222.0205 Certificate of authority.
222.0207 Voluntary termination of certification.
SUBCHAPTER III
ORGANIZATION
222.0301 Articles of incorporation and bylaws.
222.0305 Capital and assets.
222.0307 Acquisitions, mergers, and asset purchases.
SUBCHAPTER IV
POWERS
222.0401 Federal financial institution powers.
222.0405 Investment powers.
222.0407 Universal bank purchase of its own stock.
222.0409 Stock in bank-owned banks.
222.0411 General deposit powers.
222.0413 Necessary or convenient powers, reasonably related or incidental activities, and other approved activities.
GENERAL PROVISIONS
222.0101
222.0101
Title. This chapter may be cited as the "Wisconsin universal bank law."
222.0101 History
History: 2003 a. 63.
222.0102
222.0102
Definitions. In this chapter:
222.0102(1)
(1) "Capital" of a universal bank means the sum of the following, less the amount of intangible assets that is not considered to be qualifying capital by a deposit insurance corporation or the division:
222.0102(1)(a)
(a) For a universal bank organized as a stock organization, the universal bank's capital stock, preferred stock, undivided profits, surplus, outstanding notes and debentures approved by the division, other forms of capital designated as capital by the division, and other forms of capital considered to be qualifying capital of the universal bank by a deposit insurance corporation.
222.0102(1)(b)
(b) For a universal bank organized as a mutual organization, the universal bank's net worth, undivided profits, surplus, outstanding notes and debentures approved by the division, other forms of capital designated as capital by the division, and other forms of capital considered to be qualifying capital by a deposit insurance corporation.
222.0102(2)
(2) "Deposit insurance corporation" means the Federal Deposit Insurance Corporation or other instrumentality of, or corporation chartered by, the United States that insures deposits of financial institutions and that is supported by the full faith and credit of the U.S. government as stated in a congressional resolution.
222.0102(3)
(3) "Division" means the division of banking.
222.0102(4)
(4) "Financial institution" means a savings bank organized under
ch. 214, savings and loan association organized under
ch. 215, or bank chartered under
ch. 221.
222.0102(5)
(5) "Universal bank" means a financial institution that has been issued a certificate of authority under
s. 222.0205.
222.0102 History
History: 2003 a. 63.
222.0103(1)(1)
Savings banks. A universal bank that is a savings bank organized under
ch. 214 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings bank, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.
222.0103(2)
(2) Savings and loan associations. A universal bank that is a savings and loan association organized under
ch. 215 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings and loan association, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.
222.0103(3)
(3) Banks. A universal bank that is a bank chartered under
ch. 221 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a bank, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.
222.0103 History
History: 2003 a. 63.
222.0105
222.0105
Fees. The division may establish such fees as it determines are appropriate for documents filed with the division under this chapter and for services provided by the division under this chapter.
222.0105 History
History: 2003 a. 63.
222.0107(1)(1)
Powers of division. The division shall administer this chapter for all universal banks.
222.0107(2)
(2) Rule-making authority. The division may promulgate rules to administer and carry out this chapter. The division may establish additional limits or requirements on universal banks, if the division determines that the limits or requirements are necessary for the protection of depositors, members, investors, or the public.
222.0107 History
History: 2003 a. 63.
CERTIFICATION
222.0201(1)(1)
Application. A financial institution may apply to become certified as a universal bank by filing a written application with the division. The application shall include all information required by the division. The application shall be on the forms and in accordance with the procedures prescribed by the division.
222.0201(2)
(2) Review by division. An application submitted by a financial institution under
sub. (1) shall either be approved or disapproved by the division, in writing, within 60 days after the date on which application is filed with the division. The division and the financial institution may mutually agree to extend the application period for an additional period of 60 days. The division shall approve an application if all of the applicable requirements under
s. 222.0203 (1) are met.
222.0201 History
History: 2003 a. 63.
222.0203(1)(1)
Requirements. The division may approve an application from a financial institution for certification as a universal bank only if all of the following requirements are met:
222.0203(1)(a)
(a) The financial institution has been in existence and continuous operation for a minimum of 3 years before the date of the application.
222.0203(1)(c)
(c) The financial institution does not exhibit a combination of financial, managerial, operational, and compliance weaknesses that is moderately severe or unsatisfactory, as determined by the division based upon the division's assessment of the financial institution's capital adequacy, asset quality, management capability, earnings quantity and quality, adequacy of liquidity, and sensitivity to market risk.
