Learn more about what ag bankers are expecting in the new year, upcoming WBA events, and how your bank can make an impact with WBA’s advocacy initiatives.
Featured inside are the chair’s column by Donna Hoppenjan, current WBA chair and president and CEO of Mound City Bank, Platteville; Loni Meiborg, senior vice president – organizational development at Fortifi Bank in Berlin; and the Community Advocate, Steve Ploetz, president of Bank of Prairie du Sac.
By Rose Oswald Poels
Last week, 12 bankers joined WBA’s Heather MacKinnon, VP – legal, and me in Washington, D.C. for our annual trip to meet with regulators. This trip is always a productive one, resulting in impactful advocacy and conversations given the smaller group size. In the span of only two half-days, our group was able to meet with senior officials from the Federal Reserve, FDIC, OCC, CFPB, FinCEN, and FHFA. The topics we covered in detail included representment fees, bank capital/liquidity, Section 1071, Section 1033, beneficial ownership, FHLB reform, cybersecurity, and other top examination concerns.
Our conversation with Fed Governor Miki Bowman focused on the Fed’s recent compliance bulletin published last month noting that Fed member banks are now being cited with an unfairness UDAP violation if they are charging representment fees. This retroactive application of the Fed’s new expectation as it relates to these fees is creating results that are unjust and wrong. Furthermore, it is also wrong to be creating new rules for banks to follow through the mere issuance of a compliance publication rather than following the formal Administrative Procedures Act rulemaking process. Governor Bowman was surprised to hear of the retroactive nature of these exam findings and agreed to continue to talk with WBA and affected banks about the matter. If you are a Fed member bank and have received a similar finding in your recent exam reports, please let me know and we will include you in our follow-up conversations with the Fed.
Back in April of 2022 when the FDIC first published its new expectations regarding NSF and representment fees in a guidance document, many bankers and trade associations including WBA advocated against any retroactive application of their new interpretation, among other concerns. This resulted in the FDIC eventually adjusting its focus in exams to be prospective only in nature, and to our knowledge did not cite anyone for an unfairness UDAP violation. In our conversations last week with senior FDIC officials, it sounded as though the FDIC may now begin issuing unfair UDAP violations as well. FDIC Director Jonathan McKernan also shared his thoughts with our group around lessons learned from the bank failures earlier this year, encouraged bankers and WBA to comment on the impact the BASEL capital proposal could have on mortgage operations, and supported the role of community banks in fostering an innovative economy.
Much of the focus of our conversation with OCC Acting Comptroller Michael Hsu was on safety and soundness matters, including the need for banks to stress test their liquidity contingency funding plans and analyze how “sticky” and stable banks’ deposits really are.
With senior officials from CFPB, among other topics, we stressed the industry’s frustration with the Agency’s and Administration’s continued use of “junk fees” to describe fees that are fully disclosed in transparent ways — often on bank websites — in advance to consumers. We discussed beneficial ownership operational concerns at length with FinCEN officials, and learned from the FHFA that their document on FHLB reform will be released “soon.” Overall, the conversations with all six agencies were very productive.
I would like to thank the following bankers for joining WBA this year: Adam Bellmer, Johnson Financial Group; Dave Feldhaus, Federal Home Loan Bank of Chicago; Kristen Gagliano, North Shore Bank; Donna Hoppenjan, Mound City Bank; Corey Hoze, Associated Bank; Caryn Langolf, Bank First; Tom Mews, First National Community Bank; Ryan Kamphuis, Bristol Morgan Bank; Greg Ogren, Security Bank Shares; Dan Peterson, The Stephenson National Bank and Trust; John Udvare, The Equitable Bank; and Theresa Wiese, First Business Bank. If you are interested in joining WBA on this trip next October, please let me know!
By Kelsey Hudson
In the heart of rural southwest Wisconsin, my journey into the world of banking began with humble origins. Unbeknownst to me at the time, this journey would take me through twists, turns, and unexpected opportunities that would ultimately shape my career into something I am immensely proud of. Today, I would like to share my story, my path from a small-town resident to a professional in the banking industry, and the role that the Wisconsin Bankers Association (WBA), specifically Building Our Leaders of Tomorrow (BOLT), played in this inspiring transformation.
About eight years ago, my journey had an uncertain beginning. I attended college for three years but found myself at a crossroads, unsure of what I would do with my degree. Fueled by the desire to chart my own path, I made a bold decision to drop out of college. It was a leap of faith, one that led me into the unknown, but little did I know that it would eventually bring me to the world of banking.
