The December 2023 WBA Compliance Journal is now available. In this edition, WBA Legal provides the DFI established escrow rate for 2024 and other thresholds for 2024 that were available at time the publication was created. 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. As we near 2024, we wish everyone a Happy New Year!
Archive for month: December, 2023
Community State Bank (CSB) is pleased to welcome Richard Behls, Seth Meyer, Katielynne Olszewski, and Amanda Campagna.
Richard Behls joined Community State Bank in early October as senior vice president – chief credit officer. In Behls’ new role he is responsible for managing the risk associated with the distribution of loans, overseeing collections, and developing loan procedures. Behls’ brings over three decades of banking and credit experience to CSB.
Seth Meyer joined CSB as BSA officer in September 2023. Meyer has over nine years of banking experience in fraud, compliance, and BSA administration. Joining Meyer on the BSA team is Katielynne Olszewski as BSA analyst. Olszewski joined the bank in May 2023 and recently transitioned her focus to BSA compliance.
Community State Bank is also pleased to welcome Amanda Campagna as retail manager of the Mount Pleasant location. Campagna joined CSB in August and is responsible for leading the Mount Pleasant retail team along with helping build consumer and business relationships in the market area.
“We’re excited to welcome many new individuals to our team and expand certain areas of our bank in order to ensure that CSB is strong for the next 125 years,” said bank President and CEO Scott Huedepohl. “Welcome Rich, Seth, Katielynne, and Amanda to our team.”
By Rose Oswald Poels
For the last 18 months, many Wisconsin financial institutions have been fighting class action lawsuits on the issue of represented items and fees. These lawsuits are occurring across the country against banks and credit unions and appear to be generated from the same few class action law firms.
While WBA does not normally get involved in bank litigation until it reaches an appellate level, in these cases, however, it is helpful for WBA to know whether your bank is involved in such litigation, so we can help share what we know about others facing the same class action suit. There is value in similarly situated banks, along with their legal counsel, talking with others so they can help each other respond in these cases. In just the last two months, two more banks were newly served with their own respective summons and complaint on these same issues. Many of these lawsuits occurred in 2022 and while WBA does not know the resolution of every case, many were successfully dismissed, in favor of the bank, on a motion to dismiss. The goal, of course, of these class action lawsuits is to force a settlement from the bank.
WBA will collect bank name and contact information, venue, issue at hand, and the name and contact information for bank’s counsel involved in the matter. WBA will share the collected information with member banks requesting the information; however, this information will not be published. My hope is to help connect banks, and their counsels, with each other to discuss experiences and help find resolutions.
In addition to serving as a central repository of these class action suits against banks, as mentioned above, WBA does get involved as a friend of the court in cases at an appellate level where a bank is involved as a party. WBA may get involved as a friend of the court in cases of widespread importance to Wisconsin banks generally and where the banking industry is in general agreement on the issues. If requested by a member to participate, the facts of the case are defensible, and WBA’s counsel believes a reasonable chance of being persuasive exists, a recommendation is made to the WBA Board of Directors for their approval of involvement. If approved, WBA will collaborate with its outside counsel to get involved as a friend of the court. WBA will not participate in cases involving two or more member banks as opposing parties.
If your bank is facing a suit, please assist WBA in assisting other Wisconsin banks facing similar cases by letting me or WBA’s VP – Legal Heather MacKinnon know.
Continuing its mission to invest in communities, One Community Bank is thrilled to announce a $5,000 donation to the Monona Grove Education Foundation (MGEF) CARES Campaign. The CARES Campaign focuses on children, awareness, resources, education, and stability. Funds raised in this annual campaign will be dedicated to supporting teachers and students within the Monona Grove School District.
“This is a wonderful opportunity to invest in the communities of Cottage Grove and Monona. One Community Bank is excited to help make an impact with the CARES Campaign. We look forward to this being the first of many opportunities to connect with MGEF and the Monona Grove School District,” said Dan Carey, chief commercial officer.
The Monona Grove Education Foundation provides opportunities in and out of the classroom to better educate and prepare students for life after graduation. MGEF runs five different programs within the school district, including the Pay It Forward Campaign, Monona Grove Weekend Snack Pack Program, Summer Scholarship Program, MGEF Teacher Innovation Grants, and the Rundle Starting Line Fund.
