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Wisconsin Statutes Banking and Finance (Ch. 214 to 225) § 214.715. Powers of the division

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) The division shall do all of the following:

(a) Supervise and control savings banks and savings bank holding companies.

(b) Employ persons necessary to administer this chapter.

(c) Exercise the rights, powers and duties under this chapter or any related chapter.

(d) Promulgate rules.

(e) Submit an annual report to the governor and the legislature regarding the work of the division under this chapter.

(f) Commence an action to enforce any law of this state that applies to savings banks, service corporations, savings bank subsidiaries, affiliates or savings bank holding companies, including the enforcement of any obligation of the officers, directors, agents or employees of these entities.

(g) Prescribe a uniform manner for maintaining the books and records of a savings bank.

(h) Establish a reasonable fee structure, subject to approval of the review board, for savings banks and savings bank holding companies and for their service corporations and subsidiaries. The fees may include annual fees, application fees, regular and special examination fees and other fees that relate to the division's responsibilities under this chapter and that are directly attributable to the entities operating under this chapter. The division may assess, bill and collect fees established under this paragraph. The amounts collected by the division shall be used for the expenses of the division.

(2) Employees of the division may 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 employee in an official capacity.

(3) If it appears to the division that a savings bank is conducting its business in violation of this chapter, the division may report the facts to the department of justice which may bring an action to revoke the certificate of incorporation of the savings bank.

(4) A savings bank that intends to move its home office or a branch office shall make an application to the division. In approving or denying the application for relocation, the division shall determine the need for relocation and determine whether undue harm or injury would be caused to any savings bank doing business in the area or vicinity of the proposed relocation.

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Cite this article: FindLaw.com - Wisconsin Statutes Banking and Finance (Ch. 214 to 225) § 214.715. Powers of the division - last updated January 01, 2025 | https://codes.findlaw.com/wi/banking-and-finance-ch-214-to-225/wi-st-214-715/

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