CHAPTER 222
UNIVERSAL BANKS
SUBCHAPTER I
GENERAL PROVISIONS
SUBCHAPTER II
CERTIFICATION
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.
