB1-ASA1-AA1, s. 346pj 18Section 346pj. 186.02 (2) (d) 2. of the statutes is created to read:
AB1-ASA1-AA1,178,2119 186.02 (2) (d) 2. An organization or association that has its principal business
20location within any geographic limits of the credit union's field of membership may
21be admitted to membership.
AB1-ASA1-AA1, s. 346pk 22Section 346pk. 186.11 (4) (title) of the statutes is amended to read:
AB1-ASA1-AA1,178,2423 186.11 (4) (title) Investment in credit union service corporations
24organizations.
AB1-ASA1-AA1, s. 346pL
1Section 346pL. 186.11 (4) (a) of the statutes is renumbered 186.11 (4) (a)
2(intro.) and amended to read:
AB1-ASA1-AA1,179,63 186.11 (4) (a) (intro.) A Unless the office of credit unions approves a higher
4percentage, a
credit union may invest not more than 1.5% of its total assets in the
5capital shares or obligations of a credit union service corporation organizations that
6satisfy all of the following:
AB1-ASA1-AA1,179,8 72. Are organized primarily to provide goods and services to credit unions, credit
8union organizations, and credit union members.
AB1-ASA1-AA1, s. 346pm 9Section 346pm. 186.11 (4) (a) 1. of the statutes is created to read:
AB1-ASA1-AA1,179,1210 186.11 (4) (a) 1. Are corporations, limited partnerships, limited liability
11companies, or other entities that are permitted under the laws of this state and that
12are approved by the office of credit unions.
AB1-ASA1-AA1, s. 346pn 13Section 346pn. 186.11 (4) (b) (intro.) and 1. of the statutes are amended to
14read:
AB1-ASA1-AA1,179,1615 186.11 (4) (b) (intro.) A credit union service corporation organization under par.
16(a) may provide goods and services including any of the following:
AB1-ASA1-AA1,179,2217 1. Credit union operations services, including service centers, credit and debit
18card services, automated teller and remote terminal services, electronic transaction
19services,
accounting systems, data processing, management training and support,
20payment item processing, record retention and storage, locator services, research,
21debt collection, credit analysis and loan servicing, coin and currency services, and
22marketing and advertising services.
AB1-ASA1-AA1, s. 346pp 23Section 346pp. 186.11 (4) (c) of the statutes is amended to read:
AB1-ASA1-AA1,179,2524 186.11 (4) (c) A credit union service corporation organization may be subject
25to audit by the office of credit unions.
AB1-ASA1-AA1, s. 346pq
1Section 346pq. 186.113 (1) of the statutes is amended to read:
AB1-ASA1-AA1,180,72 186.113 (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.
AB1-ASA1-AA1, s. 346pr 8Section 346pr. 186.113 (1m) (a) (intro.) of the statutes is amended to read:
AB1-ASA1-AA1,180,119 186.113 (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:
AB1-ASA1-AA1, s. 346ps 12Section 346ps. 186.113 (6) (b) and (c) of the statutes are amended to read:
AB1-ASA1-AA1,180,1513 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.
AB1-ASA1-AA1,180,1716 (c) Act as a depository for member-deferred member qualified and
17nonqualified deferred
compensation funds as permitted by federal law.
AB1-ASA1-AA1, s. 346pt 18Section 346pt. 186.113 (24) of the statutes is created to read:
AB1-ASA1-AA1,180,2019 186.113 (24) Funeral trusts. Accept deposits made by members for the
20purpose of funding burial agreements by trusts created pursuant to s. 445.125.
AB1-ASA1-AA1, s. 346pu 21Section 346pu. 186.20 of the statutes is created to read:
AB1-ASA1-AA1,180,24 22186.20 Financial privacy. A credit union shall comply with any applicable
23requirements under 15 USC 6801 to 6803 and any applicable regulations prescribed
24by the national credit union administration under 15 USC 6804.
AB1-ASA1-AA1, s. 346pv 25Section 346pv. 186.235 (7) (a) (intro.) of the statutes is amended to read:
AB1-ASA1-AA1,181,6
1186.235 (7) (a) (intro.) Employees of the office of credit unions and members
2of the review board shall keep secret all the facts and information obtained in the
3course of examinations, except or contained in any report provided by a credit union
4other than any semiannual or quarterly financial report that is regularly filed with
5the office of credit unions. This requirement does not apply
in any of the following
6situations:
AB1-ASA1-AA1, s. 346pw 7Section 346pw. 186.235 (7) (c) of the statutes is created to read:
AB1-ASA1-AA1,181,118 186.235 (7) (c) If any person mentioned in par. (a) discloses any information
9about the private account or transactions of a credit union or any information
10obtained in the course of an examination of a credit union, except as provided in pars.
11(a) and (b), that person is guilty of a Class I felony.