My first job in banking was as a humble teller. This role taught me the basics of finance, customer service, and the importance of trust in the industry. As I developed my skills, I began to explore different positions within the bank. I discovered that my passion for banking extended far beyond counting money. I started in lending as an agricultural lender, working in niche communities of Amish and Mennonites. I found that every role had its unique challenges and opportunities, each contributing to my growth and understanding of the industry.
As my career in banking evolved and life changes arose, I made the decision to relocate myself and my two young daughters to a larger market in pursuit of my dream career as a commercial banker. It was a bold move, as a single mom moving hours from my family and friends. However, one that I knew was essential to continue my personal and professional growth and give my daughters the life they deserved. This transition was one of the most difficult I have faced but the most rewarding. My new home introduced me to a broader spectrum of clients, challenges, and opportunities, reaffirming my passion for the field.
In my journey, one of the pivotal turning points was my involvement in the WBA’s program, BOLT (Building our Leaders of Tomorrow). This remarkable initiative not only introduced me to a network of like-minded professionals but also fostered leadership qualities within me. My network has helped me grow in many ways, but the most impactful was forming meaningful relationships with other bankers. Talking with someone in the same field and being able to have collaborative conversations is priceless to me. Fostering my leadership skills has pushed me to have a greater understanding of people and has inspired me to become a leader. BOLT was a catalyst for personal and professional growth, providing me with the tools and support to excel in my career.
Today, over seven years into my banking career, I’m grateful to work for One Community Bank whose values mirror mine. OCB’s mission is to serve clients, support colleagues and invest in communities. OCB is also all about “Feel Good Banking,” and I aim to deliver that experience with all the wonderful clients I work with. I couldn’t be happier or more proud of everything I have accomplished. From a college dropout unsure of her future to a versatile banking professional, I’ve come a long way. The journey wasn’t a straight line, but that’s what made it so remarkable. It’s a testament to the power of determination, adaptability, and seizing opportunities as they arise.
My unconventional journey into banking reflects the essence of growth and resilience. It’s a story which demonstrates that, regardless of where you start, with dedication, hard work, and the right support (BOLT), you can find your path to a successful career. My journey is far from over, and I’m excited to see what the future holds. In the ever-evolving world of banking, the opportunities are endless, and I’m ready to embrace them all.
Hudson is vice president –commercial banking officer at One Community Bank, Sun Prairie, and member of the 2023–2024 WBA BOLT Section
Member FDIC
The October 2023 WBA Compliance Journal is now available. In this edition, WBA Legal provides a reminder of FinCEN’s BOI Reporting Rule which becomes effective January 2024 and lists resources made available by FinCEN. Also, as disbursements from escrows will begin shortly, readers can review an FAQ to freshen-up on state and federal escrow requirements. The “Regulatory Spotlight” section once again provides a summary of rules, proposals, and notices issued by federal agencies, and the “Compliance Notes” section reports on other important compliance-related updates for bankers, including new CFPB opinions and FRB’s latest Consumer Compliance Outlook regarding representment fees.
By Rose Oswald Poels
As first announced last year, the Wisconsin Bankers Association (WBA) has partnered with several banking trade associations throughout the U.S. to present the Society of Bank Executives. Now wrapping up its inaugural year, the Society has already welcomed more than 125 bank leaders from 13 states — including Wisconsin — into its fold. With evolution touching every aspect of the banking industry, and strong leadership needed now more than ever before, I encourage all bank executive teams in the state to consider the invaluable opportunities offered by the Society of Bank Executives.
The Society, facilitated by Dr. Paul Godfrey of the Brigham Young University Marriott School of Business, aims to provide bank leaders with invaluable professional development opportunities. With two, four-month sessions held each spring and fall, the Society focuses on aiding bank leaders in honing critical leadership competencies and skills as well as connecting members with their peers in a non-competitive setting.
Unlike many other leadership seminars, the Society of Bank Executives is designed with bank leadership teams in mind. The experts leading the Society realize that bank management teams are uniquely positioned within their organization and as such ensure the programing is flexible and applicable to all leaders.
Prior to the start of each session, members are recommended a book to help establish key concepts and ideas for the events ahead. Throughout the four-month session, three 60–90-minute online seminars will aid bankers in building on these takeaways and consider elements related to shareholders, regulators, customers, and communities. These sessions are specifically designed to engage C-level bankers in study, analysis, and application of the “art” of leading a bank.
