186.235 Office of credit unions.

257 words·~1 min read·/wi/chapter-186/186-235-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Supervision. A credit union shall be under the control and supervision of the office of credit unions.

(2)Enforcement. The office of credit unions shall enforce this chapter and other laws relating to credit unions.

(3)Full-time duties. The administrator of the office of credit unions shall devote full time to his or her position.

(3m)Conflicts of interest. No employee of the office of credit unions may serve as a director or officer of a credit union or any other organization that is under the supervision of the office of credit unions.

(4)Bond required. A person who is appointed to or employed by the office of credit unions shall furnish a surety bond in an amount authorized by the office.

(5)Immunity of office of credit unions. The office of credit unions shall not be subject to any civil liability or penalty, or to any criminal prosecution, for any error in judgment or discretion made in good faith and upon reasonable grounds in any action taken or omitted by the office of credit unions in an official capacity.

(7)Disclosure of information.

(a)Employees of the office of credit unions and members of the review board shall keep secret all the facts and information obtained in the course of examinations or contained in any report provided by a credit union other than any semiannual or quarterly financial report that is regularly filed with the office of credit unions. This requirement does not apply in any of the following situations: