Federal Home Loan Bank loans
This bill eliminates certain limitations on loans to state banks made by a
Federal Home Loan Bank.
Under current law, a state bank may become a member of a Federal Home Loan
Bank and borrow money from the Federal Home Loan Bank for a term not to exceed
20 years. The state bank may pledge bank assets having a value that does not exceed
two times the amount of the loan as collateral to secure the loan, but the total assets
pledged may not exceed four times the amount of the bank's capital.
This bill eliminates, with respect to a loan to a bank from a Federal Home Loan
Bank, the 20-year term limitation and the limitation on the value of bank assets that
may be pledged as collateral to secure the loan.
Banking Review Board and Savings Institutions Review Board
This bill renames the Banking Review Board as the Banking Institutions
Review Board and consolidates it with the Savings Institutions Review Board.
Current law creates in DFI a five-member Banking Review Board and a
five-member Savings Institutions Review Board. The Banking Review Board
advises the Division of Banking (division) in DFI on matters related to banks and
banking and reviews the division's administrative actions related to banks and
banking. The Savings Institutions Review Board advises the division on matters
related to savings banks and savings and loan associations and reviews the division's
administrative actions related to savings banks and savings and loans.
Under the bill, the renamed and consolidated Banking Institutions Review
Board has ten members until May 1, 2020, six members after May 1, 2020, and until
May 1, 2021, and five members after May 1, 2021. The functions of the Banking
Institutions Review Board are the same as the current functions, merged, of the
Banking Review Board and Savings Institutions Review Board
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB457,1
1Section
1. 15.07 (1) (b) 1. of the statutes is amended to read:
SB457,5,22
15.07
(1) (b) 1. Banking
institutions review board.
SB457,2
3Section
2. 15.07 (1) (b) 5. of the statutes is repealed.
SB457,3
4Section
3. 15.07 (5) (b) of the statutes is amended to read:
SB457,5,65
15.07
(5) (b) Members of the banking
institutions review board, $25 per day but
6not to exceed $1,500 per year.
SB457,4
7Section
4. 15.07 (5) (g) of the statutes is repealed.
SB457,5
8Section
5. 15.185 (1) of the statutes is amended to read:
SB457,6,8
115.185
(1) Banking institutions review board. There is created in the
2department of financial institutions a banking
institutions review board consisting
3of
5 10 persons
, until May 1, 2020, and consisting of 6 persons after May 1, 2020.
4The members of the board shall be appointed for staggered 5-year terms. At least
53 members shall be experienced bankers
or savings institution employees having at
6least 5 years' experience in the banking
or savings institution business. No member
7is qualified to act in any matter involving a bank
or savings institution in which the
8member is an officer, director
, or stockholder, or to which the member is indebted.
SB457,6
9Section
6
. 15.185 (1) of the statutes, as affected by 2019 Wisconsin Act .... (this
10act), is amended to read:
SB457,6,1811
15.185
(1) Banking institutions review board. There is created in the
12department of financial institutions a banking institutions review board consisting
13of
10 5 persons
until May 1, 2020, and consisting of 6 persons after May 1, 2020. The
14members of the board shall be, appointed for staggered 5-year terms. At least 3
15members shall be experienced bankers or savings institution employees having at
16least 5 years' experience in the banking or savings institution business. No member
17is qualified to act in any matter involving a bank or savings institution in which the
18member is an officer, director, or stockholder, or to which the member is indebted.
SB457,7
19Section
7. 15.185 (3) of the statutes is repealed.
SB457,8
20Section
8. 71.91 (6) (a) 1r. of the statutes is created to read:
SB457,6,2221
71.91
(6) (a) 1r. “Financial institution" has the meaning given in s. 214.01 (1)
22(jn).
SB457,9
23Section
9. 71.91 (6) (c) 1. of the statutes is amended to read:
SB457,7,324
71.91
(6) (c) 1. Except as provided in subd. 2.
and par. (d) 4., any person in
25possession of, or obligated with respect to, property subject to levy upon which a levy
1has been made shall, upon demand of the department, surrender that property
2unless it is subject to attachment or execution under judicial process, or discharge
3that obligation, to the department.
SB457,10
4Section
10. 71.91 (6) (d) 1. of the statutes is amended to read:
SB457,7,145
71.91
(6) (d) 1.
Any Except as provided in subd. 4., any person, including an
6officer or employee, who fails to surrender property that is subject to levy upon
7demand of the department is liable to the department for a sum equal to the value
8of the property not surrendered, but not exceeding the amount of taxes for the
9collection of which that levy was made, together with costs and interest at the rate
10of 18 percent per year from the date of that levy. Any amount, other than costs,
11recovered under this paragraph shall be credited against the tax liability for the
12collection of which that levy was made. The liability under this paragraph may be
13assessed, levied and collected as are additional income or franchise taxes or may be
14recovered by the department in a civil action.