Executive Letter: Reflecting With Gratitude While Looking Ahead
By Rose Oswald Poels
As our 2023–2024 fiscal year closes on Friday, I reflect back on all we accomplished together, and the inspiration of bankers witnessed in so many ways as members engaged with WBA and others at education programs, Capitol Day, and through our various advocacy initiatives. I am very grateful for the ongoing support of, and active involvement from members which led to an incredibly impactful year of achievements for Wisconsin’s banking industry.
As we take stock of the achievements of WBA during the 2023–2024 fiscal year there is much to be proud of.
Building on decades-long efforts to educate elected officials on the policy disparities between banks and credit unions, WBA was able to achieve a historic, unprecedented, and bi-partisan legislative victory this past year which provides banks a state income tax exemption on income earned from certain commercial- and ag-purpose loans of $5 million or less to individuals or businesses located in Wisconsin. This gives our industry an estimated $29 million in annual savings, and it should be noted that no other state has this same provision for banks.
WBA achieved numerous other state legislative victories this session for the banking industry. These victories reduced regulatory burden, provided greater protections for public deposits, and lengthened municipal loan terms.
Member support of WBA means the association’s impact extends well beyond the Capitol. Other indispensable services provided by WBA include:
Professional Development and Networking – Over 80 WBA-hosted educational opportunities were offered, with over 6,000 bankers attending in-person training events.
Compliance Resources – WBA’s legal team developed many complimentary compliance videos, guides, and interactive Legal Live sessions, along with a monthly newsletter and -subscription video series, in-house compliance training, and manuals as resources for members. WBA’s subsidiary, FIPCO, also offers compliance support through its origination software and its consulting services, ShareFI and IT Audit.
Employee Benefits – Participating banks in our Association Health Plan (AHP) are saving over $2.5 million annually in premiums.
We will shine a light on the myriad other ways that WBA membership proved valuable during the last year in the “Year in Review” section of the July/August issue of Wisconsin Banker. Reflecting on those legislative wins and valuable member resources makes me hopeful and excited about the collaborative work ahead of us in the 2024–2025 fiscal year.
Please watch your mail starting this week when the annual WBA dues invoice arrives at your bank for our new fiscal year, beginning June 1. If you have any questions or concerns about your membership, please contact me directly. As always, I look forward to working with you and for you.
