Register March 2020 No. 771
Chapter DFI-SB 19
FINANCIAL SUBSIDIARIES
DFI-SB 19.01 Definitions.
DFI-SB 19.02 Financial activity.
DFI-SB 19.03 Control and interest.
DFI-SB 19.04 Application.
DFI-SB 19.05 Conditions and requirements.
DFI-SB 19.06 Capital deduction.
DFI-SB 19.08 Safeguards for the financial institution.
DFI-SB 19.09 Affiliate requirements.
DFI-SB 19.10 Preservation of existing subsidiaries.
DFI-SB 19.11 Examination and supervision.
DFI-SB 19.12 Report of disposition of financial subsidiary.
DFI-SB 19.01(5)
(5) “Financial institution" means a state savings bank chartered under
ch. 214, Stats.
DFI-SB 19.01(6)
(6) “Financial subsidiary" means any company that is controlled by one or more insured depository institutions other than a subsidiary that a financial institution is authorized to control under other applicable law, or a subsidiary that engages solely in activities that a financial institution is permitted to engage in directly and are conducted subject to the same terms and conditions that govern the conduct of such activities by the financial institution.
DFI-SB 19.01 History
History: Cr.
Register, October, 2000, No. 538, eff. 11-1-00;
correction in (4) made under s. 13.92 (4) (b) 6., Stats., Register March 2020 No. 771. DFI-SB 19.02
DFI-SB 19.02 Financial activity. For the purposes of this chapter, the following activities shall be considered to be financial in nature:
DFI-SB 19.02(1)
(1) Lending, exchanging, transferring, investing for others, or safeguarding money or securities.
DFI-SB 19.02(2)
(2) Engaging as agent or broker in any state for purposes of insuring, guaranteeing, or indemnifying against loss, harm, damage, illness, disability, death, or defects in title, or providing annuities as agent or broker.
DFI-SB 19.02(3)
(3) Issuing or selling instruments representing interests in pools of assets permissible for a bank to hold directly.
DFI-SB 19.02(4)
(4) Underwriting, dealing in, or making a market in securities.
DFI-SB 19.02(5)
(5) Extending credit and servicing loans, including making, acquiring, brokering, or servicing loans or other extensions of credit (such as factoring, issuing letters of credit, and accepting drafts) for the financial subsidiary's account or for the account of others.
DFI-SB 19.02(6)
(6) Engaging in any of the following activities related to extending credit:
DFI-SB 19.02(6)(f)
(f) Engaging in asset management, servicing, and collection activities.
DFI-SB 19.02(7)
(7) Operating nonbank depository institutions, including owning, controlling, or operating an industrial bank or a savings association.
DFI-SB 19.02(8)
(8) Engaging in trust company functions, including activities of a fiduciary, agency, or custodial nature.
DFI-SB 19.02(9)
(9) Providing financial and investment advisory services, including any of the following:
DFI-SB 19.02(9)(c)
(c) Providing advice in connection with mergers, acquisitions, and other similar transactions, and conducting financial feasibility studies.
DFI-SB 19.02(9)(d)
(d) Providing information, statistical forecasting, and advice concerning any transaction in foreign exchange or derivatives.
DFI-SB 19.02(9)(e)
(e) Providing educational courses to consumers on individual financial management matters.
DFI-SB 19.02(10)
(10) Providing agency transactional services for customer investment, including any of the following:
DFI-SB 19.02(11)
(11) Engaging in investment transactions as principal, including any of the following:
DFI-SB 19.02(12)
(12) Providing management consulting and counseling on any matter to unaffiliated depository institutions and on financial matters to any other company, and providing employee benefits counseling and career counseling services for employees in the financial industry.
DFI-SB 19.02(13)
(13) Providing support services, including any of the following:
