186.118 Incidental powers parity with federal credit unions.
186.118 (3)(a) . . . if any activity or power incidental to the business of a credit union that is not listed under sub. (2) (a) becomes authorized for federally chartered credit unions, within 30 days after the activity or power becomes authorized the office of credit unions shall make a determination as to whether the activity or power should also be authorized for credit unions organized under s. 186.02. In making this determination, the office of credit unions shall consider the degree to which the following apply with respect to the activity or power:
- It is necessary, convenient, or useful for effectively carrying out the mission or business of a credit union.
- It is the functional equivalent or logical outgrowth of activities or powers that are part of the mission or business of a credit union.
- It involves risks. . . .[click on statue to continue reading]