186.35(5)(d)2.
2. In the event of the potential impairment of the corporation's capital, special assessments may be levied against all member credit unions by the trustees with the approval of the office of credit unions. The trustees shall determine the total amount of any special assessment, and each member shall be liable to the corporation for a fraction of the total special assessment. Each member's fractional share of a special assessment shall be determined under
sub. (12).
186.35(5)(e)
(e) A member's membership fee to the corporation shall be considered part of its regular reserve for the purpose of determining its compliance with
ss. 186.11 (2) (b) and
186.17.
186.35(5)(f)
(f) The trustees may reduce or waive the annual assessment when the total funds in this corporation equal an amount which is mutually agreed upon by the trustees and the office of credit unions.
186.35(6)
(6) Trustees. The corporation's business shall be conducted by not less than 7 trustees elected by the members in accordance with the bylaws.
186.35(7)
(7) Supervision of corporation. The corporation shall be subject to supervision and an annual examination by the office of credit unions. The cost of each examination shall be paid by the corporation.
186.35(8)
(8) Examinations of credit unions. The office of credit unions shall promptly forward to the corporation copies of examination reports of all members. The cost of these copies shall be paid by the corporation. If the trustees of the corporation ascertain evidence of carelessness, unsound practices or mismanagement of any member or if the trustees determine that the activities of any member may jeopardize any of the corporation's assets, the trustees or their designees may require the member to disclose its operational policies and procedures, and may recommend appropriate corrective measures to the member. If the trustees determine that the carelessness, unsound practices or mismanagement is not promptly corrected or that the threat to the corporation's assets has not been removed, the trustees may make appropriate recommendations to the office of credit unions, including the recommendation that the member be liquidated or merged.
186.35(9)
(9) Bylaws. The incorporators shall subscribe and submit to the office of credit unions, for approval, the bylaws and any amendments thereto under which the corporation shall operate. These bylaws may be amended at any regular or special meeting of the trustees or any annual or special meeting of the corporation.
186.35(10)
(10) Termination of protection or guaranty. 186.35(10)(a)(a) The accounts of every credit union, including a corporate central credit union, that is a member of the corporation on July 20, 1985, and receives a certificate of insurance under
s. 186.34 shall cease to be protected or guaranteed by the corporation on the effective date of the certificate. A corporate central credit union may voluntarily terminate protection or guarantees of its accounts by the corporation by filing with the trustees a resolution duly adopted by the corporate central credit union's board of directors. The accounts of a corporate central credit union that files a resolution under this paragraph shall cease to be protected or guaranteed by the corporation on the date the resolution is filed.
186.35(10)(b)
(b) Within 90 days after the date a credit union's accounts cease to be protected or guaranteed under
par. (a), the corporation shall refund to the credit union the membership fee paid by the credit union and a prorated portion of any regular annual assessment paid by the credit union for the calendar year in which the credit union's membership terminated. The proration shall be based on the number of full calendar months remaining in the calendar year after the date of termination.
186.35(10)(c)
(c) If a credit union which is entitled to a refund of its membership fee under
par. (b) merges under
s. 186.31 with another credit union before the refund is paid, the corporation shall pay to the surviving credit union the membership fee paid by the absorbed credit union.
186.35(12)
(12) Computations. Except as provided in
sub. (12m), each member credit union's fractional share of liquidating distributions under
sub. (11) and special assessments under
sub. (5) (d) 2. shall be calculated as follows:
186.35(12)(a)
(a) Except as provided in
par. (c), the numerator of the fraction shall be the total of all annual and special assessments paid to the corporation by the member, reduced by any refund to the member of a prorated portion of an annual assessment under
sub. (10) (b) and by any amounts paid to the member by the corporation as a protection or guaranty of any account in the member credit union, other than an account transferred to the member credit union as a result of a merger or liquidation of another credit union.
186.35(12)(b)
(b) The denominator of the fraction shall be the total of all annual and special assessments paid by all members participating in the distribution or special assessment.
186.35(12)(c)1.1. The numerator of the fraction under
par. (a) for a corporate central credit union shall include all annual and special assessments paid to the corporation in the name of a predecessor credit union that are attributable to deposits in the predecessor credit union by other credit unions organized under this chapter or any other law.
186.35(12)(c)2.
2. The numerator of the fraction under
par. (a) for a credit union that is the predecessor of a corporate central credit union under
subd. 1. shall exclude all annual and special assessments paid to the corporation in the name of the predecessor credit union that are attributable to deposits in the predecessor credit union by other credit unions organized under this chapter or any other law.
186.35(12m)
(12m) Computation of liquidating distributions if member credit unions merged. If a member credit union merges under
s. 186.31 with a credit union which is a member of the corporation and operating under this chapter on the date that the corporation authorizes a distribution under
sub. (11), the surviving credit union's fractional share of liquidating distributions under
sub. (11) is calculated as follows:
186.35(12m)(a)
(a) The numerator of the fraction shall be the total of all annual and special assessments paid to the corporation by the surviving credit union and the absorbed credit union, reduced by all of the following:
186.35(12m)(a)1.
