186.41
186.41
Interstate acquisitions and mergers of credit unions. 186.41(1)(am)
(am) “Out-of-state credit union" means a state or federal credit union, the principal office of which is located in a state other than this state.
186.41(1)(bm)
(bm) “Wisconsin credit union" means a credit union having its principal office located in this state.
186.41(2)(a)(a) A Wisconsin 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 out-of-state credit unions.
186.41(2)(b)
(b) A Wisconsin 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 another state and of any supplemental material or amendments filed in connection with any application.
186.41(3)
(3) Out-of-state credit unions. Except as provided in
sub. (4), an out-of-state 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 Wisconsin credit unions.
186.41(3)(b)
(b) Merge with one or more Wisconsin credit unions.
186.41(4)
(4) Limitations. An out-of-state 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 state in which the out-of-state credit union has its principal office permit Wisconsin credit unions to both acquire out-of-state credit union assets and merge with one or more out-of-state credit unions in that state.
186.41(4)(b)
(b) The office of credit unions has not disapproved the acquisition of Wisconsin credit union assets or the merger with the Wisconsin 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 a Wisconsin 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 Wisconsin credit union assets or of the merger with a Wisconsin 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 a Wisconsin credit union that is chartered on or after May 9, 1986, the Wisconsin 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 Wisconsin credit union concerned, the action would be contrary to the best interests of the members of the Wisconsin credit union.
186.41(5)(b)
(b) The action would be detrimental to the safety and soundness of the applicant or of the Wisconsin credit union concerned, or to a subsidiary or affiliate of the applicant or of the Wisconsin 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, the members, the other customers of the applicant, the Wisconsin credit union, or 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 Wisconsin 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(5m)
(5m) Branching not limited. This section does not limit branching authority under
s. 186.113 (1).
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(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.
186.45
186.45
Non-Wisconsin credit union, Wisconsin offices. 186.45(1)(a)
(a) “Non-Wisconsin credit union" means a credit union organized under the laws of and with its principal office located in a state other than this state.
186.45(2)
(2) Approval. A non-Wisconsin credit union may open an office and conduct business as a credit union in this state if the office of credit unions finds that Wisconsin credit unions are allowed to do business in the other state under conditions similar to those contained in this section and that all of the following apply to the non-Wisconsin credit union:
186.45(2)(a)
(a) It is a credit union organized under laws similar to the credit union laws of this state.
186.45(2)(b)
(b) It is financially solvent based upon national board ratings.
186.45(2)(c)
(c) It has member savings insured with federal share insurance.
186.45(2)(d)
(d) It is effectively examined and supervised by the credit union authorities of the state in which it is organized.
186.45(2)(e)
(e) It has received approval to open an office and conduct business as a credit union in this state from the credit union authorities of the state in which it is organized.
186.45(2)(f)
(f) It has a need to place an office in this state to adequately serve its members in this state.
186.45(2)(g)
(g) It meets all other relevant standards or qualifications established by the office of credit unions.
186.45(3)
(3) Requirements. A non-Wisconsin credit union that opens an office and conducts business as a credit union in this state shall do all of the following:
186.45(3)(a)
(a) Grant loans at rates not in excess of the rates permitted for Wisconsin credit unions.
186.45(3)(c)
(c) Designate and maintain an agent for the service of process in this state.
186.45(4)
(4) Records. As a condition of a non-Wisconsin credit union doing business in this state under this section, the office of credit unions may require copies of examination reports and related correspondence regarding the non-Wisconsin credit union.
186.45 History
History: 2003 a. 63,
326.
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; members' inspection of records. 186.70(1)(1) 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 subsection, 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(2)(a)(a) A group of members of a credit union has the right, upon submission of a petition to the credit union that satisfies the requirements under
par. (b), to inspect and copy nonconfidential portions of all of the following:
186.70(2)(a)2.
2. The credit union's minutes of the proceedings of the credit union's members, board of directors, and committees of directors.