Additionally, new and returning members alike will benefit from self-paced elements and an expansive online library, which includes access to a number of past sessions and materials related to strategic risk management and trust & team building. Each bank member is also assigned to a peer group with bankers in other states. These peer groups determine additional dates/times to meet virtually to follow up on the facilitated sessions and further share in a banker-only group.
During the third month of each session, members take part in a two-day networking retreat. Last week, the Society hosted its fall 2023 Action Summit in Scottsdale, Arizona. Focused on connecting members with their banking peers from across the country, the Society’s Action Summits build time into the event for networking, facilitated sessions with Dr. Godfrey and other industry thought leaders, and table peer group discussions. Before returning to the bank, attendees also have the chance to develop an action plan.
Of course, networking is not only about building relationships. Again and again, I am reminded of how important it is that bankers of all levels invest in their professional growth and leverage the collective knowledge and opportunities within their network to advance their bank’s success. The Society does just that. I’ve heard from several Society members who have, in just one year, found the program to be beneficial in enhancing their soft skills to effectively lead in an evolving landscape and develop strong bonds with bankers from across the country. I encourage all bank leaders in Wisconsin to utilize this unique opportunity to guide new professional and organizational growth and foster non-competitive partnerships.
With new technology, regulatory updates, and shifting customer expectations emerging each day, the spring 2024 session will focus on change management. As this year’s sessions come to a close, now is the perfect opportunity for bank leaders in Wisconsin to sign on by January 2024 as individual members or as a team to enhance their organization’s ability to implement new strategies and drive the industry forward.
Trever Athorp
Brad Rahmlow, senior vice president – market president at Bank First, is pleased to announce Trever Athorp has recently joined the bank as vice president – agricultural and business banking. Athorp has over 23 years of experience in the financial industry, including 10 years specializing in agricultural lending. In his new role, Athorp will partner with agricultural producers and agri-business customers, offering financial and treasury management solutions to develop and enhance the bank’s agricultural relationships. Although Athorp will be based out of the bank’s Sheboygan office, he will travel to various Bank First locations and visit agriculture businesses across Wisconsin.
“We are thrilled to have Trever join Bank First. He is a valuable addition to our dedicated team of agricultural lenders, all of whom share a strong commitment to growing the bank’s relationships and expanding its presence throughout the state,” stated Rahmlow.
Athorp earned a bachelor’s degree in business administration from St. Norbert College and graduated from the Graduate School of Banking at UW – Madison. He has served on the Wisconsin FFA Foundation Board of Directors since 2018 and has held the role of treasurer since 2019. Athorp grew up on a dairy form just outside of Howards Grove and currently resides in the area with his wife, Courtney, and their two children. Athorp enjoys spending time with his family in the northwoods of Wisconsin and taking on the occasional home improvement project.
By Landon Turner
Working in the banking industry brings me great joy because I get to wake up every day, knowing that I have a small part in helping businesses thrive in our community. Every business has different values and needs to continue expanding their mission into their community. It’s my job to figure out how we can partner together to live out that mission and continue reinvesting those dollars back into our community. It’s a beautiful cycle.
One of the best pieces of advice I received early on in my career was to get involved early.
As I look back over the last six years in banking, I am reminded how we have people who come into our lives at critical moments to support us in reaching our goals and believing in ourselves.
A critical moment in my life was taking a leap of faith switching majors halfway through my college career, from mechanical engineering to finance. To be honest, I felt like a failure for not finishing what I thought was my big dream, while wasting time and money. But with the help of my mentors, continuous prayer, and those closest to me, I realized something shocking — I was chasing a dream my dad had for my life, not my own.
This moment is when my faith and my community, helped create a path that was well beyond my own understanding.
Everything changed when I took that leap of faith into finance. It created a fire inside my heart to strive for excellence in the work I do, the relationships I build, and the unlimited opportunities I saw for myself.
However, when I graduated with a bachelor’s degree in finance and economics, a career in banking was not in the forefront of my mind. While at Grand Canyon University in a Servant Leadership class, I met my wife. I was born and raised in Arizona; she was from a small town in Wisconsin. Their connections within their community are what helped me land my career in business banking at a community bank in Sheboygan.
Fast forward six years, I have been able to serve at some great organizations in Wisconsin, simply by showing up and getting involved early. Here is what getting involved early has done for my personal and professional development.
I just celebrated four years at Oostburg State Bank, currently serving as a business banking officer. Oostburg State Bank has been instrumental in my professional development through their support and recognition in our community. Our team has been recognized as the SBA Volume Lender of the Year for the past three years, based on our asset size.