AB1-ASA1-AA1, s. 346px 12Section 346px. 186.235 (7m) of the statutes is created to read:
AB1-ASA1-AA1,181,1513 186.235 (7m) Return of examination reports. Examination reports possessed
14by a credit union are confidential, remain the property of the office of credit unions,
15and shall be returned to the office of credit unions immediately upon request.
AB1-ASA1-AA1, s. 346py 16Section 346py. 186.235 (16) (a) of the statutes is renumbered 186.235 (16).
AB1-ASA1-AA1, s. 346qd 17Section 346qd. 186.235 (16) (b) of the statutes is repealed.
AB1-ASA1-AA1, s. 346qe 18Section 346qe. 186.235 (16m) of the statutes is created to read:
AB1-ASA1-AA1,181,2019 186.235 (16m) Financial privacy examination. The office of credit unions shall
20examine a credit union to determine the credit union's compliance with s. 186.20.
AB1-ASA1-AA1, s. 346qf 21Section 346qf. 186.36 of the statutes is amended to read:
AB1-ASA1-AA1,181,25 22186.36 Sale of insurance in credit unions. Any officer or employee of a
23credit union, when acting as an agent for the sale of insurance on behalf of the credit
24union, shall pay all commissions received from the sale of credit life insurance or
25credit accident and sickness
insurance to the credit union.
AB1-ASA1-AA1, s. 346qg
1Section 346qg. 186.41 (title) of the statutes is amended to read:
AB1-ASA1-AA1,182,3 2186.41 (title) Interstate acquisition acquisitions and merger mergers
3of credit unions.
AB1-ASA1-AA1, s. 346qh 4Section 346qh. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and
5amended to read:
AB1-ASA1-AA1,182,76 186.41 (1) (bm) "In-state Wisconsin credit union" means a credit union having
7its principal office located in this state.
AB1-ASA1-AA1, s. 346qj 8Section 346qj. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and
9amended to read:
AB1-ASA1-AA1,182,1210 186.41 (1) (am) "Regional Out-of-state credit union" means a state or federal
11credit union that has its, the principal office of which is located in one of the regional
12states
a state other than this state.
AB1-ASA1-AA1, s. 346qk 13Section 346qk. 186.41 (1) (d) of the statutes is repealed.
AB1-ASA1-AA1, s. 346qL 14Section 346qL. 186.41 (2) and (3) of the statutes are amended to read:
AB1-ASA1-AA1,182,1615 186.41 (2) In-state Wisconsin credit union. (a) An in-state A Wisconsin credit
16union may do any of the following:
AB1-ASA1-AA1,182,1817 1. Acquire an interest in, or some or all of the assets and liabilities of, one or
18more regional out-of-state credit unions.
AB1-ASA1-AA1,182,1919 2. Merge with one or more regional out-of-state credit unions.
AB1-ASA1-AA1,182,2320 (b) An in-state A Wisconsin credit union proposing any action under par. (a)
21shall provide the office of credit unions a copy of any original application seeking
22approval by a federal agency or by an agency of the regional another state and of any
23supplemental material or amendments filed in connection with any application.
AB1-ASA1-AA1,182,25 24(3) Regional Out-of-state credit unions. Except as provided in sub. (4), a
25regional
an out-of-state credit union may do any of the following:
AB1-ASA1-AA1,183,2
1(a) Acquire an interest in, or some or all of the assets of, one or more in-state
2Wisconsin credit unions.
AB1-ASA1-AA1,183,33 (b) Merge with one or more in-state Wisconsin credit unions.
AB1-ASA1-AA1, s. 346qm 4Section 346qm. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended
5to read:
AB1-ASA1-AA1,183,76 186.41 (4) Limitations. (intro.) A regional An out-of-state credit union may
7not take any action under sub. (3) until all of the following conditions have been met:
AB1-ASA1-AA1,183,118 (a) The office of credit unions finds that the statutes of the regional state in
9which the regional out-of-state credit union has its principal office permit in-state
10Wisconsin credit unions to both acquire regional out-of-state credit union assets and
11merge with one or more regional out-of-state credit unions in the regional that state.
AB1-ASA1-AA1,183,1412 (b) The office of credit unions has not disapproved the acquisition of in-state
13Wisconsin credit union assets or the merger with the in-state Wisconsin credit union
14under sub. (5).
AB1-ASA1-AA1,183,2315 (c) The office of credit unions gives a class 3 notice, under ch. 985, in the official
16state newspaper, of the application to take an action under sub. (3) and of the
17opportunity for a hearing and, if at least 25 residents of this state petition for a
18hearing within 30 days of the final notice or if the office of credit unions on its own
19motion calls for a hearing within 30 days of the final notice, the office of credit unions
20holds a public hearing on the application, except that a hearing is not required if the
21office of credit unions finds that an emergency exists and that the proposed action
22under sub. (3) is necessary and appropriate to prevent the probable failure of an
23in-state
a Wisconsin credit union that is closed or in danger of closing.
