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Archive for category: News

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Compliance, News

Executive Letter: Regulation Z Ability To Repay: Revised General QM Loan Definition Toolkit

By Rose Oswald Poels

As many of you may already know, I began my career as an attorney on WBA’s legal team over 30 years ago. Lightening the burden of ever-changing regulations on member banks is a priority of the association that I continue to have a keen appreciation for in my role as president and CEO.

In addition to our Legal Call Program, WBA works to provide members with resources including articles, training events, and webinars to help you to stay compliant with regulations and perform your work efficiently.

The latest resource WBA’s legal team has compiled is the Regulation Z Ability to Repay: Revised General QM Loan Definition Toolkit, which is designed for use by financial institutions in understanding the 2020-2021 revisions to the Regulation Z general qualified mortgage (QM) definition. WBA aims to provide readers with a perspective of the rule change in relation to their operation, and prepare for implementation of revised loan policy and underwriting procedures, both in terms of practical and compliance considerations.

The toolkit serves as a template for banks to customize to their specific situation prior to its implementation and use.

As always, WBA is here to support our members with regulatory compliance, so you are able to dedicate more of your focus directly to serving your customers and communities.

August 5, 2021/by Jose De La Rosa
https://www.wisbank.com/wp-content/uploads/2021/10/bigstock-compliance-theme-with-woman-wo-361930873.jpg 481 1600 Jose De La Rosa https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Jose De La Rosa2021-08-05 13:39:522021-10-27 16:04:47Executive Letter: Regulation Z Ability To Repay: Revised General QM Loan Definition Toolkit
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News

WI Bank CEOs Report Improving Economy, Citing Pent-up Demand

WBA Releases Results of Bank CEO Economic Conditions Survey

MADISON, Wis. – In the Wisconsin Bankers Association's biannual Economic Conditions Survey of Wisconsin bank CEOs, 76 percent of respondents rated the current economy at "good," followed by 15 percent at "excellent" and 10 percent at "fair." This marks a positive change from the end of 2020 when the survey was last conducted and 58 percent of respondents rated the economy at "fair," followed by 38 percent at "good," 3 percent at "excellent," and 1 percent at "poor."

"Wisconsin bank CEOs are in a unique position to provide insight on the economy because they see the day-to-day happenings with their customers and put that knowledge together with data and industry expertise," said WBA President and CEO Rose Oswald Poels. "It is very encouraging to see the economy improving as people begin to resume their spending on products and leisure activities in ways they were unable or hesitant to do six months or a year ago."

Many bank CEOs linked favorable economic conditions to pent-up demand for goods and services as COVID-19 restrictions lift, with government stimulus money, low unemployment, low interest rates, and savings built up from staying home bolstering consumer confidence. Commonly cited sources of economic concern, on the other hand, were workforce shortages, supply chain issues, and uncertainty surrounding COVID-19.

Wisconsin's economy will continue to grow over the next six months, predict 48 percent of respondents, while 39 percent predict it will stay the same and 13 percent predict it will weaken.

The survey was conducted the last two weeks of July with 62 respondents. Sums may not equal 100 percent due to rounding. Below is a breakdown of the survey questions and responses.

How would you rate the current health of the Wisconsin economy. . .

 

Excellent

15%

Good

76%

Fair

10%

Poor

0%

 

 

In the next six months, do you expect the Wisconsin economy to. . .

 

Grow

48%

Weaken

39%

Stay the same

13%

 

 

Rate the current demand in the following categories:

 

Business loans

 

Excellent

10%

Good

30%

Fair

52%

Poor

8%

 

 

Commercial real estate

 

Excellent

13%

Good

44%

Fair

33%

Poor

10%

 

 

Residential real estate

 

Excellent

40%

Good

48%

Fair

12%

Poor

0%

 

 

Agricultural

 

Excellent

2%

Good

34%

Fair

56%

Poor

8%

 

 

In the next six months, do you anticipate the demand for the following loan categories will. . .

 

Business loans

 

Grow

43%

Weaken

7%

Stay the same

51%

 

 

Commercial real estate

 

Grow

31%

Weaken

8%

Stay the same

31%

 

 

Residential real estate

 

Grow

14%

Weaken

41%

Stay the same

46%

 

 

Agricultural

 

Grow

18%

Weaken

6%

Stay the same

76%

 

 

In the next six months, are the businesses in your bank’s market area likely to. . .

 

Hire employees

82%

Maintain current staffing levels

15%

Lay off employees

3%

 

 

In the next six months, is your bank likely to. . .

 

Hire employees

48%

Maintain current staffing levels

45%

Lay off employees

6%

 

 

In general, how would you say the pandemic has affected your business customers?

 

Very positively

10%

Positively

34%

No impact

16%

Negatively

39%

Very negatively

2%

 

 

In general, how would you say the pandemic has affected your retail customers?

 

Very positively

3%

Positively

37%

No impact

17%

Negatively

41%

Very negatively

2%

 

 

 

By, Cassie Krause

August 3, 2021/by Jose De La Rosa
https://www.wisbank.com/wp-content/uploads/2021/10/survey.jpg 1067 1600 Jose De La Rosa https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Jose De La Rosa2021-08-03 01:09:172021-10-13 15:12:23WI Bank CEOs Report Improving Economy, Citing Pent-up Demand
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Community, Member News, News

Waukesha State Bank Hires Mortgage Sales Manager

Waukesha State Bank, a full-service community bank with 14 locations in Waukesha County, has hired Leo Spanuello as mortgage sales manager.

“We are pleased to welcome Leo to the Waukesha State Bank mortgage lending team,” stated Robert B. Helvey, Waukesha State Bank senior vice president – mortgage lending manager. “His extensive mortgage lending experience, combined with his passion for customer service and his team leadership skills, position him well to continue our ongoing commitment of supporting the needs and goals of homeowners in Waukesha County.”

Spanuello has over 25 years of residential lending experience, which includes managing and coaching mortgage loan officers, executing sales strategies, and originating loans. In his new role as mortgage sales manager, Leo will be responsible for promoting an effective mortgage sales environment, through regular sales training and coaching, to achieve bank production goals.

