(1) NECESSARY OR CONVENIENT POWERS. Unless otherwise prohibited or limited by this chapter, a universal bank may exercise all powers necessary or convenient to effect the purposes for which the universal bank is organized or to further the businesses in which the universal bank is lawfully engaged. (2) REASONABLY RELATED AND INCIDENTAL ACTIVITIES. (a) Subject to any applicable state or federal regulatory or licensing requirements, a universal bank may engage, directly or indirectly through a subsidiary, in activities reasonably related or incident to the purposes of the universal bank. Activities reasonably related or incident to the purposes of the universal bank are those activities that are part of the business of financial institutions, or closely related to the business of financial institutions, or convenient and useful to the business of financial institutions, or reasonably related or incident to the operation of financial institutions, or financial in nature. Activities that are reasonably related or incident to the purposes of a universal bank include the following: 1. Business and professional services. 2. Data processing. 3. Courier and messenger services. 4. Credit-related activities. 5. Consumer services. 6. Real estate-related services, including real estate brokerage services. 7. Insurance and related services, other than insurance underwriting. 8. Securities brokerage. 9. Investment advice. 10. Securities and bond underwriting. 11. Mutual fund activities. 12. Financial consulting. 13. Tax planning and preparation. 14. Community development and charitable activities. 15. Debt cancellation contracts. 16. Any activities that are reasonably related or incident to activities under subds. 1. to 15., as determined by the division. (b) An activity that is authorized by statute or regulation for financial institutions to engage in as of February 1, 2004, is an activity that is reasonably related or incident to the purposes of a universal bank. An activity permitted under the Bank Holding Company Act is an activity that is reasonably related or incident to the purposes of a universal bank. The division may expand the list of activities under par. (a) 1. to 15. that are reasonably related or incident to the purposes of a universal bank. Any activity approved by the division under this paragraph shall be authorized for all universal banks. (3) NOTICE REQUIREMENT. A universal bank shall give 60 days’ prior written notice to the division of the universal bank’s intention to engage in an activity under this section. (4) STANDARDS FOR DENIAL. The division may deny the authority of a universal bank to engage in an activity under this section, other than those activities described in sub. (2) (a) 1. to 15., if the division determines that the activity is not an activity reasonably related or incident to the purposes of a universal bank. The division may deny the authority of a universal bank to engage in an activity under this section if the division determines that the universal bank is not well-capitalized, that the universal bank is the subject of an enforcement action, or that the universal bank does not have satisfactory management expertise for the proposed activity. (5) INSURANCE INTERMEDIATION. A universal bank, or an officer or salaried employee of a universal bank, may obtain a license as an insurance intermediary, if otherwise qualified. A universal bank may not, directly or indirectly through a subsidiary, engage in the business of underwriting insurance. (6) OTHER ACTIVITIES APPROVED BY THE DIVISION. A universal bank may engage in any other activity that is approved by rule of the division. (7) ACTIVITIES PROVIDED THROUGH A SUBSIDIARY. A universal bank may engage in an activity under this section, directly or indirectly through a subsidiary, unless the division determines that the activity must be conducted through a subsidiary with appropriate safeguards to limit the risk exposure of the universal bank. (8) LIMITATIONS ON INVESTMENTS THROUGH SUBSIDIARIES. The amount of the investment in any one subsidiary that engages in an activity under this section may not exceed 20 percent of a universal bank’s capital or, if approved by the division, a higher percentage. The aggregate investment in all subsidiaries that engage in an activity under this section may not exceed 50 percent of a universal bank’s capital or, if approved by the division, a higher percentage. (9) OWNERSHIP OF SUBSIDIARIES. A subsidiary that engages in an activity under this section may be owned jointly, with one or more other financial institutions, individuals, or entities.
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