AB 715

Under current law, the Office of Credit Unions (OCU) in the Department of

Financial Institutions (DFI) regulates state-chartered credit unions, and DFI's

Division of Banking (division) regulates state-chartered banks, savings banks, and

savings and loan (S&L) associations. Current law specifies various authorized

activities and powers of these financial institutions.

This bill does the following with respect to the authorized operations of

financial institutions:

1. Expands the ability of a credit union to purchase, lease, and sell real

property, subject to limitations.

2. Specifies that credit unions may issue or offer supplemental forms of capital

approved by OCU.

3. Repeals certain DFI rules related to the placement or operation of automated

teller machines (ATMs) by financial institutions.

4. Creates the crime of interfering with an ATM.

5. Eliminates a geographical lending restriction for an S&L association.

6. Eliminates certain lender disclosure requirements applicable to residential

mortgage loans and variable rate loans.

7. Extends the maximum maturity date, from 10 to 20 years, of a promissory

note issued by a municipality, county, or school district.

8. Extends the period in which a credit union's board of directors must appoint

a director to fill a board vacancy.

9. Increases the amount of compensation available from DFI for losses

resulting from the deposit of public moneys in a failed financial institution.

10. Extends the period during which OCU must determine whether an activity

or power that becomes authorized for a federally chartered credit union should also

be authorized for a Wisconsin-chartered credit union.

11. Extends the deadline for a credit union to pay OCU for the cost of an OCU

examination.

Credit union property

Under current law, a credit union may purchase, hold, and dispose of property

as necessary for or incidental to its operations.

The 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 OCU and a five-year limit

on holding the real estate.

Supplemental capital

The bill specifies that credit unions may issue or offer supplemental forms of

capital in the form and with the conditions, including those related to the safety and

soundness of the proposed use of the capital and the overall condition of the credit

union, approved by OCU.