From the Desk of Rose Oswald Poels
Every day, bankers throughout the state make remarkable efforts to assist their neighbors in building a solid financial future. This tradition often goes above and beyond the normal role of bankers — taking them into classrooms or community centers — and has proved time and time again the value of the connections formed by community bankers in assisting Wisconsinites of all ages to gain important financial education. Our industry does not get enough recognition for all it does since bankers are often quick to deflect attention and praise to others.
This article serves as a reminder of the various recognition and awards that you — individually and as a bank — may apply for. I encourage all of you to take the time to apply and be recognized for the dedicated and often creative work you do to improve financial education.
Individual Financial Education Efforts
The Wisconsin Bankers Foundation (WBF) recognizes individual bankers for their financial literacy efforts throughout its fiscal year. Bankers are able to submit summary forms recognizing each presentation, visit, or volunteer time spent with classrooms and community members focused on increasing financial literacy. WBF compiles total numbers of presentations and/or outreach events and awards bankers based on these totals. I highly encourage bankers to submit their forms reflecting their individual efforts in financial education from June 1, 2021 to May 31, 2022 by the July 31 deadline. To begin submitting your summary forms, visit www.smr.to/p80094. These awards are presented in the fall at WBA’s Lead360 Conference.
Bank-Wide Financial Education Efforts
WBF also recognizes banks as institutions for the aggregate time spent by employees during the period from June 1, 2021 through May 31, 2022 on financial education efforts. Since this award is based on the aggregate time spent by each bank on financial education initiatives, several banks may win this award. In addition, a bank may also submit an application for WBF’s most prestigious award, the Financial Education Innovation Award. This award recognizes only one member bank for its innovative approach to financial education. To learn more about WBF’s bank-wide awards or submit the summary form by July 31, visit www.smr.to/p77960.
WBF’s Bank Award
The Bank Award compiles the various financial education efforts put forth by the whole bank and showcases the tremendous work done by all employees. This award is presented in the fall at WBA’s Lead360 Conference.
WBF’s Financial Education Innovation Award
The Financial Education Innovation Award recognizes one bank for adopting an innovative, creative, and/or unique approach to financial education annually. Now presented at WBA’s Bank Executives Conference in February, this well-deserved honor recognizes a bank’s innovative approach to financial education.
2022 Governor’s Financial Literacy Awards
In addition to submitting a summary of financial education activities and efforts to WBF for recognition, I highly encourage bankers around the state to also consider applying for one of three categories of the 2022 Governor’s Financial Literacy Awards.
Recipients are selected by a subcommittee of the Governor’s Council on Financial Literacy and Capability based on their excellence in increasing financial literacy, capability, and inclusion among Wisconsin residents. I am proud to be a member of this Governor’s Council but have noted that in the past few years very few banks have been applying for this recognition all the while credit unions are applying. The awards highlight individuals, businesses/organizations, and legacy efforts throughout the state to improve financial education.
I highly encourage banks to share their financial education efforts by submitting the 2022 Governor’s Financial Literacy nomination form by the December 2 deadline for the chance to be recognized for the outstanding work bankers engage in every day. The nomination forms are now available, so do not wait until later this year to submit your bank’s nomination.
By Rose Oswald Poels
I’m pleased to announce that the Wisconsin Bankers Association (WBA) is partnering with state bankers associations nationwide and data provider FedFis to offer access to Bankers Helping Bankers to WBA members.
Bankers Helping Bankers is a bankers only platform for collaboration and research. Through data tools and dynamic user groups, Bankers Helping Bankers provides community bankers with a knowledge base focused on bank technology and emerging Fintech companies, as well as hot topics such as cryptocurrencies, banking as a service, and direct digital banking.
In October 2021, the Independent Bankers Association of Texas (IBAT) was the first state banking association to partner with FedFis, a provider of fintech data analytics and a strategy system which tracks financial, M&A, and vendor data (including technology vendors) on every bank and credit union in the United States. Since then, the exclusive, banker-only platform has been expanding to states across the nation.
Given the rapidly changing landscape of banking technology, it is hard to keep up through in-person events alone. Bankers Helping Bankers provides an additional way for bankers to connect with one another via forums and access a wide range of fintech data.
WBA continues to offer our WBA Connect and CEOnly/CFOnly peer groups that provide in-person and online networking for Wisconsin bankers only. Through the new collaboration with Bankers Helping Bankers, we aim to bring even more value to WBA members by offering an additional opportunity that lets bankers connect with their peers across the country, with a focus on banking technology.
If you or any member of your team would like to take advantage of the Bankers Helping Bankers opportunity, please fill out the form to gain access to the platform. You will receive an email within a couple of weeks with details on how to create your account.
By Rose Oswald Poels
Last week, the Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) released a joint statement proposing changes to the Community Reinvestment Act (CRA) regulations. The joint proposal would both strengthen and modernize the regulations by expanding access to credit, investment, and basic banking services; adapt to internet and mobile banking changes; provide greater clarity and consistency with both banks and their customers; and create unique CRA evaluations requirements.
