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Executive Letter: Grassroots Needed on Digital Assets Legislation

From the Desk of Rose Oswald PoelsBy Rose Oswald Poels

WBA, ABA, ICBA, and other state banking associations worked hard to minimize the impact of the GENIUS Act as it moved through Congress earlier this year. We received assurances from elected officials that this stablecoin legislation was a “payments” bill, providing a framework and protections for stablecoins to be used as a form of payment in the United States. It was also clear that protecting the banking industry from any potential disintermediation remained a priority.

While the GENIUS Act language was not perfect, members of Congress indicated that any legislative “fixes” would be done through a separate market structure bill in the Senate. Since the passage of the GENIUS Act, WBA and other trade associations have expressed concern that loopholes within the law — if left unaddressed — could lead to deposits leaving the traditional banking system. Such a shift would ultimately harm local lending, as yield-bearing stablecoin issuers incentivize consumers to store their funds outside of banks. The unintended (or perhaps intended) consequences of stablecoins becoming more of a store of value instead of simply a form of payment are real and harmful for the banking system and the economy.

WBA urges all bankers to contact our U.S. Senators today to close the loopholes left open in the GENIUS Act in order to protect consumers, promote economic stability and preserve credit access. In particular, the ask to lawmakers is to:

  • Extend restrictions on paying interest or yield on payment stablecoins to cover all market participants. This will help ensure that payment stablecoins serve as a payment tool while minimizing unintended consequences for the banking system and broader economy.

  • Repeal section 16(d) of the GENIUS Act. This will protect consumers and competition by guaranteeing state banking authorities have the power to supervise out-of-state chartered uninsured depository institutions, leveling the playing field for all institutions operating within a state.

  • Prohibit non-financial companies from issuing stablecoins, restricting the ability for deposits to be siphoned from community banks and therefore preserving local community access, preventing conflicts of interest, and the concentration of economic power.

Both ABA and ICBA have action centers where you can easily and quickly send these letters now.

Please share this message with your entire staff! The Senate markup on this legislation is coming soon so it is imperative that they hear our message now. The “other side” has already generated tens of thousands of contacts supporting passage of this market structure bill without closing these critical loopholes. Now is the time for the banking industry to be just as loud.

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The Future of the Fed: Former Cleveland Fed President Speaks at UW–Madison

Former Federal Reserve Bank of Clevland President Loretta J. Mester visited UW–Madison last month to discuss interest rates, inflation, and the Fed’s future at a lecture hosted by the Puelicher Center for Banking Education. Among those joining the conversation was WBA’s President and CEO Rose Oswald Poels, who helped lead the Q&A session with pointed questions on artificial intelligence and FDIC deposit insurance.

Mester, who led the Clevland Fed from 2014-2024 and now teaches at the Wharton School of the University of Pennsylvania, outlined the Federal Reserve’s dual mandate of price stability and maximum employment. She addressed the Fed’s recent interest rate cuts and persistent inflationary pressures.

“The market has proven remarkably resilient through recent shocks,” Mester said, citing steady consumer spending and corporate investment. However, she cautioned that rising federal debt and higher long-term interest rates could complicate efforts to build public confidence.

Oswald Poels opened up the Q&A session by asking how AI and automation might influence productivity and the labor market. Mester replied that innovation will boost growth, but the transition will be uneven: “Some jobs will disappear and new ones will emerge. The benefits won’t be felt equally — and there’s new results in literature that suggest lower-income jobs are already being negatively affect by AI.”

Later, Oswald Poels asked Mester about the stigma banks face when borrowing from the Fed’s discount window — an important liquidity tool often misunderstood by the public. Mester acknowledged the concern and explained, “We’re looking at ways to change that, like simplifying operations and rethinking how the program is presented. The discount window should be less stigmatized for sound institutions to use.”

The program concluded with audience questions on topics ranging from U.S. debt to the global role of the dollar. The event offered students and members of the public a rare opportunity to engage directly with a former Fed policymaker. For the WBA, the conversation underscores the power of connecting bankers and policymakers — helping ensure the perspectives of community institutions and everyday customers remain at the center of national economic discussions.