Spanuello is active in the local community currently serving on the board of directors for the Wisconsin Mortgage Bankers Association where he served as state president for the 2019-20 term. He also volunteers with the Crohn’s Colitis Foundation and with Broads for a Cause. He and his family currently reside in Brookfield.

By, Ally Bates

August 2, 2021/by Jose De La Rosa
https://www.wisbank.com/wp-content/uploads/2021/10/home_mortgage-lending-4.jpg 550 825 Jose De La Rosa https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Jose De La Rosa2021-08-02 14:01:332021-10-13 15:04:41Waukesha State Bank Hires Mortgage Sales Manager
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News

Some Banks Gauge Overdraft Fee Changes Amid Politics, Competition

Long accused by consumer advocates of using overdraft fees to cash in on people’s mistakes, banks are taking a look at ways to make the cost of an overdrawn account less onerous for customers. 

The move comes as overdraft fees could be headed for closer scrutiny by regulators, and as traditional financial institutions increasingly face competition from fintech firms and products like Walmart MoneyCard. 

James Johannes, a University of Wisconsin-Madison finance professor, said “banks are rethinking how to generate fees in a more politically acceptable manner.” 

“At first blush I don’t see how any bank can extend credit without generating some sort of fee or interest,” said Johannes, who is director of the Puelicher Center for Banking Education and Aschenbrener Chair in Finance at the Wisconsin School of Business. “Fees are a four-letter word to many on the left, though, so banks are looking for ways to say they aren’t charging fees. One way is to call the overdraft a line of credit and charge interest.” 

A recent American Banker article pointed out that since President Biden took office this year, several large banks have announced major changes that will reduce overdraft fee revenue, while others are reconsidering the fees. Among possibilities are eliminating overdraft fees altogether or introducing new products offering less-expensive options to financially hard-pressed customers. 

In Wisconsin, one program aimed at attracting the unbanked and under-banked to the traditional financial services system already eschews overdraft fees. 

The Bank On Greater Milwaukee initiative, which is part of a national effort to make the banking system more accommodating to more people, was launched in 2019 as a program of the Urban Economic Development Association of Wisconsin. 

Key features include accounts with low or no monthly costs, no overdraft or non-sufficient fund fees, and the ability to pay bills and make purchases. 

“We’re trying to get people away from the payday lending stores, the pawn shop – those types of things – and this was a way in trying on our part to do that,” said Tom Sattler, executive vice president at The Equitable Bank in Wauwatosa. 

Along with The Equitable, 12 other financial institutions have established accounts that are part of Bank On Greater Milwaukee: Bank Five Nine, BMO Harris Bank, Chase, CIBC, First Federal Bank, First Midwest Bank, Old National Bank, PNC Bank, U.S. Bank, Wells Fargo, and two credit unions – Self Help and Summit. 

“No overdraft fees. That’s one of the keys,” Sattler said. 

There is no doubt that pressure is increasing for financial institutions in the U.S. to ease the burden of overdraft fees, said G. Michael Moebs, economist and chief executive officer at the economic research and consulting firm Moebs Services Inc. in Lake Forest, Ill. 

The pressure is coming not only from politicians, but from fintechs like Chime and Walmart MoneyCard, he said. 

Chime, for instance, which can receive members’ direct-deposited payroll checks into “spending accounts,” lets members make debit card purchases that overdraw their account with no overdraft fees. Limits start at $20 and can be increased to $200. 

“At Chime, we’re not like most banks. We believe in having our member’s backs and will allow you to overdraft up to $200 without charging a fee,” Chime asserts on its website. 

The Walmart MoneyCard also accepts deposits and offers more-accommodating and less-expensive overdrafts than most banks. MoneyCard holders can opt into a program that gives them 24 hours to fix a negative balance before they’re charged a $15 fee for each  purchase transaction that overdraws the account. 

A 2021 survey conducted nationally by Moebs Services Inc. lists median fees for an overdraft of less than $100 are various types of financial institutions: payday lender, $18.25; community bank, $26; credit union, $30; and large bank, $35.  

Moebs is among those who think banks need to reduce overdraft fees and raise overdraw limits. It actually will benefit them by increasing the volume of overdrafts, he said. 

What does Moebs think an overdraft fee should be? 

“Definitely less than $20 if you’re going to do it on a price per transaction,” he said. 

Moebs contends overdrafts shouldn’t be considered a great offense in the scheme of financial mistakes, but bankers have been trained to view them that way. 

“They’re an error. The vast majority of people do not want to overdraw, and it’s done unintentionally,” he said. 

Interestingly, during a pandemic that temporarily shut down much of the economy last year, overdrafts didn’t increase. They actually dropped by about 10%, Moebs Services data shows. 

Nationally, there were 991,350,053 overdraft transactions totaling about $31.3 billion in 2020, according to Moebs Services. That compared with 1,096,928,674 overdraft transactions totaling $34.6 billion in 2019. 

Experts say many people who were home last year carefully minded their money with the help of digital apps, and at the same time, were bolstered financially by government stimulus and increased unemployment funds. 

But even though overdrafts decreased last year, there’s not likely to be any let-up by consumer advocates concerning fees. 

In a webinar this month (July) that celebrated the 10th anniversary of the creation of the federal Consumer Financial Protection Bureau, Massachusetts Sen. Elizabeth Warren said overdraft fees remain an issue that needs to be addressed. 

“There are so many areas still where the bureau can make a difference,” Warren told webinar participants from Americans for Financial Reform, the U.S. Public Interest Research Group, the Consumer Federation of America and other advocacy groups. 

“I think one of them is overdraft fees. This is an area where there's a lot of predatory behavior by giant banks that make billions of dollars in profits and squeeze every last penny out of customers who are struggling,” Warren said. “And I think getting some rules around that could help families a lot.” 

Moebs said banks and credit unions should lower the cost of overdrafts for their own sake. 

“If they wait they are going to be losing checking account portfolio, and they are going to be losing it not to bank competitors, but they are going to be losing it to the fintechs like Walmart and Chime,” he said. 