AB1-ASA1-AA1,184,224 (d) The office of credit unions is provided a copy of any original application
25seeking approval by a federal agency of the acquisition of in-state Wisconsin credit

1union assets or of the merger with an in-state a Wisconsin credit union and of any
2supplemental material or amendments filed with the application.
AB1-ASA1-AA1,184,53 (f) With regard to an acquisition of assets of an in-state a Wisconsin credit
4union that is chartered on or after May 9, 1986, the in-state Wisconsin credit union
5has been in existence for at least 5 years before the date of acquisition.
AB1-ASA1-AA1, s. 346qn 6Section 346qn. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to
7read:
AB1-ASA1-AA1,184,118 186.41 (5) (a) Considering the financial and managerial resources and future
9prospects of the applicant and of the in-state Wisconsin credit union concerned, the
10action would be contrary to the best interests of the members of the in-state
11Wisconsin credit union.
AB1-ASA1-AA1,184,1412 (b) The action would be detrimental to the safety and soundness of the
13applicant or of the in-state Wisconsin credit union concerned, or to a subsidiary or
14affiliate of the applicant or of the in-state Wisconsin credit union.
AB1-ASA1-AA1,184,1915 (c) Because the applicant, its executive officers, or directors have not
16established a record of sound performance, efficient management, financial
17responsibility, and integrity, the action would be contrary to the best interests of the
18creditors, the members or, the other customers of the applicant or of the in-state , the
19Wisconsin
credit union, or contrary to the best interests of the public.
AB1-ASA1-AA1,184,2320 (cr) The applicant has failed to propose to provide adequate and appropriate
21services of the type contemplated by the community reinvestment act of 1977 in the
22community in which the in-state Wisconsin credit union which the applicant
23proposes to acquire or merge with is located.
AB1-ASA1-AA1, s. 346qp 24Section 346qp. 186.41 (6) (a) of the statutes is renumbered 186.41 (6).
AB1-ASA1-AA1, s. 346qr 25Section 346qr. 186.41 (6) (b) of the statutes is repealed.
AB1-ASA1-AA1, s. 346qs
1Section 346qs. 186.41 (8) of the statutes is repealed.
AB1-ASA1-AA1, s. 346qt 2Section 346qt. 186.45 of the statutes is created to read:
AB1-ASA1-AA1,185,4 3186.45 Non-Wisconsin credit union, Wisconsin offices. (1) Definitions.
4In this section:
AB1-ASA1-AA1,185,65 (a) "Non-Wisconsin credit union" means a credit union organized under the
6laws of and with its principal office located in a state other than this state.
AB1-ASA1-AA1,185,77 (b) "Wisconsin credit union" has the meaning given in s. 186.41 (1) (bm).
AB1-ASA1-AA1,185,12 8(2) Approval. A non-Wisconsin credit union may open an office and conduct
9business as a credit union in this state if the office of credit unions finds that
10Wisconsin credit unions are allowed to do business in the other state under
11conditions similar to those contained in this section and that all of the following apply
12to the non-Wisconsin credit union:
AB1-ASA1-AA1,185,1413 (a) It is a credit union organized under laws similar to the credit union laws of
14this state.
AB1-ASA1-AA1,185,1515 (b) It is financially solvent based upon national board ratings.
AB1-ASA1-AA1,185,1616 (c) It has member savings insured with federal share insurance.
AB1-ASA1-AA1,185,1817 (d) It is effectively examined and supervised by the credit union authorities of
18the state in which it is organized.
AB1-ASA1-AA1,185,2019 (e) It has received approval from the credit union authorities of the state in
20which it is organized.
AB1-ASA1-AA1,185,2221 (f) It has a need to place an office in this state to adequately serve its members
22in this state.
AB1-ASA1-AA1,185,2423 (g) It meets all other relevant standards or qualifications established by the
24office of credit unions.
AB1-ASA1-AA1,186,2
1(3) Requirements. A non-Wisconsin credit union shall agree to do all of the
2following:
AB1-ASA1-AA1,186,43 (a) Grant loans at rates not in excess of the rates permitted for Wisconsin credit
4unions.
AB1-ASA1-AA1,186,55 (b) Comply with this state's laws.
AB1-ASA1-AA1,186,66 (c) Designate and maintain an agent for the service of process in this state.
AB1-ASA1-AA1,186,10 7(4) Records. As a condition of a non-Wisconsin credit union doing business in
8this state under this section, the office of credit unions may require copies of
9examination reports and related correspondence regarding the non-Wisconsin
10credit union.
AB1-ASA1-AA1, s. 346qu 11Section 346qu. 186.80 of the statutes is created to read:
AB1-ASA1-AA1,186,13 12186.80 False statements. (1) No officer, director, or employee of a credit
13union may do any of the following:
AB1-ASA1-AA1,186,1514 (a) Willfully and knowingly subscribe to or make, or cause to be made, a false
15statement or entry in the books of the credit union.
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