Wisconsin Administrative Code
Department of Financial Institutions
DFI-CU 51-75 - Department of Financial Institutions-Credit Unions
Chapter DFI-CU 62 - Supervisory orders
Section DFI-CU 62.01 - Supervisory orders
Universal Citation: WI Admin Code ยง DFI-CU 62.01
Current through February 26, 2024
(1) WHEN ISSUED. The director may issue a supervisory order to cease and desist whenever he or she determines that a credit union is:
(a) Violating the provisions
of its articles or by-laws, or the laws of this state, or the laws of the
United States, or any lawful rule, order or regulation promulgated by the
director and the credit union review board; or
(b) Violating any order of the director which
may restrict, limit or prohibit the credit union from engaging in any act or
practice specified under s.
186.235(11) (a)
1 to 9., Stats., inclusive;
(c) The supervisory order could include but
would not be limited to the declaration and/or payment of dividends on member
savings; the granting or payout of member loans; the acceptance of payments on
member savings; the payout of member requests for member savings; or any other
portion of the business of a credit union.
(2) HOW ISSUED. The director shall deliver or cause to have delivered a formal written signed order to the board of directors of the credit union in which the facts known to the director are set forth and shall demand the discontinuance of such practice(s) and whenever applicable, order the credit union to comply and/or institute corrective action.
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