UW-Madison’s Johannes called overdraft fees “a tricky issue” that can hit smaller banks harder than large ones because the community banks don’t have as many ways to generate fee income. 

“It’s a hornets’ nest of politics and profit,” he said. 

Paul Gores is a journalist who covered business news for the Milwaukee Journal Sentinel for 20 years. Have a story idea? Contact him at paul.gores57@gmail.com. 

By, Cassie Krause

July 29, 2021/by Jose De La Rosa
https://www.wisbank.com/wp-content/uploads/2021/10/bigstock-overdraft-business-concept-c-405369098.jpg 1067 1600 Jose De La Rosa https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Jose De La Rosa2021-07-29 21:37:092021-10-13 15:04:26Some Banks Gauge Overdraft Fee Changes Amid Politics, Competition
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Compliance, News

Recent WI Supreme Court Cases Affirm DNR Authority to Place Permit Restrictions on Farms and High-Capacity Wells

The Wisconsin Supreme Court (Court) recently decided two cases to allow the Wisconsin Department of Natural Resources (DNR) to place permit restrictions on large livestock farms and high-capacity wells as a way to protect Wisconsin’s water. The issue in both cases is whether DNR had the authority under Wisconsin law to issue permits with conditions. 

In both cases, the Court looked to language used in Sec. 227.10(2m) Wis. Stats. and determined that (1) agencies’ actions under administrative law need be supported by explicit, not specific, statutory or regulatory authority; and (2) that explicit authority can be broad in scope. As a result of the two decisions, DNR was given broader authority than many believed was permissible since enactment of 2011 Wisconsin Act 21 (Act 21) because the agency actions authorized by the Court are not specifically stated in the statute sections in question. The following is a summary of the two cases.   

Kinnard Farms  

In the first case, Kinnard operates a large, concentrated animal feeding operation (CAFO). Kinnard wanted to expand its dairy operations by building a second site and adding 3,000 dairy cows. The expansion required Kinnard to apply to DNR for reissuance of its Wisconsin Pollutant Discharge Elimination System (WPDES) permit to include both the original site and the proposed expansion. DNR approved the application and reissued Kinnard’s WPDES permit.  

Persons (petitioners) living near the CAFO sought review of the reissued WPDES permit because of their proximity to the farm, had private drinking wells, and were concerned the proposed expansion would exacerbate current groundwater contamination issues. The petitioners alleged that the reissued WPDES permit was inadequate because, among other things, it did not set a “maximum number of animal units” or “require monitoring to evaluate impacts to groundwater.”  

DNR granted the petitioners a contested case hearing and the matters were referred to an administrative law judge (ALJ). Kinnard filed for summary judgment alleging DNR lacked statutory authority to impose the conditions, citing Act 21. The ALJ denied the motion and conducted a four-day evidentiary hearing during which community members who lived or worked near the CAFO testified about contamination of well water and the impact the contamination had on their businesses, homes, and daily lives. Based upon evidence presented by residents and experts, the ALJ determined that DNR had “clear regulatory authority” to impose the two conditions disputed upon Kinnard’s reissued WPDES permit.  

Ultimately the matter was argued to the Court. The issue in the case involved sec. 227.10(2m), Wis. Stats., which dictates that “[n]o agency may implement or enforce any standard, requirement, or threshold…unless that standard, requirement, or threshold is explicitly required or explicitly permitted by statute or by a rule that has been promulgated in accordance with this subchapter.” (emphasis added). The parties disputed the meaning of “explicitly required or explicitly permitted” in the context of DNR imposing conditions upon Kinnard’s reissued WPDES permit.  

Kinnard asserted that explicit means specific, and that in the absence of statutory or administrative authority, DNR must first promulgate a rule in order to impose the conditions upon its reissued WPDES permit. The DNR and petitioners counter that such a reading of “explicitly required or explicitly permitted” was too narrow, and that Kinnard had overlooked the explicit, but broad, authority given to DNR in Secs. 283.31(3) – (5) Wis. Stats. to prescribe such conditions.  

The Court first looked to dictionary definitions of the term “explicit” and revised Sec. 227.10(2m) in context and determined explicit authority can be broad in scope. The court next examined the text of Secs. 283.31(3) – (5), and related regulations, to determine whether DNR had explicit authority to impose an animal unit maximum and off-site groundwater monitoring conditions upon Kinnard’s reissued WPDES permit. The Court held that while the statute sections do not specifically state an animal unit limit or off-site ground water monitoring, DNR did have explicit authority to prescribe both conditions when it reissues the WPDES permit.  

The Court determined that (1) agencies’ actions under administrative law need be supported by explicit, not specific, statutory or regulatory authority; and (2) that explicit authority can be broad in scope.   

High-Capacity Wells 

In a second case, the Court also reviewed whether Sec. 227.10(2m) Wis. Stats. allowed for DNR to consider the potential environmental effects of proposed high-capacity wells when such consideration is not required under Sec. 281.34(4) Wis. Stats.  

For some types of wells, DNR is required to follow a specific process in its environmental review of a well application. For other types of wells, a specific process is not required; however, DNR often still considers the potential environmental impact of a proposed well when considering a well application. Eight well applications in dispute in the case where the type that no specific environmental review was required. DNR did have information that the wells would negatively impact the environment. DNR approved the eight applications knowing of the wells impact having concluded it did not have the authority to consider the proposed wells’ environmental impact. 

Clean Wisconsin and the Pleasant Lake Management District (collectively, Clean Wisconsin) appealed DNR’s action arguing DNR’s decision was contrary to the Court’s decision in the Lake Beulah Management District v. DNR (2011 WI 54, 335 Wis. 2d 47, 799 N.W.2d 73) case. In Lake Beulah, the Court held that DNR had the authority and discretion to consider the environmental effects of all proposed high-capacity wells under the public trust doctrine when it determined that a proposed well would harm other waters in Wisconsin.  