My wife and I have been serving as Youth Group Leaders at our local church for the past four years. I have been blessed to see one of my first students now lead a new ministry at our church focused on young adults. I also currently serve as deacon treasurer, where my team and I track giving and forecast our annual budget for the year.
Another opportunity I have been given, is my involvement in BOLT (Building Our Leaders of Tomorrow). I currently serve as vice chair of the board of directors for the BOLT section. The Wisconsin Banking Association’s (WBA) BOLT Section is focused on education, advocacy, and networking for the next generation of bank leaders. Through my involvement in this organization, I have found leadership to be another passion of mine. Our world is in desperate need of strong leaders that are willing to stand firm in their beliefs and guide their team to success.
Everyone has a different definition of success, for some that could mean providing a comfortable lifestyle for their family, for others it could mean building a business from the ground up. For me, if I can see daily improvements in my life; if I am better today than I was yesterday, that is success for me. Success is never complete; it is a continuous process that I work on every day with the decisions I choose to make. BOLT stands to practice muscles for leadership. I compare it to working out in the gym; if you are not routinely in the gym and putting in the work, you will never reach the results you intended to see. If you are not consistently practicing your leadership or learning new skills, you will not become the leader you or your team needs.
I also currently serve as chair for the Young Professionals Committee at the Sheboygan County Chamber of Commerce. Our team helps plan and coordinate events throughout the year for the goal of professional development, volunteerism, and social engagement with the members and businesses of Sheboygan County. I cannot thank the Sheboygan Chamber enough for the opportunities they have presented me to serve others and help me grow in my own professional career.
I am grateful for my past experiences and the people who supported me to take that leap of faith that forever changed my life. Make sure you are developing and learning something you are passionate about, not what others think you should be passionate about.
Turner is business banking officer at Oostburg State Bank and vice chair of the 2023–2024 WBA BOLT Section.
By Rose Oswald Poels
Cyberattacks are becoming an increasingly alarming trend and it is vital that bankers in Wisconsin remain vigilant in safeguarding their institutions and the personal financial information of their customers. In 2022, global cyberattacks increased by 38% when compared to the year prior, notes a study conducted by Check Point Research. These attacks, which target both individuals and businesses worldwide, include phishing, ransomware, breaches, and vulnerability exploitation. Each year, cybercrime costs the U.S. economy billions of dollars.
Despite this, there are many ways in which banks are able to mitigate these risks if an attack occurs.
Continually monitoring, updating, and testing your systems are all key to ensuring that your people and environments are not vulnerable. In an ever-changing digital and banking world, it may be difficult to know what areas need to be addressed, but it does not have to be. As always, WBA and its subsidiaries — FIPCO and Midwest Bankers Insurance Services (MBIS) — offer many different resources for banks to help educate your employees, protect your systems, and partner with you during a cyber event.
To proactively identify vulnerabilities of critical aspects of business operation, FIPCO offers an IT Audit & Security service. This service, which includes various tests, audits, and resources, keeps your institution one step ahead to mitigate high-risk areas before it is too late.
Right behind robust firewalls, up-to-date antivirus software, and other initiatives to mitigate cyberthreats, are your employees. Ensuring all team members feel empowered to assist in cyber risk reduction efforts should be a significant aspect of an institution’s risk mitigation strategy. Annually, WBA offers a number of security and IT-focused educational opportunities, a best practices library featuring an extensive list of security and financial crimes resources, as well as a technology and operations peer group to help in facilitating discussion and idea sharing.
Ensuring that all team members are set up with strong, unique passwords may also be the difference between a secure organization and a vulnerable one. These passwords, according to the National Institute of Standards and Technology (NIST), should be more than 12 characters long and include mixed casing and numbers. Multifactor Authentication (MFA) is also strongly recommended for bank leaders and administrators, if not every member of the team.
Having comprehensive insurance coverage is also crucial in the event of an attack. MBIS offers an extensive list of insurance coverages, including cyber liability. This policy is designed to protect directors, officers, employees, and entities from losses arising out of electronic theft of customer information, including cyber extortion, forensic expense, security breach notification, e-commerce activity, and electronic publishing. The insurance carriers for cyber liability policies also provide extensive resources that MBIS recommends be immediately engaged in the event of any cyberattack, including phishing incidents and ransomware attacks. Additionally, FIPCO’s Loan Processing Central service provides a resource you can retain ahead of time to immediately step in if a bank experiences a disaster, including a cyberattack, or an unplanned employee absence, to help continue the processing of your loan documentation.