Through the end of 2023, donations to the CARES Campaign are being matched up to $25,000. For every dollar donated, Mark and Laurie Rundle will donate another dollar up to $25,000. This support will help achieve educational success and touch the lives of numerous students throughout the Monona Grove School District.
“A warm thank you to One Community Bank for their investment in MGEF,” said Jason McCutchin, president of MGEF. “Their contribution to the CARES Campaign will undoubtedly make a positive difference for students and help create a layer of excitement to their educational journey.”
The following is a brief interview with Shannon Grunewald, loan operations officer at Waldo State Bank. Grunewald is chair of the 2023–2024 FIPCO Software Users’ Committee.
How did you first get into the banking industry?
I had just graduated from high school, working a part time job, trying to decide what I wanted to be when I grew up and an opportunity came up to work for a large bank in their post-closing department. After 14 years working in large banks, I decided that taking on a position at a small community bank was more my style. Who knew someday I would find Waldo.
Why did you decide to join a WBA committee? Why should others consider lending their time and expertise to shaping Wisconsin’s banking industry?
My supervisor at the time was ending his term on the committee and continuously expressed how important the connections he made were and how much fun he had. I loved the idea of being a part of suggesting enhancements to make all our lives easier. I now have a network of peers (I now consider friends) that I can bounce ideas off of or get suggestions for new products.
How has WBA facilitated the growth you have seen in your career and as a leader?
Ahead of the 2023 FIPCO Compliance Concierge Software & Compliance Forum this past October, FIPCO contacted me, as this year’s chair of the user committee, asking if I would be willing to do an opening speech and committee member introduction. I couldn’t say no, but as someone that has a fear of public speaking this was one of the hardest things I did this year. But the encouragement that FIPCO staff, my fellow committee members, and my coworkers showed me, made it in the end one of the easier things I’ve done.
As a banker, and as a leader, what is the most important lesson that you have learned?
That with the right people around you, anything can be accomplished. Regulations and HMDA will always be the death of me, but as long as I have a great team surrounding me, I will go on. Choose a job you love, and you will never have to work a day in your life. –Confucius.
Who (or what) motivates you to succeed?
Seeing my team learn and grow. If I have shared knowledge with someone and later see them share it with another, it’s the best feeling around.
Waukesha Investments, located at Waukesha State Bank, is proud to announce that Alicia Albarran, financial advisor, has been awarded the CERTIFIED FINANCIAL PLANNER™ certification.
Albarran joined Waukesha State Bank in 2014, after graduating with a degree in finance from the University of Wisconsin–Madison, and has worked for Waukesha Investments since 2017. As a financial advisor, she provides financial planning services in addition to a variety of other advisory and non-advisory financial services, including retirement planning, portfolio reviews, retirement income planning, long-term care insurance, social security strategies, gifting and estate planning, rollovers and fee-based advisory options.
Along with her CFP® certification, Albarran is registered as a general securities representative (Series 7), a uniformed securities agent (Series 63) and an investment advisor representative (Series 66). Additionally, she holds her Life & Health Insurance licenses and is fluent in Spanish. Albarran is committed to meeting the ever-changing investment and financial needs of her customers with financial planning experience and the highest level of personalized service.
The CFP® designation identifies those individuals who have met the experience and ethical requirements, have successfully completed financial planning coursework and have passed the CFP® Certification Examination covering the following areas: insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning. CFP® certificants must also agree to meet ongoing continuing education requirements and to uphold the Certified Financial Planner Board’s Standards of Professional Conduct.
Brad Rahmlow, region president at Bank First is pleased to announce Luke Schulte has recently joined the bank as vice president – business banking.
“We are excited to welcome Luke to Bank First,” said Rahmlow. “With his wealth of knowledge and dedication to assisting customers in achieving financial success, he is a valuable addition to our team. His presence strengthens our mission to deliver superior banking solutions to our valued customers and expand the bank’s presence throughout the state.”