DNR argued the Lake Beulah court case was no longer good law because Act 21 had since become law and the law limits an agency’s action to only those “explicitly required or explicitly permitted to state or by a rule.” The eight well applications were for the type of wells for which there was no formal environmental review under Sec. 281.34 Wis. Stats. DNR had also relied on a past Attorney General opinion which stated the agency could not rely on the public-trust authority and could not rely upon the Lake Beulah case as that would not withstand the requirements under Wis. Stats. Sec. 227.10(2m) (OAG-01-16).   

With respect to the high-capacity well applications, the Court ruled in favor of Clean Wisconsin having determined DNR has explicit authority, based upon its broad public trust authority under Secs. 281.11 and 281.22 Wis. Stats., to determine the environmental impact of high-capacity wells despite the fact that Sec. 281.34 does not specifically state such requirement. The Court’s finding reaffirmed the Court’s Lake Beulah decision despite enactment of Act 21.  

Take Away from Cases 

The interesting and concerning parts of the decisions is that after the passage of Act 21, many took the revised language of Sec. 227.10(2m) Wis. Stats. to mean that for an agency to act, the action had to be specifically stated or provided for within statutory language or administrative rule. If the action was not within such language, the agency would first have to promulgate a rule or otherwise change statutory language for the agency to take the actions desired.  

However, given how the Court has interpreted “explicit” in the two cases, that may not be the case. It is possible that because of the two Court decisions, an agency make act regardless of the action not being stated within statutory language or administrative rule. Instead, it is possible an agency may rely on its broader authority for action.  

Financial institutions should keep the decisions of the two Court cases in mind when considering whether an agency has the authority to act in a particular manner. Financial institutions should be cautious that just because an action is not specifically found within statute or rule, the action may still be authorized under a broader, explicit authority. Despite the passage of Act 21, agency action could be broad.  

As is often the case, one should read the dissenting opinions of both cases. The dissenting opinions outline the concerns of many regarding how broad an agency may act despite Act 21, despite the fact the agency’s actions were not specifically stated within statute or administrative rule in connection with reissuing an WPDES permit or when approving the type of well applications involved in the high-capacity well case, and despite the Court’s previous decision under Tetra Tech EC Inc. v. Wisconsin Dep’t of Revenue, 2018 WI 75, 373 Wis.2d 2387, 890 N.W.2d. 598. The decisions appear to give back to agencies potentially broad authority.  

Conclusion 

In both cases, the Court looked to language used in Wis. Stats. Sec. 227.10(2m) and determined that (1) agencies’ actions under administrative law need be supported by explicit, not specific, statutory or regulatory authority; and (2) that explicit authority can be broad in scope. As a result of the two decisions, DNR was given broader authority than many believed was permissible since enactment of Act 21 and Tetra Tech. Financial institutions need be aware of the Court decisions and be cautious that just because an action is not specifically found within statute or rule, the action may still be authorized under an agency’s broader, explicit authority. 

Clean Wisconsin et. Al v. Wis. Dep’t of Natural Resources, 2021 WI 71 (Kinnard Farm) decision may be viewed at: https://www.wicourts.gov/sc/opinion/DisplayDocument.pdf?content=pdf&seqNo=386188  

Clean Wisconsin and Pleasant Lake Mgmt. Dist. v. Wis. Dep’t of Natural Resources, 2021 WI 72 (High-Capacity Wells) decision may be viewed at: https://www.wicourts.gov/sc/opinion/DisplayDocument.pdf?content=pdf&seqNo=385454  

By, Ally Bates

July 26, 2021/by Jose De La Rosa
https://www.wisbank.com/wp-content/uploads/2021/10/courts-gavel-law-2.jpg 1035 1500 Jose De La Rosa https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Jose De La Rosa2021-07-26 14:06:372021-10-13 15:04:08Recent WI Supreme Court Cases Affirm DNR Authority to Place Permit Restrictions on Farms and High-Capacity Wells
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Member News, News

Reimagining the Bill Pay Experience

How financial institutions can meet evolving consumer expectations

Financial institutions are witnessing a rapid evolution in bill pay fueled by nonbank competitors, COVID-19 and constantly rising consumer expectations. It’s a complex challenge that calls for flexibility and a willingness to expand the definition of bill pay beyond the basic task of paying a bill.

The pandemic is driving rapid innovation and accelerating the use of digital tools. However, for years before COVID-19, large fintechs had emerged to focus exclusively on consumer payments, including bill pay.

By working from the outside, fintechs could focus on payments without consideration of existing banking infrastructure, integrations and other factors that financial institutions must keep in mind. Fintechs have used that advantage to innovate and connect with consumers, and that is a challenge to traditional financial services companies to up their game.

Financial institutions, though, have their own advantages. Zelle® is a prime example of recapturing person-to-person (P2P) payments and expanding to small-business payments with a real-time, convenient and secure service.

But every payment is under the microscope. Consumer expectations are going through the roof as people look for more convenience, ease of use and more advisory experiences. While that started in areas such as P2P, transfers and disbursements, heightened expectations are expanding to bill pay.

Financial institutions can continue to innovate and deliver on customer expectations when it comes to the next generation of payments. Here’s how.

Become an Extension of the Biller

The question for financial institutions around bill pay is how to make it more modern and intuitive.

Let’s say I go to my cellphone company’s site to pay the bill and notice it’s much higher than usual. The site will show me why. Maybe one phone in the plan exceeded the data cap.

That leads to prompts: Do I want to change my plan? Do I want to upgrade? Did I know I’m eligible for a new phone? Suddenly, my cellphone company is offering a complete advisory experience. And, like most people, I almost always go to the cellphone company’s site – or any other biller’s site – to make a real-time or last-minute bill payment using a credit or debit card.

Financial institutions recognize their bill pay experiences don’t always measure up. There are gaps in the user experience and payment features. But they also recognize their legacy technology does the foundational things well.

The benefit of financial institution bill pay is it’s a consolidated experience, a place where consumers can go to pay all their bills. They don’t have to remember all the different passwords or put payment reminders in their calendars. The fact that a financial institution can do all of that in one place is a value proposition that resonates.

But then people experience it and say, “Oh, I can’t pay with my card. I can’t make last-minute payments. And I’m not getting the advisory experience I’m used to.” So they don’t make the switch to the channel.

