AB133-SSA1-SA1,314,2 186.11 (4) (title) Investment in credit union service corporations organizations. (a) A Unless the office of credit unions approves a higher percentage, a credit union may invest not more than 1.5% of its total assets in the capital shares or obligations of a credit union service corporation organizations that are corporations, limited partnerships, limited liability companies or other entities approved by the office of credit unions, and that are organized primarily to provide goods and services, in the ordinary course of business, to credit unions, credit union organizations and credit union members.

AB133-SSA1-SA1, s. 2308pc Section 2308pc. 186.11 (4) (b) (intro.) and 1. of the statutes are amended to read:

AB133-SSA1-SA1,314,6 186.11 (4) (b) (intro.) A credit union service corporation organization under par. (a) may provide goods and services including any of the following:

AB133-SSA1-SA1,314,12 1. Credit union operations services, including service centers, credit and debit card services, automated teller and remote terminal services, electronic transaction services, accounting systems, data processing, management training and support, payment item processing, record retention and storage, locator services, research, debt collection, credit analysis and loan servicing, coin and currency services and marketing and advertising services.

AB133-SSA1-SA1, s. 2308pf Section 2308pf. 186.11 (4) (b) 6. and 7. of the statutes are renumbered 186.11 (4) (b) 9. and 10.

AB133-SSA1-SA1, s. 2308ph Section 2308ph. 186.11 (4) (b) 6m., 7m. and 8. of the statutes are created to read:

AB133-SSA1-SA1,314,18 186.11 (4) (b) 6m. Management, development, sale or lease of fixed assets and sale, lease or servicing of computer hardware or software.

AB133-SSA1-SA1,314,19 7m. Securities brokerage services.

AB133-SSA1-SA1,314,20 8. Travel agency services.

AB133-SSA1-SA1, s. 2308pj Section 2308pj. 186.11 (4) (c) of the statutes is amended to read:

AB133-SSA1-SA1,314,23 186.11 (4) (c) A credit union service corporation organization may be subject to audit examination by the office of credit unions.

AB133-SSA1-SA1, s. 2308pL Section 2308pL. 186.113 (1) of the statutes is amended to read:

AB133-SSA1-SA1,315,6 186.113 (1) Branch offices. If the need and necessity exist and with With the approval of the office of credit unions, establish branch offices inside this state or no more than 25 miles or outside of this state. Permanent records may be maintained at branch offices established under this subsection. In this subsection, the term "branch office" does not include a remote terminal, a limited services office or a service center.

AB133-SSA1-SA1, s. 2308pn Section 2308pn. 186.113 (1m) (a) (intro.) of the statutes is amended to read:

AB133-SSA1-SA1,315,10 186.113 (1m) (a) (intro.) Establish Before the effective date of this paragraph .... [revisor inserts date], establish limited services offices outside this state to serve any member of the credit union if all of the following requirements are met:

AB133-SSA1-SA1, s. 2308pp Section 2308pp. 186.113 (6) (b) and (c) of the statutes are amended to read:

AB133-SSA1-SA1,315,14 186.113 (6) (b) Act as trustees or custodians of member tax deferred retirement funds, individual retirement accounts, medical savings accounts or other employe benefit accounts or funds permitted by federal law to be deposited in a credit union.

AB133-SSA1-SA1,315,16 (c) Act as a depository for member-deferred member qualified and nonqualified deferred compensation funds as permitted by federal law.

AB133-SSA1-SA1, s. 2308pr Section 2308pr. 186.113 (24) of the statutes is created to read:

AB133-SSA1-SA1,315,19 186.113 (24) Funeral trusts. Accept deposits made by members for the purpose of funding burial agreements by trusts created pursuant to s. 445.125.

AB133-SSA1-SA1, s. 2308pt Section 2308pt. 186.113 (25) of the statutes is created to read:

AB133-SSA1-SA1,315,23 186.113 (25) Sell or purchase assets. Discount or sell any of its assets and, with the prior approval of the office of credit unions, purchase assets of another lender or seller.

AB133-SSA1-SA1, s. 2308pv Section 2308pv. 186.114 of the statutes is created to read:

AB133-SSA1-SA1,316,5 186.114. Federal and other powers. (1) Exercise of federal credit union powers by Wisconsin credit union. (a) In general. Subject to the limitations in this subsection, a credit union may exercise all powers that may be exercised, directly or indirectly through a credit union service organization, by a federally chartered credit union or by an affiliate of such an institution.

AB133-SSA1-SA1,316,8 (b) Required notification for exercise of a federal power. A credit union shall give 60 days' prior written notice to the office of credit unions of the credit union's intention to exercise a power under this subsection.

AB133-SSA1-SA1,316,12 (c) Exercise of federal powers through a credit union service organization. The office of credit unions may require that certain powers exercisable by credit unions under this subsection be exercised through a credit union service organization with appropriate safeguards to limit the risk exposure of the credit union.

AB133-SSA1-SA1,316,17 (2) Exercise of other service and incidental activity powers. (a) Necessary or convenient powers. Unless otherwise prohibited or limited by this chapter, a credit union may exercise all powers necessary or convenient to effect the purposes for which the credit union is organized or to further the businesses in which the credit union is lawfully engaged.

AB133-SSA1-SA1,316,25 (b) Reasonably related powers. Subject to any applicable state or federal regulatory or licensing requirements, a credit union may engage, directly or indirectly through a credit union service organization, in activities reasonably related or incident to the purposes of the credit union. Activities reasonably related or incident to the purposes of the credit union are those activities that are part of the business of credit unions, or closely related to the business of credit unions, or convenient and useful to the business of credit unions, or reasonably related or incident to the operation of credit unions or are financial in nature.

AB133-SSA1-SA1,317,3 (c) Notice requirement. A credit union shall give 60 days' prior written notice to the office of credit unions of the credit union's intention to engage in an activity under this subsection.