186.70(2)(b)
(b) The petition under
par. (a) shall describe the particular records to be inspected and state a proper purpose for the inspection, which must be a purpose related to the protection of the members' financial interests in the credit union. The petition shall state that the petitioners as a whole, or certain named petitioners, agree to pay the direct and reasonable costs associated with search and duplication of requested material. The petition shall also state that the inspection is not desired for any purpose other than the stated purpose; that the members signing the petition will not sell or offer for sale any information obtained from the credit union; and that the members signing the petition have not within 5 years immediately preceding the signature date sold or offered for sale any information acquired from the credit union or aided or abetted any person in procuring any information from the credit union for purposes of sale. The petition shall name one member, and one alternate member, who shall represent the petitioners on issues such as inspection procedures, costs, and potential disputes. At least one percent of the credit union's members, with a minimum of 20 members and a maximum of 500 members, must sign the petition. Each member who signs the petition must have been a member of the credit union for at least 180 days at the time the petitioners submit the petition to the credit union.
186.70(2)(c)1.1. A credit union shall respond to petitioners within 14 days of receiving a petition under
par. (b). In its response, a credit union shall inform petitioners either that it will provide inspection of the requested material and, if so, when, or, if a credit union is going to withhold all or part of the requested material, it shall inform petitioners what part of the requested material it intends to withhold and the reasons for withholding the requested material. As soon as possible after receiving a petition, a credit union shall schedule inspection and copying of nonconfidential requested material it determines petitioners may inspect and copy.
186.70(2)(c)2.
2. Inspection may be made in person or by agent or attorney and at any reasonable time. The credit union may, at its option, skip inspection and deliver copies of requested documents directly to the petitioners. Member inspection rights under this subsection are in addition to any other member inspection rights afforded by the credit union's charter or bylaws or other statutory provisions or rules.
186.70(2)(c)3.
3. If the credit union denies inspection because the petitioners have failed to obtain the minimum number of valid signatures, the credit union shall inform the petitioners which signatures were not valid and why.
186.70(2)(d)
(d) Members do not have the right to inspect any portion of the books, records, or minutes of a credit union if any of the following applies:
186.70(2)(d)1.
1. Statutory provisions or rules prohibit disclosure of that portion.
186.70(2)(d)2.
2. The publication of that portion could cause the credit union predictable and substantial financial harm.
186.70(2)(d)4.
4. That portion contains information about credit union employees or officials the disclosure of which would constitute a clearly unwarranted invasion of personal privacy.
186.70(2)(e)
(e) A credit union may charge petitioners the direct and reasonable costs associated with search and duplication. The credit union may not charge for other costs, including indirect costs or attorney fees.
186.70(2)(f)
(f) In the event of a dispute between a credit union and its members concerning a petition for inspection or the associated costs, either party may submit the dispute to the director of the office of credit unions. The director, after obtaining the views of both parties, shall direct the credit union either to withhold the disputed materials or to make them available for member inspection and copying. The director may place conditions upon release. The decision of the director is a final agency decision and is not appealable to the credit union review board.
186.70 History
History: 1995 a. 336;
2015 a. 304.
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.
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 disc 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 disc storage of a record shall, for all purposes, be considered a facsimile, exemplification, or certified copy of the original record.
186.80
186.80
False statements. 186.80(1)(1) No officer, director, or employee of a credit union may do any of the following:
186.80(1)(a)
(a) Willfully and knowingly subscribe to or make, or cause to be made, a false statement or entry in the books of the credit union.
186.80(1)(b)
(b) Knowingly subscribe to or exhibit false information with the intent to deceive any person authorized to examine the affairs of the credit union.
186.80(1)(c)
(c) Knowingly make, state, or publish any false report or statement of the credit union.
186.80(2)
(2) Any person who violates
sub. (1) is guilty of a Class F felony.
186.80 History
History: 2003 a. 63.
