SB925,4,12 186.11 (2) (a) A Subject to pars. (b) and (c), a credit union may purchase, hold, and dispose of property as necessary for or incidental to its operations.

SB925,4 Section 4. 186.11 (2) (b) and (c) of the statutes are created to read:

SB925,4,15 186.11 (2) (b) Subject to guidance issued by the office of credit unions, a credit union may purchase, lease, hold, and convey the following types of real estate:

SB925,4,17 1. Real estate conveyed to the credit union in satisfaction of debts previously contracted in the course of the credit union's business.

SB925,4,20 2. Real estate purchased at sale on judgments, decrees, or mortgage foreclosures under securities held by the credit union, but a credit union may not bid at a sale a larger amount than is necessary to satisfy its debts and costs.

SB925,4,22 3. Subject to the approval of the office of credit unions, real estate acquired or held by the credit union for any other purpose.

SB925,4,24 (c) Real estate acquired under par. (b) may not be held for more than 5 years, unless an extension is granted by the office of credit unions.

SB925,5 Section 5. 186.113 (15) (a) of the statutes is amended to read:

SB925,5,18 186.113 (15) (a) Directly or indirectly, acquire, place, and operate, or participate in the acquisition, placement, and operation of, at locations other than its offices, remote terminals, in accordance with rules established by the office of credit unions. The rules shall provide that any remote terminal shall be available for use, on a nondiscriminatory basis, by any state or federal credit union which has its principal place of business in this state, by any other credit union obtaining the consent of a state or federal credit union which has its principal place of business in this state and is using the terminal and by all members designated by a credit union using the terminal. This subsection does not authorize a credit union which has its principal place of business outside the state to conduct business as a credit union in this state. The remote terminals also shall be available for use, on a nondiscriminatory basis, by any state or national bank, state or federal savings bank or state or federal savings and loan association, whose home office is located in this state, if the bank, savings bank or savings and loan association requests to share its use, subject to the joint rules established under s. 221.0303 (2). The office of credit unions by order may authorize the installation and operation of a remote terminal in a mobile facility, after notice and hearing upon the proposed service stops of the mobile facility.

SB925,6 Section 6 . 186.113 (26) of the statutes is created to read:

SB925,5,22 186.113 (26) Supplemental capital. Issue or otherwise offer supplemental forms of capital in such form and with such conditions as are approved by the office of credit unions.

SB925,7 Section 7. 186.115 (2) of the statutes is amended to read:

SB925,6,6 186.115 (2) Rules Guidance. The activities, powers, products, and services that may be undertaken, exercised, or offered by credit unions under sub. (1) are limited to those specified by rule of guidance issued by the office of credit unions. The office of credit unions may direct any credit union to cease any activity, the exercise of any power, or the offering of any product or service authorized by rule this guidance. Among the factors that the office of credit unions may consider in so directing a credit union are the credit union's net worth, assets, management rating and liquidity ratio and its ratio of net worth to assets.

SB925,8 Section 8 . 186.118 (1) of the statutes is amended to read:

SB925,6,11 186.118 (1) In addition to any activity or power authorized under ss. 186.098, 186.11, 186.113, 186.114, and 186.115, and 186.235 (21), a credit union organized under s. 186.02 may engage in any activity or exercise any power that is listed by the office of credit unions under sub. (2) (a) or, (3) (b) 1., or (3m) (b) 1.

SB925,9 Section 9 . 186.118 (3) (a) (intro.) of the statutes is amended to read:

SB925,6,20 186.118 (3) (a) (intro.) After April 18, 2014, and before the effective date of this paragraph .... [LRB inserts date], if any activity or power incidental to the business of a credit union that is not listed under sub. (2) (a) becomes authorized for federally chartered credit unions, within 30 days after the activity or power becomes authorized the office of credit unions shall make a determination as to whether the activity or power should also be authorized for credit unions organized under s. 186.02. In making this determination, the office of credit unions shall consider the degree to which the following apply with respect to the activity or power:

SB925,10 Section 10 . 186.118 (3m) of the statutes is created to read:

SB925,7,5 186.118 (3m) (a) On or after the effective date of this paragraph .... [LRB inserts date], if any activity or power incidental to the business of a credit union that is not listed under sub. (2) (a) or (3) (b) 1. becomes authorized for federally chartered credit unions, 30 days after the activity or power becomes authorized the activity or power shall also be authorized for credit unions organized under s. 186.02 unless otherwise noted by general order of the office of credit unions within this 30-day period. In making the determination whether to issue such a general order, the office of credit unions shall consider the degree to which the following apply with respect to the activity or power:

SB925,7,7 1. It is necessary, convenient, or useful for effectively carrying out the mission or business of a credit union.

SB925,7,9 2. It is the functional equivalent or logical outgrowth of activities or powers that are part of the mission or business of a credit union.

SB925,7,12 3. It involves risks similar in nature to those already assumed as part of the business of the credit union and it is not likely to be detrimental to the overall safety and soundness of the credit union.

SB925,7,16 (b) 1. The office of credit unions shall promulgate a rule adding an activity or power to the list of activities and powers established under subs. (2) (a) and (3) (b) 1. unless the office of credit unions has issued a general order otherwise as provided in par. (a).

SB925,7,20 2. The office of credit unions shall submit the proposed rule under subd. 1. to the legislative reference bureau in an electronic format approved by the legislative reference bureau, and the legislative reference bureau shall publish the proposed rule in the notice section of the Wisconsin administrative register under s. 35.93.

SB925,8,2 3. Sections 227.114 (4) and (6), 227.115, 227.135, 227.137, 227.14 (2) (a) 6., (2g), (4), and (4m), 227.15, 227.16, 227.17, 227.18, 227.185, 227.19, and 227.30 do not apply to the office of credit unions in promulgating a rule under subd. 1. or to any rule promulgated by the office of credit unions under subd. 1. Guidelines prescribed by executive order of the governor do not apply to the office of credit unions in promulgating a rule under subd. 1.

SB925,11 Section 11 . 186.118 (4) of the statutes is amended to read:

SB925,8,6 186.118 (4) The office of credit unions shall publish and maintain on the department of financial institutions' Internet site the list of activities and powers under sub. subs. (2) (a), (3) (b) 1., and (3m) (b) 1.

SB925,12 Section 12 . 186.118 (5) of the statutes is amended to read:

SB925,8,11 186.118 (5) If the office of credit unions promulgates a rule listing an activity or power as provided in sub. (2) (a) or, (3) (b) 1., or (3m) (b) 1., subs. (2) (b) and (c) and, (3) (b) 2. and 3., and (3m) (b) 2. and 3. do not apply to any subsequent rule modifying or eliminating the listed activity or power.