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Advocacy Update: Budget Signed, Governor’s Seat Open: Now’s the Time for Banker Advocacy

By Lorenzo Cruz

The 2026 Wisconsin gubernatorial race is expected to break spending records, with key battles for both the governor’s office and control of the state legislature. On July 24, 2025, Democratic Governor Tony Evers announced he would not seek re-election, opening up the race for the first time in 16 years. Here’s a breakdown of the candidates and potential contenders:

Democratic Candidates:
• Lt. Governor Sara Rodriguez: Has officially launched her campaign.
• Milwaukee County Executive David Crowley: Taking steps toward running.
• Attorney General Josh Kaul: Has shown interest, either publicly or privately.
• Former Lt. Governor Mandela Barnes: Considering a run.
• State Senator Kelda Roys: Also mulling a bid.

Republican Candidates:
• Washington County Executive Josh Schoemann: In the race.
• Businessperson Bill Berrien: Has launched his campaign.
• U.S. Rep. Tom Tiffany: Considering a run.
• State Senator Mary Felzkowski: Seen as a potential candidate.
• Former U.S. Senate candidate Eric Hovde: Considering running.
• Business person Tim Michels: Also weighing a run.
• Former Governor Tommy Thompson: Has not ruled out a bid.

Independent:
• David King: Running as an Independent.

With the race still evolving, Attorney General Kaul would likely be the early favorite for the Democratic primary, assuming he enters. On the Republican side, the candidate who secures Donald Trump’s endorsement is likely to have the edge, but the primary could still be unpredictable with a crowded field. The last open gubernatorial seat in Wisconsin occurred in 2010, when Scott Walker defeated Tom Barrett. National analysts have shifted the race from lean Democrat to a toss-up.

In other news, on July 3, 2025, Governor Evers signed the state’s $111 billion 2025-2027 budget into law. The budget was passed quickly due to tight deadlines for federal funding and a more divided legislature following recent elections and redistricting. The budget represents a compromise between Evers and the Republican-controlled legislature, with key provisions including:
• Tax Cuts: $1.3 billion in tax cuts, restructuring the second tax bracket, eliminating the sales tax on household utilities (effective October 2025), and exempting some retirement income for seniors.
• Education Funding: Increases to the state’s special education reimbursement rate and support for the University of Wisconsin system.
• Child Care: $330 million allocated for childcare, including direct payments to providers.

Despite this compromise, some Democrats felt the budget did not go far enough in addressing their priorities, such as funding for schools, childcare, and Medicaid expansion. Governor Evers called it the best deal achievable through compromise.

The state’s non-partisan fiscal bureau projects a $770 million surplus for the 2025-2027 budget, but a looming structural deficit of $2.2 billion for the 2027-2029 period. With a challenging budget outlook and a contentious gubernatorial and legislative race ahead, the likelihood of significant new legislative action in the coming months appears limited.

Amid this uncertainty, it remains crucial for bankers to stay engaged in the political process. As of late July, the Wisconsin Bankers Association (WBA) had reached 57% of its $300,000 annual fundraising goal. WBA’s advocacy efforts continue to focus on issues like interchange fees, crypto regulation, credit unions, taxes, AI, and privacy. Contributions to WBA’s PAC or conduit are encouraged to support pro-business, pro-banking candidates, ensuring the industry’s voice remains influential.

Cruz is WBA vice president – government relations.

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Executive Letter: WBA Joins National Call for Treasury Review of Credit Unions

From the Desk of Rose Oswald PoelsBy Rose Oswald Poels

WBA joined with 52 other state bankers associations this summer in signing a joint letter to the U.S. Treasury Department. The letter urges the Treasury to conduct a study of the $2.37 trillion credit union industry and assess whether its current activities align with the tax-exempt status originally granted by Congress in 1934.

Congress created the Federal Credit Union Act over 90 years ago with the intent to expand access to affordable credit for people of modest means. Credit unions have since grown far beyond that mission, with more than 450 credit unions holding assets of at least $1 billion. Many operate nationally, acquire banks, sponsor professional sports teams, or generate tax-exempt income from affiliated businesses. In 2024 alone, credit unions acquired 22 banks with nearly $12 billion in assets.