Schulte brings an extensive 22 years of experience in the financial industry, with 10 years as a commercial underwriter in insurance and most recently as a commercial lender. In his new role, he will focus on expanding the bank’s commercial loan portfolio in western Wisconsin. Schulte holds a Bachelor of Science in Business Administration with an emphasis in finance and a minor in computer science from UW–Platteville. He holds a Wisconsin license for Property and Casualty, Surety, and Crop Insurance. Schulte serves as an ambassador for the Greater Tomah Area Chamber of Commerce. He resides in Sparta with his family and enjoys outdoor activities such as hunting, fishing, golfing, and motorcycling.
By Jennifer Sobotta
To say that banking is a serious business is an understatement. We are trusted with our customers’ most important asset — their financial health and well-being. Leading the teams that help our customers and represent our banks in our communities needs to reflect that serious nature, right?
In an industry that is filled with important decisions and heavy topics, our teams can benefit from genuine and lighthearted approaches. . . even a little humor. Being ourselves lets others know that their unique approach is beneficial to our banks and new perspectives are welcome.
We have our own Clark Griswold at Forward; the eternal optimist with grand visions. Bill Sennholz is our visionary leader and inspires those around him with a shared sense of purpose. His determination and passion drive the direction and draws everyone in to the fun and hard work.
Christmas wouldn’t be the same without our Cousin Eddie and his eccentricities and unorthodox approach to presenting financials. Rob Mort leads by embracing diversity and recognizing the value of unconventional perspectives. His consistent outreach to all areas seeking feedback on strategy brings more to the table than just financials.
Having a CEO like Bill and a CFO like Rob willing to feature in an article like this is special. What is even more special is that they did dress as Clark and Cousin Eddie for an entire community to witness during a holiday parade. They approached those characters with wild abandon, and the joy and laughter they brought to the team fueled stories for years!
As leaders, they set aside the typical image that titles demand and embraced the creativity of the team that they lead. Being part of, not being above, creates a sense of team that engages and instills a drive for everyone to be part of something bigger than themselves.
We may all be striving for the perfect holiday with family or perfect plan for 2024 at work. Let us approach both with humor and commitment to make the future as joyful as it is successful!
Sobotta is vice president – marketing director at Forward Bank, Marshfield and past chair of the 2022–2023 BOLT Section.
Horicon Bank (formerly Cornerstone Community Bank) has once again partnered with Mel’s Charities to prepare over 100 “Bags of Joy” for individuals and families in Ozaukee County who need uplifting during the holiday season and throughout the year.
Tom “Mel” Stanton, executive director of Mel’s Charities, explained, “Since the inception of Bags of Joy in 2021, we purchased over $150,000 worth of gift cards from Ozaukee County businesses who have been long-time supporters of our mission. What we raise here, stays here. We are incredibly blessed to put money back into our local communities.”
These businesses and local non-profit organizations provide names of people who could use some extra joy for many reasons. The gift cards range from grocery stores and gas stations to restaurants and local entertainment.
“We are excited to join forces with Mel’s Charities on this project the past three years,” said Becki Schimpf, marketing specialist at Horicon Bank. “As a community bank, we believe in giving back, and our employees embrace the opportunity to be part of the “Bags of Joy” experience.”
For many, the holidays will be a little brighter. Between public donations totaling $8,228.55 and Prevail Bank matching up to $1,000 at each branch location, a grand total of $14,926.10 was gifted between nine organizations as part of Prevail Bank’s Holiday Matching Funds campaign this December.
The benefiting nonprofits were:
- Sauk County Children’s Giving Tree: $1,390
- Marshfield Area Pet Shelter: $1,060
- Hope Hospice (Medford): $1,342
- Catkins Animal Rescue (Phillips): $2,106
- The Uplift Foundation (Stevens Point): $700
- Granite House (Wausau): $2,005
- The Acacia Foundation (in support of the Wood County K9 Unit): $903.10
- Owen-Withee Food Pantry: $3,400 (with a special acknowledgement going to the Owen-Withee Lions Club that contributed $1,000 to the pantry’s total)
- Eau Claire County Children’s Giving Tree: $2,020
For nine nonprofits, Prevail Bank raised awareness, critical funding, and hope or happiness for those served. Of the $14,926 donated, Prevail Bank provided $6,697.55.