Section 17.03. Filing applications.

 

(1)   Application. An application filed under s. DFI-SL 17.02 shall indicate the trust services the association wishes to offer and provide the information necessary to make the determinations under sub. (2) .

(2)   Factors considered. Factors the division will consider in passing upon an application to exercise trust powers include, but are not limited to, the following:

(a) The financial condition of the association, except trust powers may not be granted to an association if its financial condition is such that the association does not meet the financial standards required of state chartered corporate fiduciaries;

(b) The needs of the community for fiduciary services and the probable volume of fiduciary business available to the association.

(c) The general character and ability of the management of the association;

(d) The nature of the supervision to be given to the fiduciary activities, including the qualifications, experience and character of the proposed officers of the trust department; and

(e) Whether the association has available legal counsel to advise and pass upon fiduciary matters.

History: Cr. Register, June, 1989, No. 402 , eff. 7-1-89.

Note

This section parallels 12 CFR 550.2 . Microsoft Windows NT 6.1.7601 Service Pack 1