Wisconsin Statutes Corporations (Ch. 180 to 188) § 186.118. Incidental powers parity with federal credit unions

1. It is necessary, convenient, or useful for effectively carrying out the mission or business of a credit union.

2. It is the functional equivalent or logical outgrowth of activities or powers that are part of the mission or business of a credit union.

3. It involves risks similar in nature to those already assumed as part of the business of the credit union and it is not likely to be detrimental to the overall safety and soundness of the credit union.

(b)1. The office of credit unions shall promulgate a rule adding an activity or power to the list of activities and powers established under sub. (2)(a) if the office of credit unions determines under par. (a) that the activity or power authorized for federally chartered credit unions should also be authorized for credit unions organized under s. 186.02.

2. The office of credit unions shall submit the proposed rule under subd. 1. to the legislative reference bureau in an electronic format approved by the legislative reference bureau, and the legislative reference bureau shall publish the proposed rule in the notice section of the Wisconsin administrative register under s. 35.93.

3. Sections 227.114(4) and (6), 227.115, 227.135, 227.137, 227.14(2)(a)6., (2g), (4), and (4m), 227.15, 227.16, 227.17, 227.18, 227.185, 227.19, and 227.30 do not apply to the office of credit unions in promulgating a rule under subd. 1. or to any rule promulgated by the office of credit unions under subd. 1. Guidelines prescribed by executive order of the governor do not apply to the office of credit unions in promulgating a rule under subd. 1.