Wis. Admin. Code Department of Financial Institutions DFI-CU 72.05 - Implementation of a member business loan program
(1) The board of
directors shall adopt a specific member business loan policy and review it at
least annually.
(2) In making
member business loans, the credit union shall utilize the services of an
individual with at least 2 years direct experience with the type of lending in
which it will engage, except as provided s.
DFI-CU
72.04(4).
(3) A credit union does not have to hire
staff to meet the requirements of this section. However, credit unions shall
ensure that expertise with the type of lending in which it will engage is
available.
Example: A credit union may meet the experience requirement through various approaches, such as the services of a credit union service organization, an employee of another credit union, an independent contractor or other third parties.
(4)
The actual decision to grant a loan shall reside solely with the credit
union.
Notes
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