1. Refunds to the surviving credit union and the absorbed credit union of a prorated portion of an annual assessment under
sub. (10) (b).
186.35(12m)(a)2.
2. Any funds paid to the surviving credit union or the absorbed credit union by the corporation to aid the credit union in qualifying for federal share insurance.
186.35(12m)(b)
(b) The denominator of the fraction shall be the total of all annual and special assessments paid by all members participating in the distribution.
186.35(13)
(13) Limitations on actions. Notwithstanding any other law, the corporation is immune from any claim by any person if the claim relates primarily to protection or guarantees of accounts in a member credit union and arises after the effective date of a certificate of insurance obtained by the member credit union under
s. 186.34.
186.35(14)
(14) Dissolution. Within 30 days after the dissolution of the Wisconsin Credit Union Savings Insurance Corporation, the office of credit unions shall publish a notice of the dissolution in the Wisconsin administrative register.
186.35 History
History: 1971 c. 136;
1971 c. 193 ss.
40,
42 (1), (2), (4), (5);
1971 c. 307 ss.
83,
119;
1975 c. 14,
15,
16,
199;
1979 c. 34,
282;
1981 c. 5,
156;
1981 c. 390 s.
252;
1981 c. 391;
1983 a. 368;
1983 a. 369 ss.
20,
21,
25;
1983 a. 538;
1985 a. 25,
29,
332;
1987 a. 27,
120,
322;
1993 a. 301;
1995 a. 27;
1995 a. 151 ss.
283 to
290,
305.
186.35 Annotation
The Wisconsin credit union share insurance corporation does not have the authority unilaterally to regulate the credit union industry of this state. 64 Atty. Gen. 7.
186.35 Annotation
The corporation can make grants to member credit unions as necessary to meet federal insurance eligibility requirements. The commissioner may require such grants on a case-by-case basis.
74 Atty. Gen. 241.
186.36
186.36
Sale of insurance in credit unions. Any officer or employee of a credit union, when acting as an agent for the sale of insurance on behalf of the credit union, shall pay all commissions received from the sale of credit life insurance or credit accident and sickness insurance to the credit union.
186.41
186.41
Interstate acquisition and merger of credit unions. 186.41(1)(a)
(a) "In-state credit union" means a credit union having its principal office located in this state.
186.41(1)(c)
(c) "Regional credit union" means a state or federal credit union that has its principal office located in one of the regional states.
186.41(1)(d)
(d) "Regional states" means the states of Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri and Ohio.
186.41(2)(a)(a) An in-state credit union may do any of the following:
186.41(2)(a)1.
1. Acquire an interest in, or some or all of the assets and liabilities of, one or more regional credit unions.
186.41(2)(b)
(b) An in-state credit union proposing any action under
par. (a) shall provide the office of credit unions a copy of any original application seeking approval by a federal agency or by an agency of the regional state and of any supplemental material or amendments filed in connection with any application.
186.41(3)
(3) Regional credit unions. Except as provided in
sub. (4), a regional credit union may do any of the following:
186.41(3)(a)
(a) Acquire an interest in, or some or all of the assets of, one or more in-state credit unions.
186.41(3)(b)
(b) Merge with one or more in-state credit unions.
186.41(4)
(4) Limitations. A regional credit union may not take any action under
sub. (3) until all of the following conditions have been met:
186.41(4)(a)
(a) The office of credit unions finds that the statutes of the regional state in which the regional credit union has its principal office permit in-state credit unions to both acquire regional credit union assets and merge with one or more regional credit unions in the regional state.
186.41(4)(b)
(b) The office of credit unions has not disapproved the acquisition of in-state credit union assets or the merger with the in-state credit union under
sub. (5).
186.41(4)(c)
(c) The office of credit unions gives a class 3 notice, under
ch. 985, in the official state newspaper, of the application to take an action under
sub. (3) and of the opportunity for a hearing and, if at least 25 residents of this state petition for a hearing within 30 days of the final notice or if the office of credit unions on its own motion calls for a hearing within 30 days of the final notice, the office of credit unions holds a public hearing on the application, except that a hearing is not required if the office of credit unions finds that an emergency exists and that the proposed action under
sub. (3) is necessary and appropriate to prevent the probable failure of an in-state credit union that is closed or in danger of closing.
186.41(4)(d)
(d) The office of credit unions is provided a copy of any original application seeking approval by a federal agency of the acquisition of in-state credit union assets or of the merger with an in-state credit union and of any supplemental material or amendments filed with the application.
186.41(4)(e)
(e) The applicant has paid the office of credit unions a fee of $1,000 together with the actual costs incurred by the office in holding any hearing on the application.
186.41(4)(f)
(f) With regard to an acquisition of assets of an in-state credit union that is chartered on or after May 9, 1986, the in-state credit union has been in existence for at least 5 years before the date of acquisition.
186.41(5)
(5) Standards for disapproval. The office of credit unions may disapprove of any action under
sub. (3) if the office finds any of the following:
186.41(5)(a)
(a) Considering the financial and managerial resources and future prospects of the applicant and of the in-state credit union concerned, the action would be contrary to the best interests of the members of the in-state credit union.