Closing the gaps to offer the same benefits and services as biller sites requires financial institutions take advantage of their strong foundation while adding flexibility to deliver a modern, intuitive user experience.

Leverage Data to Offer Meaningful Insights

Financial institutions know who people are paying. So why not streamline the bill pay setup process by presenting those billers to consumers right from the start?

Financial institutions can also identify other relevant billers in a user’s area to serve up as possibilities. Biller setup is the first step, and when financial institutions leverage data and analytics to be more advisory, they have a higher likelihood of engaging consumers.

The possibilities of how financial institutions can use data keep expanding. Eventually, leveraging data and analytics to close gaps in the experience will lead to predictive reminders.

With those reminders, financial institutions may see that a consumer paid a biller on the 15th for the past three months. But this month, the consumer hasn’t scheduled the payment. So on the fifth of the month, for instance, the financial institution could ask the consumer if the payment should be scheduled.

The focus is on using data to be smarter and make people’s lives easier, whether through automatic payments or notifications and alerts.

Embrace Real Time

When financial institutions are proactive, they’re anticipating what’s next in terms of meeting consumer expectations. Real-time bill pay is on the horizon.

It starts with a request to pay, which is an actionable alert indicating a payment is due. The user receives the request to pay from the biller through the financial institution and can pay the bill immediately. When the user responds with “pay now,” a real-time confirmation is delivered, creating a sense of comfort and trust for the consumer that the payment was made.

For processing the real-time payment, there are several methods available and others on the horizon, including direct settlement real-time networks, such as The Clearing House and the FedNowSM Service, and the card networks.

The goal is to give consumers the most real-time payment choices with the most billers. That’s the next generation of experiences, and the industry is at the doorstep of a new world for bill pay.

Building on a Strong Foundation

At its heart, the bill pay challenge facing financial institutions filters down to one basic task: creating a comprehensive, enriched experience that meets consumer expectations.

The bill pay environment right now is complex, with emerging competitors and accelerated expectations, especially during a pandemic. But financial institutions are well-positioned to take the next step in bill pay.

They have the trust and loyalty of consumers and an established foundation of technology and data that competitors lack. Closing those user experience gaps and embracing the next generation of bill pay is how financial institutions can bring together the best of both worlds for consumers.

By, Cassie Krause

July 22, 2021/by Jose De La Rosa
https://www.wisbank.com/wp-content/uploads/2021/10/fiserv-banner.jpg 1200 2400 Jose De La Rosa https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Jose De La Rosa2021-07-22 13:53:422022-06-27 14:16:20Reimagining the Bill Pay Experience
Member News, News

Meet Andrew Harmening: New Associated Bank President and CEO Talks Business Strategy, WBA, and Cheese Curds

Harmening_AndrewAndrew Harmening, who now splits his time between Green Bay and Milwaukee as the newly appointed president and CEO of Associated Bank, was born in Chicago and grew up in Indiana, and most recently lived in Ohio in his previous role as senior executive vice president of Huntington Bank. Harmening is no stranger to Wisconsin — he has been coming to the state for family reunions and events for over 30 years. His wife has family in Stratford and his daughter is attending the University of Wisconsin-Madison, so he comes to the state with a familiarity of local communities both small and large.

Associated Bank has been the official bank of the Green Bay Packers since 1919, and the prospect of coming to Titletown was one of the draws for Harmening. He enjoys the energy of the area and getting to know the people who make it a vibrant place. Harmening’s first day at Associated was April 28, and he has spent much of his time since then talking with colleagues across the organization — more than 300 and counting, mostly face to face.

“We’re in a people business,” said Harmening. “Our colleagues have pride in Associated Bank and are active in their communities.” He emphasized that the personal relationships built between employees and customers are an important way the bank differentiates itself from Fintech competitors. He noted that the bank earns trust from customers in a way that can’t be achieved by Fintechs. 

As Harmening maps out a strategic plan, he is intent on listening to colleagues and customers. He says he has been given license by fellow colleagues to “be bold” and wants to grow in ways that makes sense specifically for the organization and its customers. With regard to digital banking and technology, Harmening stresses that the objective is to “build stuff for your customers — don’t just build tech for the sake of it.” In addition to digital banking solutions, he mentioned small business and commercial banking as potential areas for growth, all while keeping community involvement at the forefront.

When asked where Associated Bank is headed over the next several years, Harmening stressed that they first need to get through the next 6–12 months. “This is the first pandemic we’ve experienced in our lifetimes,” he noted. “The pandemic, isolation, and returning to the office are all people-centered things.” He said the team worked hard on supporting small business owners hurt by the pandemic through the Paycheck Protection Program (PPP), and their spirit of human interaction still matters. He said flexibility for employees returning to the office in the building will also matter — success coming out of the pandemic will depend on keeping colleagues, customers, and the company in mind.  

“I really would emphasize first things first,” said Harmening. “Not ‘how did it make you bigger?’ but ‘how did it make you better?’” He said there’s no avoiding the scale question, it’s just a matter of getting it right. Harmening credited his predecessor Phil Flynn with having a risk management foundation in place, so there were no surprises, and there is a strong foundation on which to build.

Harmening emphasized that Associated Bank employees and board members alike are passionate about remaining independent. Associated Bank is the largest bank holding company headquartered in Wisconsin, with its history tracing back to 1861. With approximately 4,000 colleagues, serving over one million customers, more than 220 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas, Associated Bank is the largest Wisconsin-based member of the Wisconsin Bankers Association (WBA).

Harmening looks forward to working with WBA and appreciates that the organization offers an open line of communication. He said a major benefit of a trade association is learning from peers and being able to find out if other banks are going through similar things. He also values the opportunity to have a voice alongside other WBA members and the collective advocacy for Wisconsin’s banking industry. After 12 years of experience with the Consumer Bankers Association, including service on the board, Harmening has a strong familiarity with trade associations and looks to continue Associated Bank’s longstanding tradition of being an active WBA member.