The CRA, originally enacted in 1977, encourages banks and savings associations to help meet the need of all borrowers — including low- and moderate-income individuals. In recent years, the industry has seen the agencies attempt to modernize CRA to better address new technologies and community-investment opportunities. However, those efforts left much frustration for the industry when OCC implemented its own “updated” CRA regulation in June 2020, while FDIC and FRB retained existing standards, interpretations, and regulations.
WBA advocated heavily against separate CRA regulations in meetings with the agencies and in filed comment letters. Successfully, late last year, OCC repealed its independent CRA regulation and now the agencies are once again acting together in proposing a unified CRA regulation. I am pleased to see the expansion of transparency between agencies.
The new joint proposal has the following key elements:
- Expand access to credit, investment, and basic banking services in low- and moderate-income communities. Under the proposal, the agencies would evaluate bank performance across the varied activities they conduct and communities in which they operate so that CRA is a strong and effective tool to address inequities in access to credit. The proposal would promote community engagement and financial inclusion. It would also emphasize smaller value loans and investments that can have high impact and be more responsive to the needs of LMI communities.
- Adapt to changes in the banking industry, including internet and mobile banking. The proposal would update CRA assessment areas to include activities associated with online and mobile banking, branchless banking, and hybrid models.
- Provide greater clarity, consistency, and transparency. The proposal would adopt a metrics-based approach to CRA evaluations of retail lending and community development financing, which includes public benchmarks, for greater clarity and consistency. It also would clarify eligible CRA activities, such as affordable housing, that are focused on LMI, undeserved, and rural communities.
- Tailor CRA evaluations and data collection to bank size and type. The proposal recognizes differences in bank size and business models. It provides that smaller banks would continue to be evaluated under the existing CRA regulatory framework with the option to be evaluated under aspects of the new proposed framework.
- Maintain a unified approach. The proposal reflects a unified approach from the bank regulatory agencies and incorporates extensive feedback from stakeholders.
I highly encourage you to join WBA in commenting on this joint proposal by August 5, 2022. Please contact WBA’s Heather Mackinnon, vice president – legal, at hmackinnon@wisbank.com and Scott Birrenkott, assistant director – legal, at sbirrenkott@wisbank.com if you have any questions regarding the proposed regulation updates.
WBA BOLT Summer Leadership Summit
The Building Our Leaders of Tomorrow (BOLT) Summer Leadership Summit will be held at Glacier Canyon in Wisconsin Dells next month! Join emerging leaders from across the state June 9–10 for the opportunity to develop leadership skills in addition to building and growing your career in banking.
The registration fee of $200/attendee includes several general session presentations, breakout sessions, as well as an interactive workshop facilitated by Laura Mael, director of talent and people development at Pareto’s Talent — a division of Lift Consulting, LLC — and Matthew Pletzer, president and CEO of Lift Consulting, LLC.
The interactive workshop titled “Leading Yourself to Lead Others” will help inform emerging leaders from every experience in the bank — from entry-level roles to c-level — on how they can effectively lead others. Mael and Pletzer will equip attendees with the tools and resources necessary to set personal and professional goals, reach these goals, and inspire others to do the same.
Every emerging leader attending the BOLT Summer Leadership Summit in June will enjoy hearing from nationally known speakers on leadership as well as specific banking topics, make connections, and learn to advocate for their industry in an energized environment.
In addition to breaks, meals, and a reception on Thursday evening, banking peers will have the opportunity to take part in sessions specifically designed for networking through peer group discussions over the course of the two-day Summit.
Attendees will also receive several updates regarding recent government activity related to banking, WBA’s Washington, D.C. visits, and a recap of WBA’s fifth annual Power of Community Week. This information will help advise WBA’s emerging leaders on the how and why of getting involved both in their local communities as well as state and federal government for the benefit of the banking industry.
To learn more or to register, visit wisbank.com/BOLT.
Reserve a space in WBA’s Engagement Center today!
Since the completion of WBA’s remodel in 2020, hundreds of bankers from around Wisconsin have had the opportunity to experience the new Engagement Center. Featuring two dedicated training rooms, a board room with video conferencing capabilities, and a conference room with a touchscreen smartboard — the Engagement Center offers the space and capabilities for WBA-member bankers to learn and connect.
In addition to providing bankers a space to attend WBA educational courses and training events, these spaces are available for every WBA member bank to reserve.
WBA welcomes every member bank to take advantage of the Engagement Center for the benefit of their teams. From technology-enabled spaces to a beautifully redesigned café, WBA’s modern facility is a resource that banks can use to hold strategic meetings, training presentations, or remote conference calls. The Engagement Center also serves as a quiet spot in the Madison area for those bankers visiting the state’s capital and looking to get work done.
Any WBA-member bank looking for additional locations to hold meetings, meet between branches, or access technology-enabled spaces to train, present, or remotely connect is encouraged to take advantage of WBA’s Engagement Center.
