(1)    Requirements. The division may approve an application from a financial institution for certification as a universal bank only if all of the following requirements are met:

      (a)    The financial institution has been in existence and continuous operation for a minimum of 3 years before the date of the application.

      (b)    The financial institution is well-capitalized.

      (c)    The financial institution does not exhibit a combination of financial, managerial, operational, and compliance weaknesses that is moderately severe or unsatisfactory, as determined by the division based upon the division’s assessment of the financial institution’s capital adequacy, asset quality, management capability, earnings quantity and quality, adequacy of liquidity, and sensitivity to market risk.

      (d)    During the 12-month period before the date of the application, the financial institution has not been the subject of an enforcement action, and there is no enforcement action pending against the financial institution by any state or federal financial institution regulatory agency, including the division.

      (e)    The most current evaluation prepared under 12 U.S. Code § 2906 that the financial institution has received rates the financial institution as “outstanding” or “satisfactory” in helping to meet the credit needs of its entire community, including low-income and moderate-income neighborhoods, consistent with the safe and sound operation of the financial institution.

      (f)    If the financial institution has received from its federal functional regulator, as defined in 15 U.S. Code § 6809 (2), a consumer compliance examination that contains information regarding the financial institution’s compliance with 15 U.S. Code § 6801 to 6803 and any applicable regulations prescribed under 15 U.S. Code § 6804, the most recent such examination indicates, in the opinion of the division, that the financial institution is in substantial compliance with those statutes or regulations.

   (2)   Failure to maintain eligibility; limitation of authority and decertification. For any period during which a universal bank fails to meet the requirements under sub. (1), the division shall limit or restrict the exercise of the powers of the universal bank under this chapter. In addition to or in lieu of limiting or restricting the universal bank’s authority under this subsection, the division may by order revoke the universal bank’s certificate of authority issued under s. 222.0205.