Harmening likes to stay active and healthy, as evidenced by his occasional laps throughout the office while on conference calls. Outside of work, he enjoys playing tennis, walking, and hiking outdoors. One of his proudest feats is climbing Mt. Ventoux in France, a mountain over 6,200 feet high, made famous by its bike trail in the Tour de France. Harmening and his wife are empty nesters, who are eagerly exploring the local restaurant scenes of Wisconsin. They have already discovered some favorite spots around Green Bay and Milwaukee. As any Wisconsinite can appreciate, Harmening raved about his newfound affinity for cheese curds — squeaky, fried, yellow, or orange — he loves them all.

By, Cassie Krause

July 22, 2021/by Jose De La Rosa
https://www.wisbank.com/wp-content/uploads/2021/10/blue-linen-background.jpg 545 1600 Jose De La Rosa https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Jose De La Rosa2021-07-22 13:40:522021-10-13 15:03:14Meet Andrew Harmening: New Associated Bank President and CEO Talks Business Strategy, WBA, and Cheese Curds
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News

Inflation Very Strong Again in June, Biggest Price Increases Tied to Reopening; Inflation Will Slow Dramatically in Second Half of Year

  • The CPI jumped 0.9% in June, with the core CPI also up 0.9% over the month. A few categories experiencing strong demand and limited supplies coming out of the pandemic boosted inflation over the month.
  • Inflation as measured on a year-ago basis was at the highest levels in decades. However, this is overstated because of comparisons with the period of weak prices at the beginning of the pandemic.
  • Inflation will slow in the second half of 2021 as supply starts to catch up with demand.
  • With the current pickup in inflation due largely to one-time factors, the Federal Reserve is not expected to raise the federal funds rate until mid-2023.

The consumer price index for urban consumers jumped 0.9% in June from May, the biggest one-month increase since June 2008. The consensus expectation was for a 0.5% increase. The core CPI, excluding food and energy prices, was also up 0.9% over the month. This was the strongest one month of core inflation since the early 1980s. Overall CPI inflation was 0.6% in May, with core inflation at 0.7%.

Prices once again rose quickly for goods and services that are experiencing strong demand, but also supply disruptions, coming out of the pandemic. Used car and truck prices jumped 10.5% over the month, the biggest one-month gain ever (going back to 1953), after increases of 10.0% in April and 7.3% in May. The increase in used car prices alone accounted for more than one-third of overall inflation in June. New car prices were up 2.0% in June, lodging away from home costs were up 7.0% over the month, and airfares rose 2.7%, after a 7.0% increase in May. Energy prices rose 1.5% in June, including a 2.5% increase in gasoline prices. Food prices rose 0.8% over the month.

On a year-ago basis overall inflation was 5.4% in June, with core inflation of 4.5%, the fastest pace since 1991. However, this overstates inflation, because prices declined in March and April of 2020 when the pandemic came to the U.S. The overall CPI was up 4.7% in June from February 2020, before the pandemic, with the core CPI up 4.2% over the same period. Used car prices were up an astonishing 45% in June from a year earlier, rental car prices were up 88%, and auto insurance was up 11%. On the flip side, medical care costs were up a scant 0.4% in June from a year ago.

The headline inflation numbers have been eye-popping in recent months, but underlying inflation remains under control. Once again a few categories—used vehicles, airfares, rental cars, hotels—are experiencing huge price gains because of the recovery from the pandemic, and once again comparisons with weak prices a year earlier are overstating inflation. Both factors will wash out of the data in the near term. Used car prices are temporarily elevated because of very strong demand from stimulus payments, people returning to work, and limited supplies of new cars; used car supplies are also very low. Used car prices will fall back to earth later this year as new car production picks back up.

Similarly, airfares will decline as the airlines add capacity. And gasoline demand has picked up more quickly than supply as people return to work and start traveling again, but eventually higher prices will induce more oil production, resulting in lower energy prices. Also, comparisons with the period of very weak prices in the early stages of the pandemic will fade from the data, slowing inflation on a year-over-year basis.

Monthly inflation will be much slower in the second half of 2021 than in the first half of the year as demand pressures from the economic reopening fade and supply starts to catch up as businesses increase production. Year-over-year inflation will also be softer in the second half of the year. The Federal Reserve has made it clear that it views the current high inflation as due to transitory factors and will not tighten monetary policy until inflation is consistently at or above 2%, excluding one-time factors. (The Fed uses a different price index, the personal consumption expenditures price index, which tends to run a bit slower than the CPI.) PNC does not expect the next increase in the fed funds rate until mid-2023.

The big concern is that current high inflation gets built into consumers’ and businesses’ expectations, leading to higher long-run inflation, as happened in the 1970s. However, the temporary nature of current inflation pressures, and Fed watchfulness, should prevent this from happening.

Faucher is PNC's Chief Economist.

By, Ally Bates

July 14, 2021/by Jose De La Rosa
https://www.wisbank.com/wp-content/uploads/2021/10/istock-517187776_flag-economy_banner-2.jpg 1000 1500 Jose De La Rosa https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Jose De La Rosa2021-07-14 13:54:222021-10-13 15:01:45Inflation Very Strong Again in June, Biggest Price Increases Tied to Reopening; Inflation Will Slow Dramatically in Second Half of Year
News

Developing an ISAP, ASAP

Five critical steps to maintaining a secure network.

Keeping your network secure in the current climate of internet assault is no small job.

Think back – how little has changed. In 2001, server-based worms were estimated to have cost private industry almost $3 billion. Code Red alone infected 359,000 servers in under 14 hours, and within 24 hours of Nimda, 50 percent of the infected hosts went offline. Fast forward to today and the exponential increase in breaches, how much is really that different?

These attacks reinforced the need for every organization to develop an information security action plan (ISAP). Doing this first involves evaluating, assessing, and auditing the existing security environment to identify major and minor problems (your inventory). Without knowing and understanding the current security posture, it is impossible to identify the most cost-effective solutions to deploy.

Veteran and well-trained security professionals realize there is no ‘silver bullet’ in information security. Following and adjusting to an industry security framework will keep you secure today and into the future. Using proper diligence to understand an organization’s security needs goes a long way in improving protection.

The following are critical first steps for building an ISAP to create a better defense in an increasingly dangerous cyberworld.