222.0203(1)(d)
(d) During the 12-month period before the date of the application, the financial institution has not been the subject of an enforcement action, and there is no enforcement action pending against the financial institution by any state or federal financial institution regulatory agency, including the division.
222.0203(1)(e)
(e) The most current evaluation prepared under
12 USC 2906 that the financial institution has received rates the financial institution as "outstanding" or "satisfactory" in helping to meet the credit needs of its entire community, including low-income and moderate-income neighborhoods, consistent with the safe and sound operation of the financial institution.
222.0203(1)(f)
(f) If the financial institution has received from its federal functional regulator, as defined in
15 USC 6809 (2), a consumer compliance examination that contains information regarding the financial institution's compliance with
15 USC 6801 to
6803 and any applicable regulations prescribed under
15 USC 6804, the most recent such examination indicates, in the opinion of the division, that the financial institution is in substantial compliance with those statutes or regulations.
222.0203(2)
(2) Failure to maintain eligibility; limitation of authority and decertification. For any period during which a universal bank fails to meet the requirements under
sub. (1), the division shall limit or restrict the exercise of the powers of the universal bank under this chapter. In addition to or in lieu of limiting or restricting the universal bank's authority under this subsection, the division may by order revoke the universal bank's certificate of authority issued under
s. 222.0205.
222.0203 History
History: 2003 a. 63.
222.0205
222.0205
Certificate of authority. Upon approval of an application for certification as a universal bank, the division shall issue to the applicant a certificate of authority stating that the financial institution is certified as a universal bank under this chapter.
222.0205 History
History: 2003 a. 63.
222.0207
222.0207
Voluntary termination of certification. A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days' prior written notice of the termination to the division. A termination under this section is effective only with the written approval of the division. A financial institution shall, as a precondition to termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The division's written approval of a financial institution's termination under this section is void if the financial institution fails to satisfy the precondition to termination under this section.
222.0207 History
History: 2003 a. 63.
ORGANIZATION
222.0301
222.0301
Articles of incorporation and bylaws. A universal bank shall continue to operate under its articles of incorporation and bylaws as in effect prior to certification as a universal bank or as such articles or bylaws may be subsequently amended in accordance with the provisions of the chapter under which the universal bank was organized or chartered.
222.0301 History
History: 2003 a. 63.
222.0303(1)(1)
Use of "bank". Notwithstanding
ss. 214.035,
215.40 (1) (c), and
215.60 (1) (c) and subject to
subs. (2) and
(3) (b), a universal bank may use the word "bank" in its name, without having to include the word "savings." Notwithstanding
ss. 215.40 (1) (a) and
215.60 (1) (a) and subject to
subs. (2) and
(3) (b), a universal bank that is organized under
ch. 215 and that uses the word "bank" in its name in accordance with this section need not include the words "savings and loan association" or "savings association" in its name.
222.0303(2)
(2) Distinguishability. Except as provided in
sub. (3), the name of the universal bank shall be distinguishable upon the records of the division from all of the following names:
222.0303(2)(a)
(a) The name of every other financial institution organized under the laws of this state.
222.0303(2)(b)
(b) The name of every national bank or foreign bank authorized to transact business in this state.
222.0303(3)(a)(a) A universal bank may apply to the division for authority to use a name that does not meet the requirements under
sub. (2). The division may authorize the use of the name if any of the conditions under
s. 221.0403 (2) (a) or
(b) is met.
222.0303(3)(b)
(b) A universal bank may use a name that is used in this state by another financial institution or by an institution authorized to transact business in this state, if the universal bank has done any of the following:
222.0303(3)(b)3.
3. Acquired all or substantially all of the assets, including the name, of the other institution.
222.0303 History
History: 2003 a. 63.
222.0305(2)
(2) Certain asset requirements. Section 214.045 does not apply to universal banks.
222.0305 History
History: 2003 a. 63.
222.0307
222.0307
Acquisitions, mergers, and asset purchases. 222.0307(1)(1)
In general. A universal bank may, with the approval of the division, purchase the assets of, merge with, acquire, or be acquired by any other financial institution, universal bank, national bank, or federally chartered savings bank or savings and loan association, or by a holding company of any of these entities. Notwithstanding
subch. III of ch. 214 and
ss. 214.09 and
215.36, the approval of the division of savings institutions is not required.
222.0307(2)
(2) Applications for approval. An application for approval under
sub. (1) shall be submitted on a form prescribed by the division and accompanied by a fee determined by the division. In processing and acting on applications under this section the division shall apply the following standards:
