186.235 Office of credit unions.

1,130 words·~5 min read·/wi/chapter-186/186-235-5

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:

1. If the public duty of the person requires that person to report upon or take special action regarding the affairs of any credit union.

2. If the person is called as a witness in any criminal proceeding.

(b)Notwithstanding par.

(a)and unless otherwise provided by rule, the office of credit unions may do any of the following:

1. Furnish to the national board a copy of any examination made by the office of credit unions of any credit union or of any report made by the credit union.

1m. Furnish any state regulatory authority regulating state financial institutions with a copy of any examination made by the office of credit unions of any credit union or of any report made by the credit union, if the authority agrees to treat the information received under this subdivision with the same degree of confidentiality that is required of employees of the office of credit unions under par.

(a).

2. Give access to and disclose to the national board any information possessed by the office of credit unions about the conditions or affairs of any credit union whose savings are insured by federal share insurance.

3. Provide examination reports to a credit union’s attorneys, independent certified public accountants, or other consultants or advisers who have agreed in writing to maintain the confidentiality of the reports.

4. Furnish to a federal home loan bank, upon request, a copy of any examination report made by, or other supervisory information created by, the office of credit unions of any credit union, if the federal home loan bank agrees to treat the information received under this subdivision with the same degree of confidentiality that is required of employees of the office of credit unions under par.

(a).

(c)If any person mentioned in par.

(a)discloses any information about the private account or transactions of a credit union or any information obtained in the course of an examination of a credit union, except as provided in pars.

(a)and

(b), that person is guilty of a Class I felony.

(7m)Return of examination reports. Examination reports possessed by a credit union are confidential, remain the property of the office of credit unions, and shall be returned to the office of credit unions immediately upon request. This subsection does not prohibit a credit union from providing an examination report to its attorneys, independent certified public accountants, or other consultants or advisers who have agreed in writing to maintain the confidentiality of the report.

(8)Rules. The office of credit unions shall, with the approval of the credit union review board, promulgate rules relating to the business of credit unions.

(9)Charter revocation. The office of credit unions shall report to the department of justice any credit union that conducts its business in violation of this chapter. The department of justice may bring an action to revoke the credit union’s articles of incorporation.

(10)Removal.

(a)The office of credit unions may remove an officer, director, committee member or employee of a credit union if any of the following applies:

1. The policies or practices of the officer, director, committee member or employee are prejudicial to the best interest of the credit union, endanger or will endanger the safety or solvency of the credit union, or impair the interests of the members.

2. The officer, director, committee member or employee violates or permits the violation of this chapter, a rule promulgated under this chapter or an order of the office of credit unions.

(b)An officer, director, committee member or employee removed by the office of credit unions under par.

(a)shall be given an opportunity for a hearing before the review board within 30 days after the date on which the removal order is issued.

(c)An order of removal takes effect on the date on which it is issued. A copy of the order shall be served upon the credit union and upon the officer, director, committee member or employee in the manner provided by law or by mailing a copy to the credit union and officer, director, committee member or employee at their last-known post-office addresses. An officer, director, committee member or employee who is removed from office or employment under this subsection may not be elected as an officer or director of, or be employed by, a credit union without the approval of the office of credit unions and the review board. An order of removal under this subsection is a final order or determination of the review board under s. 186.015 .

(d)The office of credit unions may appoint any member of the credit union to fill a vacancy caused by a removal under this subsection. The person who is appointed shall hold office until the next annual meeting of the membership.

(11)Possession by office.

(a)Conditions for taking possession. The office of credit unions may take possession and control of the business and property of any credit union if the credit union violates this chapter or if the credit union does any of the following:

1. Conducts its business contrary to law.

2. Violates its charter, or any law.

3. Conducts its business in an unauthorized or unsafe manner.