186.41(5)(b)
(b) The action would be detrimental to the safety and soundness of the applicant or of the in-state credit union concerned, or to a subsidiary or affiliate of the applicant or of the in-state credit union.
186.41(5)(c)
(c) Because the applicant, its executive officers or directors have not established a record of sound performance, efficient management, financial responsibility and integrity, the action would be contrary to the best interests of the creditors, members or other customers of the applicant or of the in-state credit union or contrary to the best interests of the public.
186.41(5)(cg)
(cg) The applicant has failed to provide adequate and appropriate services of the type contemplated by the community reinvestment act of 1977 to the communities in which the applicant is located.
186.41(5)(cr)
(cr) The applicant has failed to propose to provide adequate and appropriate services of the type contemplated by the community reinvestment act of 1977 in the community in which the in-state credit union which the applicant proposes to acquire or merge with is located.
186.41(5)(ct)
(ct) The applicant has failed to enter into an agreement prepared by the office of credit unions to comply with laws and rules of this state regulating consumer credit finance charges and other charges and related disclosure requirements, except to the extent preempted by federal law or regulation.
186.41(5)(e)
(e) The applicant fails to meet any other standards established by rule of the office of credit unions.
186.41(6)(a)(a) Subsections (1) to
(5) do not apply prior to January 1, 1987, except that the office of credit unions may promulgate rules under
sub. (5) (e) to be applicable no earlier than the date that
subs. (1) to
(5) apply.
186.41(6)(b)
(b) Subsections (1) to
(5) apply as of the date, not earlier than January 1, 1987, that 3 regional states, at least 2 of which shall be from among the states of Illinois, Indiana, Iowa, Michigan and Minnesota, permit in-state credit unions to both acquire regional credit union assets and merge with one or more regional credit unions in those regional states.
186.41(7)
(7) When invalidated. If any part of
subs. (1) to
(5) is held to be unconstitutional, then all of
subs. (1) to
(5) shall be invalid.
186.41(8)
(8) Divestiture. Any credit union that has acquired assets of or merged with an in-state credit union under
sub. (2) or
(3) and that ceases to be an in-state credit union or regional credit union shall immediately notify the office of credit unions of the change in its status and shall, as soon as practical and, in any case, within 2 years after the event causing it to no longer be one of these entities, divest itself of control of any interest in the assets or operations of any in-state credit union. A credit union that fails to immediately notify the office of credit unions is liable for a forfeiture of $500 for each day beginning with the day its status changes and ending with the day notification is received by the office of credit unions.
186.41 History
History: 1985 a. 325,
332;
1995 a. 27,
151.
186.52
186.52
Customer access to appraisals. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in
s. 705.01 (3), shall provide that individual with a copy of any written appraisal report which is held by the financial institution, which relates to residential real estate that the individual owns or has agreed to purchase and for which a fee is imposed.
186.52 History
History: 1991 a. 78.
186.53
186.53
Customer access to credit reports. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in
s. 705.01 (3), shall provide that individual, at no additional charge, with a copy of any written credit report which is held by the financial institution, which relates to that individual and for which a fee is imposed.
186.53 History
History: 1993 a. 425.
186.60
186.60
Venue. An action brought by a credit union to enjoin the office of credit unions in the discharge of the office's duties shall be brought in the county in which the credit union is located.
186.60 History
History: 1995 a. 151.
186.70
186.70
Record search. A credit union is entitled to reimbursement for expenses and costs incurred in searching for, reproducing and transporting books, papers, records and other data required to be produced by legal process, unless otherwise prohibited by law from collecting these expenses and costs or unless the person seeking the production is a government unit, as defined in
s. 108.02 (17). The expenses and costs shall be paid by persons seeking such production. If a credit union is entitled to reimbursement under this section, a credit union may not be required to produce books, papers, records and other data in response to legal process unless the expenses and costs, identified in an itemized invoice to be provided by the credit union, are paid or unless payment is tendered to the credit union in cash or by certified check or draft.
186.70 History
History: 1995 a. 336.
186.71
186.71
Reproduction and destruction of records; evidence. 186.71(1)(1) Any credit union may cause any or all records kept by such credit union to be recorded, copied or reproduced by any photostatic, photographic or miniature photographic process or by optical imaging if the process employed correctly, accurately and permanently copies, reproduces or forms a medium for copying, reproducing or recording the original record on a film or other durable material. A credit union may thereafter dispose of the original record after first obtaining the written consent of the office of credit unions.
186.71(2)
(2) Any photographic, photostatic or miniature photographic copy or reproduction or copy reproduced from a film record or any copy of a record generated from optical disk storage of a credit union record is considered to be an original record for all purposes and shall be treated as an original record in all courts or administrative agencies for the purpose of its admissibility in evidence. A facsimile, exemplification or certified copy of any such photographic copy or reproduction, copy reproduced from a film record or copy generated from optical disk storage of a record shall, for all purposes, be considered a facsimile, exemplification or certified copy of the original record.
186.71 History
History: 1997 a. 152.