Creating Security Policy

First, create a clearly defined security policy that is strictly enforced. Understand that security goes beyond desktop PCs and ensure that the use of all laptops, copiers, fax machines, modems, and even printed information is included in the policy. Supply the policy to everyone in the organization, educate all employees about it, and enforce it consistently.

The policy is the roadmap to good security, and every employee should review it annually, be provided with opportunities to ask questions, and fully understand the policy. They should acknowledge their understanding of the policy in writing. The policy must become a standard part of the company culture and be enforced at the highest level. Not consistently enforcing policy can be worse than having no policy at all, because it could be used against the company (in litigation) to show that policy is not taken seriously in all cases.

Identifying Risk, Deploying Security

Second, identify an acceptable level of risk and deploy the appropriate level of security. It is no longer adequate for management to proclaim ignorance about potential vulnerabilities in the environment. Due diligence requires management to exercise sound judgment in protecting the environment consistent with the information being processed (i.e., the more sensitive the information, the more safeguards need to put in place).

After assessments have been performed, there are essentially three measures that can be taken. They are to reduce the risk (perform remediation), transfer the risk (take out insurance), or accept the risk (identify cost justification).

If overall risk reaches an unacceptable level, appropriate remediation steps must be taken to get the exposures reduced in severity. If that cannot be done, documentation must be created to identify justification for accepting the risk, or possibly insurance can be purchased to transfer the losses associated with the risk to another organization.

Implementing Verification

Third, access to internal hosts must be controlled and monitored. Are employees only given access to what they need to perform their specific job? Are logs reviewed daily for inconsistencies and abnormalities?

Since many security breaches can be attributed to ‘insiders,’ or exploit by a bad actor of an insider, trust no one. “Zero Trust”; it is important to live by an access philosophy of ‘least privilege’. Verify everyone and everything. Only give users the access they need to do their job. Not only must the data be protected and accountability of who is accessing it be maintained to ensure privacy, but simply tracking problems and events that occur in an environment are easier if it is possible to determine who has access to specific information. Even though incidents of access from outside a company get all the publicity, the most critical protection remains inside. Insider abuse of email or unmonitored internet access can cost in several ways beyond the lost employee time, bandwidth, and potential for viruses or worms.

Supplement the authentication and authorization system with audit trails and intrusion detection systems and use an incident response plan to follow up on suspicious activities and anomalies. Logs can be very large and contain enormous amounts of extraneous information. It is important to install tools that help sift through the abnormalities or make it possible to identify what a normal log looks like and flag unusual activity. Regular review of system logs can mitigate risk. This can include the implementation of modern extended endpoint detection and response solutions.

Testing Upgrades and Patches

Fourth, vendor upgrades and software/hardware patches should be tested adequately before migrating to production. Anti-virus tools should be deployed and automatically updated with new signature files.

Changes are constantly occurring in the environment. New software can introduce new vulnerabilities and it is well-known that some software companies do not create secure applications or operating systems. Be sure to have clear documentation to migrate all changes to production and a contingency plan should problems occur.

Malicious code continues to be a major problem for organizations. It is no longer adequate to simply install an antivirus tool and assume your problems are alleviated. It is not adequate to assume the user will behave properly to protect their desktop and company data. Today’s generation of protection must not be dependent on signatures and needs to consider other layers of information: users, files, hosts, and the network. Throw in deception technology and you have a robust solution.

Handling Any Defaults

Fifth, be sure default accounts, passwords, and settings have been appropriately handled in operating systems, routers, databases, and applications.

Keep in mind that almost all operating systems, including third-party applications, come with sample files, many of which are extremely dangerous. Almost any operating system and many application system installations require a powerful ‘administrative’ or privileged account to complete installation. This account is shipped with a default password, which often is not changed by the network, system, or application administrator. It should be changed immediately at initial installation even on test systems. If the account needs to remain in existence, it should be tightly locked down, audited, and, if possible, have its default name changed. In addition, it should not be used on a routine basis for administration. Individual administrative accounts should be assigned to authorized users with proper access requirements granted, training provided, and responsibilities understood.

In summary, there are numerous measures that can be taken to ensure a company’s infrastructure can protect its information assets. This all creates the requirement for a thorough information security action plan. A certified, qualified, well-trained chief information security officer can usually lead a corporation along a path to protected information assets and a secure business environment.

To learn more, call or email Ken Shaurette, FIPCO's Director – Information Security and Audit, at 800-722-3498 ext. 251 or itservices@fipco.com today.

 

By, Ally Bates

July 14, 2021/by Jose De La Rosa
https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg 0 0 Jose De La Rosa https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Jose De La Rosa2021-07-14 13:47:412021-10-13 15:01:39Developing an ISAP, ASAP
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Member News, News

Fifty Years and Counting: Reflections on a Lifetime Career in Banking

Dedicating decades of knowledge and experience to the industry is viewed differently depending not only what the worker gives to the role, but what the role provides the worker in return — to put it in the words of Mark Twain, “Find a job you enjoy doing, and you will never have to work a day in your life.” The WBA-member bankers who have been honored in the 50-Year Club have a perspective on this that can only be had as a result of over half a century in banking. We spoke with some to gather their insights on the industry, their expectations for the future, and how their career may have looked different if they had not followed the path they did.  

Fifty Years and Counting 

For Bill Censky, co-founder and former president of Investors Community Bank, Manitowoc, a lot has changed in recent decades. From an evolution in technology to an increase in mergers and acquisitions, he noted he feels as though he has seen it all since his start in 1969. 

“A major part of an any line of work is about changing as you see things change in your industry,” said Censky. “The economy, business operations, and any other situational things have to change. Banking is no exception.”  

Censky retired from his role as president of Investors Community bank in 2016 and as board chair last year, but his involvement at the bank and in his community has certainly not taken a rest. As of now, he is still a board member at the bank and treasurer of a men’s homeless shelter. All of this, he says, ties back to the reason he got involved in banking in the first place. 

“I don’t particularly like doing the mundane jobs,” he said. “I like actively working toward making a difference.” 