Whether your bank is recovering from a cyber incident or mitigating the chances of one, our team is here to ensure your bank is well-prepared and equipped to navigate the complex and stressful landscape of cybersecurity challenges. If you are interested in learning more about the protections WBA can help you implement at your bank, please contact Rob Foxx (FIPCO) at rfoxx@fipco.com or Jeff Otteson (MBIS) at jeffo@mbisllc.com.
Kirby Davidson, president & CEO of the Graduate School of Banking at the University of Wisconsin–Madison (GSB) and its supporting organization the Prochnow Educational Foundation (PEF), recently announced his retirement effective December 31, 2024. Davidson joined GSB/PEF in 2000 as the vice president of marketing & banker relations. He was promoted to president & CEO in 2008.
During Davidson’s tenure as president & CEO, the school expanded its programming, adding four additional specialty schools (IT Management, IT Security, Sales & Marketing, and Digital Banking), in addition to the HR and Financial Managers Schools that were introduced in the early 2000s. Davidson, along with key faculty leaders, also worked closely with the Wisconsin School of Business so that graduates of GSB’s primary Graduate Banking School now receive the prestigious Executive Leadership Certificate from the Wisconsin School of Business — the highest leadership certificate available from UW — in addition to their GSB diploma.
Davidson oversaw research and development of the web-based bank management simulation software, FiSim, that replaced the previous BankSim model the school had used for decades. This state-of-the-art platform was launched in 2019 and is exclusive to GSB. It provides graduating seniors with a robust simulation model that incorporates modern, real-world approaches to banking and leadership within the model.
“Under Kirby’s leadership, the Graduate School of Banking has expanded its educational offerings and built on the school’s reputation for excellence and academic rigor. He has established a solid foundation for his successor and GSB is very well positioned to continue creating leaders and educating professionals in our dynamic industry,” said Randy Hultgren, president and CEO, Illinois Bankers Association, and chair, GSB Board of Trustees.
“We have an outstanding and experienced professional staff that has an average tenure of more than 15 years with GSB,” Davidson said. “This experience and passion for offering the best and most progressive educational programs, student/faculty experience, and expanded learning platforms — both residential and online — combined with having the best faculty in the industry, is key to GSB’s stellar reputation in the industry. Next year marks my 25th year at GSB and I’m so thankful and appreciative to the Board for having this opportunity, the friendships that have been formed and the numerous successes we’ve achieved.”
GSB has exclusively retained The QTI Group to conduct the search for the new president & CEO. The QTI Group is a comprehensive human resources advisory services firm founded in 1957 and is headquartered in Madison, Wisconsin.
The search will launch in January 2024. Immediate inquiries for this position may be submitted to The QTI Group at the email or phone number listed below.
By Rose Oswald Poels
Bankers across Wisconsin go above and beyond as leaders in our communities. To celebrate these outstanding efforts, the Wisconsin Bankers Association (WBA) is proud to honor one individual each year with the distinguished WBA Banker of the Year award.
This tradition, spanning 37 years, recognizes individuals who demonstrate remarkable service efforts over their career to both their bank and community. From promoting economic development, inclusion, and affordable housing, to providing financial education and protecting customers against fraud, there are many ways in which bankers stand out as exceptional leaders. Beyond their banks, they are known for their volunteerism and service to nonprofit organizations making an impact in their local areas. They are also known as advocates for their industry and the people they serve.
Last year’s Banker of the Year, Greg Lundberg of Fortifi Bank in Berlin, exemplifies the dedication of bankers across the state through his commitment to his bank, the industry, and various community initiatives. Greg and the many committed bank leaders across the state who have received this recognition in the past all have remarkable stories to tell about their experiences and achievements. As such, the Association is excited to open nominations for the 2023 Banker of the Year award and to hear of the unique commitment other Wisconsin bankers have to their communities and the industry.
Bankers are encouraged to nominate themselves, or another qualified banker, for this prestigious honor now through Friday, December 8, 2023. The award, which recognizes a current (or recent past) president/CEO of a Wisconsin-based, WBA-member bank, will be presented during a ceremony at WBA’s annual Bank Executives Conference on Thursday, February 8, 2024.
While the Association recognizes only one banker per year, yet receives many qualified recommendations, those who have previously nominated a banker who has not yet been honored are encouraged to do so again this year. Without a doubt, bankers in Wisconsin are an inspiration to their communities and fellow bankers. It is humbling to recognize the Banker of the Year, and I look forward to sharing their story with our membership.
