Section DFI-CU 62.01 - Supervisory orders(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.Wis. Admin. Code Department of Financial Institutions DFI-CU 62.01
CR Register, August, 1972, No. 200, eff. 9-1-72; correction (1) (intro.) made under s. 13.93(2m) (b) 5, Stats., Register, September, 1993, No. 453; correction in (1) (b) made under s. 13.93(2m) (b) 7, Stats., Register, June, 2000, No. 534.