The joint letter brings these trends into the spotlight as evidence that credit unions increasingly function like tax-paying banks while avoiding the same obligations of transparency and accountability. For example, federal credit unions are exempt from filing the IRS Form 990 that other nonprofits must submit, which leaves executive compensation and other data concealed from the public.

We are asking the Treasury to examine whether tax exemption is still justified, and to provide recommendations for legislative or regulatory changes. Among these could be requiring all credit unions to pay federal income tax and requiring federal credit unions to pay unrelated business income tax (UBIT) like other nonprofits.

The Treasury estimates that the credit union tax exemption will cost the government $32.2 billion by 2034, so this review is urgent and necessary. I believe this study will bring greater accountability and ensure that taxpayer dollars are not subsidizing institutions that have strayed far from their founding objective.

With 14 credit unions in Wisconsin now exceeding $1 billion in assets, WBA remains at the forefront of these discussions in Washington, D.C. We will continue to update our members as the Treasury considers next steps on this issue.

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Chair’s Column: Why Advocacy Matters — Now More Than Ever

Paul Northway

Paul Northway

By Paul Northway

It was a pleasure to either meet or reconnect with so many members at the Annual WBA Chair’s Member Appreciation Golf Outing on August 14 at Trapper’s Turn Golf Club. In addition to it being a fun event, it underscores how much the WBA Board values the active participation of our bank and associate members. Thank you for your membership.

As community bankers, we wear a lot of hats. We serve customers, support our teams, lead our organizations, and stay on top of everything from regulations to technology. But one responsibility that sometimes flies under the radar, but shouldn’t, is our role as advocates for the industry we love.

Advocacy may not always be top of mind, but it’s one of the most important things we can do to protect and advance community banking in Wisconsin. Why? Because if we don’t tell our story, someone else will — and chances are, they won’t get it right.

When we engage in advocacy — whether that’s attending Capitol Day, traveling to Washington, D.C., hosting a legislator for a Take Your Legislator to Work Day, (TYLTWD) or even just picking up the phone to share how a proposed regulation might affect your bank — we strengthen the relevance and resilience of our industry. We remind lawmakers that community banks are essential to the health of our local economies. We fund small businesses, support local farmers, and provide financial guidance to our neighbors. That is not a story that should be left untold

Advocacy also plays a vital role in shaping a regulatory environment that works for us, not against us. Without our voices in the room, there is a real risk that laws and regulations will be written with only the largest institutions in mind which can create burdens that don’t fit the scale or mission of community banks. When we speak up, we help make sure the community bank model is protected and allowed to thrive.

One of the simplest and most effective ways your bank can stay engaged is by designating an Advocacy Officer. Advocacy Officers help coordinate outreach and keep their bank informed about key legislative and regulatory issues. It doesn’t require a political science degree, only a willingness to help tell our story.

Events like Capitol Day and trips to Washington, D.C. with the American Bankers Association or the Independent Community Bankers of America are great opportunities to build relationships with elected officials and make sure they know who we are and what matters to us. These connections don’t just help our industry, they help our communities by ensuring our policymakers understand the real-world impact of their decisions.

Don’t forget — advocacy isn’t just for CEOs. In fact, it’s even more powerful when a broad range of voices are involved. Every banker has a story to tell, and every story helps paint a clearer picture of the industry’s relevance in our state.

The bottom line is this: advocacy amplifies our voices, protects what makes community banking special, and helps ensure a strong future for our industry. I encourage you to take the next step: name an advocacy officer: attend Capitol Day; host a TYLTW event; register for the upcoming Milford Hills Outing, or simply reach out to learn more about how you can support WBA.

Our fundraising goal for 2025 is to raise $300,000 for WBA’s Wisbankpac (PAC) and Alliance for Bankers Conduit (ABW). The dollars raised for advocacy will help ensure our message is loud and clear in Madison and Washington as we continue to keep community banking relevant by shaping legislation that lessens regulatory burden and aims to level the playing field with competitors such as the credit unions and other non-traditional banks entering our space. I am asking for your support in achieving this important goal of raising $300,000.