Please contact WBA’s Association Meeting Planner/Engagement Center Manager Jody Roos at jroos@wisbank.com to learn more about what the Engagement Center offers or to reserve a space.
By Rose Oswald Poels
As WBA’s fiscal year concludes at the end of May, I am continually impressed with how bankers and WBA staff members alike take each challenge in stride. While disruptions of the COVID-19 pandemic have yet to fully subside, our Association has continued its focus in promoting a healthy environment for banks in Wisconsin through actively advocating, educating, and supporting members.
In March, the Association celebrated 130 years of serving Wisconsin banks. Like it was in the first meetings of the WBA, advocacy continues to be a major focal point in our mission to support the banking industry. This year, 100 bankers from across the state attended WBA’s annual Capitol Day in Madison. Additionally, 112 banks designated Advocacy Officers to coordinate regulatory, legislative, and community advocacy efforts alongside the WBA.
With your help, 10 WBA legislative priorities or WBA-influenced bills were signed into law during the 2021–22 legislative session. WBA’s government relations team has also been busy this past fiscal year fundraising and looking ahead to the 2022 elections in Wisconsin. As of this writing, Wisconsin bankers have contributed a total of $192,193 to WBA’s political action and issue advocacy funds. Be it a donation or attendance at a public hearing, I deeply appreciate your efforts in ensuring the success of our industry!
In addition to advocating on behalf of the Wisconsin banking industry, our Association prides itself on providing bankers with in-depth and up-to-date educational opportunities. WBA offered 95 training programs and events tailored to every level of the bank this fiscal year. Of these events, 4,750 bankers were in attendance to expand their expertise and network with peers. As COVID restrictions continually loosen in the state, many WBA conferences and events have returned either in person or to a hybrid setting.
Above all, WBA’s top priority for the last 130 years has been supporting its members however possible. This year alone, nearly 1,600 bankers utilized WBA’s Legal Hotline and each day, over 2,600 bankers across the state receive the Wisconsin Banker Daily, featuring recent industry and compliance-related news, straight to their inbox.
Looking ahead to WBA’s next fiscal year, in addition to our efforts advocating and educating, WBA staff will continue to update resources and provide Wisconsin banks with the best tools for insurance, services, and products. For more information on WBA’s 2021–22 fiscal year, please look for a complete, in-depth Year in Review in the upcoming June Wisconsin Banker.
As always, I thank you for your support of WBA. Your membership continues to allow us to advocate for our industry both at the state level and in D.C., educate beginning and experienced bankers, and provide resources for all areas of the bank. Invoices for the new fiscal year dues will arrive in the mail by the beginning of June. If you have any questions or concerns about your membership, please do not hesitate to contact me.
Join us in Madison for WBA’s annual Trust Conference
On May 25, 2022, WBA will be hosting its annual Trust Conference for the benefit of those involved with trust and estate planning. The one-day event held at the WBA office will assist trust professionals in staying up to date on upcoming changes in regulations, the economy, and overall trust department functions.
The conference will also feature a general session on elder abuse and undue influence by Jonathan Ingrisano and Nicholas Bezier of Godfrey & Kahn, S.C. Trust bankers and wealth managers of all levels will benefit from this session on spotting and responding to potential financial abuse of their elderly customers.
According to the World Health Organization, one in six individuals 60 years or older have experienced some form of abuse. Of this, less than 20% of financial abuse is reported by the individual or their proxies. “It is a growing problem that we can only expect to get worse as our population ages,” said Ingrisano.
This troubling trend is not only on the rise in Wisconsin, but throughout the country. As fraudsters become more sophisticated (even so that celebrities such as Stan Lee have endured financial abuse), it is important that bankers know the signs, understand their rights, and feel confident in approaching the situation.
As elder financial abuse cases rise, bankers have taken on the role of trusted advisors and observers. Trust bankers especially develop unique professional and personal relationships with their customers and have a greater ability to notice patterns, spot questionable distributions, and identify unexpected changes in their repeat customers patterns and behaviors.
“I want trust bankers to know they are empowered to do what they think is right, and their hands are not tied,” said Ingrisano. In this, the session will include advice from Godfrey & Kahn, S.C. representatives on reporting financial abuse or fraud, the tools and resources for trust bankers to consult as they work through cases, and important red flags to notice both in elderly customers and/or personal relatives experiencing such abuse.
In addition, trust bankers will also have the opportunity to learn more about how their paper trail observations on the front end can impact the actions taken by department heads or legal counsel on the back end. Through referrals or reports, bankers will learn of the avenues available to protect vulnerable members of their communities.
WBA’s Trust Conference is approved for 5.25 CTFA credit through the American Bankers Association (ABA). Register now to take advantage of this opportunity to stay ahead of upcoming regulatory changes, maintain your certification through ABA, as well as gain insight on how to better serve your community. Please contact Miranda Helt, WBA’s assistant director – education, at mhelt@wisbank.com with questions regarding the conference.