1. OCU must establish, by rule, a list of activities and powers incidental to the
business of a credit union that are authorized for federally chartered credit unions
as of April 18, 2014. A credit union chartered under Wisconsin law (Wisconsin
chartered credit union) may engage in any activity or exercise any power listed by
OCU, in addition to exercising any other power authorized for the credit union. After
April 18, 2014, if any additional activity or power incidental to the business of a credit
union becomes authorized for federally chartered credit unions, OCU must make a
determination, within 30 days after the activity or power becomes authorized, as to
whether the activity or power should also be authorized for Wisconsin chartered
credit unions. In making this determination, OCU must consider specified factors
and, if OCU determines that the activity or power authorized for federally chartered
credit unions should also be authorized for Wisconsin chartered credit unions, OCU
must, by rule, add the activity or power to the list. An OCU rule that includes an
activity or power in the list is exempt from most administrative rule-making
requirements, but deleting an activity or power from the list or modifying the activity
or power on the list requires OCU to go through the normal rule-making process.

2. A credit union may undertake any activity, exercise any power, or offer any
financially related product or service that any other provider of financial products
or services may undertake, exercise, or provide or that OCU finds to be financially
related if OCU has specified, by rule, the activity, power, product, or service as one
that may be undertaken, exercised, or offered by a credit union.

3. OCU may, by rule, authorize credit unions to exercise any power under the
notice, disclosure, or procedural requirements governing federally chartered credit
unions or to make any loan or investment or exercise any right, power, or privilege
of federally chartered credit unions permitted under federal law, if the credit union
review board approves. Such a rule may not restrict powers granted credit unions
or affect provisions of the Wisconsin Consumer Act.

This bill makes the following changes to these provisions: 1) with respect to
item 1., above, 30 days after an activity or power becomes authorized for federally
chartered credit unions, the activity or power also becomes authorized for Wisconsin
chartered credit unions unless otherwise noted by an OCU general order within this
30-day period; 2) with respect to item 2., above, OCU specifies the activity, power,
product, or service that may be undertaken, exercised, or offered by a credit union
by OCU guidance, not OCU rule; and 3) item 3., above, is repealed.

Under current law, a credit union may purchase, hold, and dispose of property
as necessary for or incidental to its operations.

This bill specifies that a credit union may purchase, lease, hold, and convey
certain real estate, including real estate conveyed to the credit union in satisfaction
of a debt or foreclosed real estate, subject to guidance by the OCU and a five-year
limit on holding the real estate.

Under current law, a bank, savings bank, savings and loan association, or credit
union (collectively, financial institution) may acquire, place, and operate, or
participate in the acquisition, placement, and operation of, at locations away from

the financial institution, what is variously referred to as customer bank
communications terminals, remote terminals, or remote service units, in accordance
with rules established by OCU and DFI's Division of Banking (division). These
devices are terminals or other facilities that are not located at a financial institution
and through which customers and financial institutions may engage in electronic
transactions that are incidental to the conduct of the business of financial
institutions (collectively, off-site ATMs).

Under current rules of OCU and the division, a financial institution must
provide advance written notice to OCU or the division before acquiring, placing, or
operating an off-site ATM. This bill repeals these rules.

Current statutes provide that OCU or the division may, by order, authorize the
installation and operation of an off-site ATM in a mobile facility, after notice and
hearing upon the proposed service stops of the mobile facility. This bill repeals these
provisions.

Current law allows the board of directors of a credit union to remove a director.
Within 60 days after the date of removal of a director, the board of directors must
appoint a director to fill the vacancy. This bill requires a credit union's board of
directors to fill any vacancy, including a vacancy resulting from removal of a director,
within 90 days.

Under current law, a credit union may make loans to members upon terms
approved by the credit committee, loan officer, or board of directors.

This bill specifies that a credit union may allow nonmember loan participation
as a joint applicant, co-obligor, cosigner, co-borrower, surety, or guarantor.

This bill specifies that credit unions may issue or offer supplemental forms of
capital approved by OCU.

Current law generally requires OCU to conduct, at least once every 18 months,
examinations of credit unions in which OCU examines the credit union's records and
accounts. OCU must charge the credit union for the cost of the examination and the
credit union must pay the charge on the day on which the examination is completed.

The bill requires the credit union to pay the charge within 30 days of the
completion of OCU's examination.

SB925,4,22 186.07 (7) Vacancies. Within 60 90 days after the date of a removal vacancy
3on the board of directors, the board of directors shall appoint a director to fill the

1vacancy. The appointee shall serve until a successor is elected at the next annual
2membership meeting.

SB925,4,84 186.098 (1) Loan approval. The credit union may make loans to members upon
5terms approved by the credit committee, loan officer, or board of directors. The credit
6union may also permit a nonmember to participate in an obligation or extension of
7credit to a member as a joint applicant, co-obligor, cosigner, co-borrower, surety, or
8guarantor.