Mark Schowalter, former EVP/COO of Port Washington State Bank (PWSB), enjoys making a difference in many of the same ways and has always been drawn to building customer relations. When he started his career back in 1970, he recalled Friday nights, pre-Automated Clearing House, before direct deposit and electronic banking. He described what he said felt like each and every customer in the bank lobby. The lines were hectic, the driving lanes were always backed up, and it was one of his favorite experiences.   

“You got to meet everyone, see everybody, and catch up with them,” Schowalter said, “and it was a good way to build relationships with customers. It’s quite a bit different now, the way banking is conducted. But back then, it was very much face to face.”  

When I spoke with Schowalter, he was preparing for a board meeting later that afternoon. Although he has also retired, remaining part of the industry is something he could not imagine otherwise. He is still the director and vice chair of PWSB, and serves on the bank’s board of directors.  

“I’ve volunteered for many organizations over the years, civic and nonprofit, to help support the quality of life in our communities,” he continued. “So, my working at the bank has really fueled that. I continue to do this today, and you really appreciate how everything works in our markets and how so many things depend on each other. My present involvement with our communities has just been continuing to help where I can.” 

While many bankers who have dedicated over 50 years to the industry continue to offer their knowledge and skills however they can, not all of them have entered retirement. Rita Derks still serves as the assistant vice president at the Thorp branch for Northwestern Bank, where she has worked since 1989. She said she has probably worked in the banking industry for another “15-or-so years” on top of that, but time just flies when you enjoy your job and the people around you. When asked what her favorite part of her position is, it isn’t hard to see why. 

“The best part is being able to help people,” said Derks. “You gain so many friends and customers, people you know and people you don’t know. This is an industry where you get to be there for people when they need you, and that’s been one of the greatest parts of my career.” 

Expectations for the Future of Banking 

After spending over 50 years in banking, there are many industry achievements these individuals are proud of. Looking ahead, there are a few things they expect to see accomplished at some point in the next 50 years, too. Schowalter’s hope is short, simple, and shared with countless others: keep the community bank relevant. 

“Anything that would ensure that community banks continue to be relevant and valued is what I’d like to see,” said Schowalter. “We are the financial engines of the communities. Things like regulations, how the public perceives what we do, our access to different resources, they all play a part in being successful and keeping the community bank relevant.” 

Fairness was another theme that came up regarding future objectives. As Censky put it, it’s not only something he wants to see in the next few decades — it’s something he believes should have happened decades in the past. 

“A level regulatory playing field has been near the top of all banking lists since deregulation of the 1980s,” Censky said. “This will become even more important if tax rates go up…The level playing field is not just about credit union or Farm Credit System taxation — the need for banks to have regulations dropped that are out of date are stopping us from competing with fintech companies, who have little interest in communities.” 

For others, the answer is not a simple one. Derks began her response by stating this would be a question she was unable to speak on. Still, her follow-up emphasized how a lot of people feel about the industry’s expectations. With so many recent advancements, the rapid pace at which they’ve come, and a global pandemic that has pushed everything even further, expecting anything right now can feel strange.  

“What do we need to do in the future?” Derks asked. “I don’t know. I don’t know what’s coming, but if it’s anything like the change we’ve seen in the past few decades, it’s a completely different world. Life happens quickly, and there’s not an industry that exists where you can just sit back for the ride; you have to keep up with the pace. Good or bad, it seems that’s just how it goes.” 

If Not Banking – What Else? 

Imagining 50 years in any position can seem daunting, but I was assured the accomplishment is worth each moment once that time and energy has been dedicated to a community you truly care for. To place their lifetime in banking into a new perspective, I was curious to know — if not banking — what other career would they have considered spending their 50 years in. Unsurprisingly enough, none of the answers strayed too far from the significant roles they have played the industry.  

“I have always loved technology,” Censky said. “I enjoyed my IT-related classes in school and the IT-related projects at the bank, whether it was learning how to use the bank’s first computer, an Apple II+ in the early 80s, or selecting and purchasing new banking terminals or networks or selecting a new core system or managing a conversion or using MCIF to extract data to drive sales. I love being efficient and getting rid of the unproductive and mundane parts of our work.” 

In many ways, some bankers have spent more than their own lifetime in their career — family-owned and closely held banks have multiple generations of a family establishing and building the bank. It can be challenging to envision another role outside of the family business. 

“It’s a hard question,” Schowalter admitted. “I’m a fourth-generation banker along with my brother Steve. He and I grew up in the business. I can say that along the way, I never really considered anything else. All the years I worked with the bank, I volunteered with nonprofits, and you come to appreciate the work they do. I think the nonprofit sector would have really appealed to me as something I would have liked to be more involved in.” 

Derks had a rough idea of what else she would have liked to do, but raised an excellent point in the process: if the jobs that have become so widespread today were available decades ago, would you be performing a completely different task right now?  

“Probably something in the accounting or investment areas, because that’s what I’m used to doing,” said Derks. “It’s strange because there is so much more to offer in terms of a career nowadays, and so many of the major jobs today weren’t even prevalent back when I was starting out. If some of these jobs today had been around back then, I probably would have been interested so long as it had numbers involved.”  

Even with hypotheticals, each banker said they are more than happy with the time they have spent with the banking industry and couldn’t imagine a career spent anywhere else. Although the trend of staying in one position for an extensive period has declined, they have high hopes for the future of banking and the lifetimes that will be dedicated to the achievements and changes of Wisconsin’s financial services. 

“It’s a little different today,” said Schowalter. “I don’t know if we’ll see as much [tenure] as we used to. People don’t seem to stay in one place or one career for that long, but bankers are part of great communities and the chance to grow with them is rewarding. I’d like to think longevity speaks to the strengths of the industry, and I hope that continues another 50 years from now.”  

By, Alex Paniagua

June 29, 2021/by Jose De La Rosa
https://www.wisbank.com/wp-content/uploads/2021/10/silhouettes-of-business-people_mailchimp-9.jpg 292 580 Jose De La Rosa https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Jose De La Rosa2021-06-29 13:31:402021-10-13 14:59:50Fifty Years and Counting: Reflections on a Lifetime Career in Banking
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