I should note that WBA staff recently held a “WBA Mini-Golf Challenge” themed staff advocacy campaign organized by the WBA government relations team (Lorenzo Cruz and Tyler Foti) to support PAC and ABW. WBA staff collectively raised over $14,197 which exceeded the Association’s goal of $12,500. As WBA President and CEO Rose Oswald Poels says, supporting pro-banking political candidates is not about “D” or “R” for political affiliation, but instead it is “B” for the “Banking” Party.

Northway is president and CEO of American National Bank Fox Cities and the 2025–2026 WBA Chair.

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Executive Letter: President Trump’s Executive Order on Debanking

From the Desk of Rose Oswald PoelsBy Rose Oswald Poels

Earlier in August, President Trump issued Executive Order 14331 called “Guaranteeing Fair Banking For All Americans.” Among other identified purposes, the Order states that: “Bank regulators have used supervisory scrutiny and other influence over regulated banks to direct or otherwise encourage politicized or unlawful debanking activities.”

The Order defines “politicized or unlawful de-banking” as any act by a financial institution to directly or indirectly restrict access to, or modify the conditions of, accounts, loans, or other banking services on the basis of a customer’s political or religious beliefs, or based on lawful business activities disfavored by the institution for political reasons.

Fair lending and related laws have existed for decades, and bankers have followed those laws throughout time. As a result, my initial view of the Order was that it is codifying or clarifying current law.

The order directs federal banking regulatory agencies to take various actions to implement intent. Many agencies, including FRB, OCC, and FDIC, have taken initial steps with their recent removal of reputational risk from supervisory expectations.

Additionally, the SBA sent a letter last week to lenders of actions to be taken by early December. Banks must review past and current policies that could be interpreted as encouraging politicized or unlawful de-banking and prepare a compliance report by January 5, 2026. Lenders failing to comply may risk punitive measures and lose good standing with the SBA.

These recent developments have once again inspired national attention around debanking and important questions about how they intersect with existing fair lending and other banking laws. I’ve fielded questions and concerns from our members about how these changes will affect daily bank operations, compliance practices, and relationships with customers.

WBA is committed to ensuring our members have the most current information and clarity. I invite you to attend our complimentary live webinar this Thursday, September 4, from 9:00 to 10:00 am CT. I will be joined by Peter Wilder, attorney with Godfrey & Kahn, as we review the executive order, SBA directives, and the current legal framework that governs fair lending.

This webinar is held specifically to support WBA bank members and will not be recorded in order to allow for candid discussions. We encourage you to bring questions

and participate in the Q&A session.

Registration is free but required. Please register one attendee per planned webinar connection to help us ensure sufficient capacity.

I look forward to speaking with you all on Thursday as we break down what these changes mean for your bank and your customers

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Executive Letter: Celebrating WBA’s 2025 Highlights

From the Desk of Rose Oswald PoelsBy Rose Oswald Poels

As we approach the end of summer, I’m proud to reflect on the many ways the Wisconsin Bankers Association has strengthened our industry and advanced the mission of Wisconsin banks so far this year. Our many accomplishments would not happen without the support and active engagement of our members. Below are a few of our highlights achieved to date:  

Housing Grant Awards

Earlier this year, WBA awarded $60,000 in grants to six member banks in support of housing, economic development, and financial literacy initiatives across Wisconsin. These efforts ranged from emergency housing microloans and targeted financial literacy education to strategic efforts to increase Native American homeownership. These meaningful projects reflect the deep commitment of Wisconsin banks to strengthen their own communities.

Fraud Summit Success

In June, WBA hosted its first-ever Fraud Summit in direct response to member feedback requesting more resources to address increasingly complex fraud threats. This event brought in fraud experts and bankers from across the state to share insights on cyberattacks, payment fraud, social engineering, and AI-driven scams. We received overwhelmingly positive feedback, and we plan host the event again in the future to keep members educated on emerging threats.

Second Class of BOLT Leadership Academy

WBA is committed to cultivating the next generation of bank leaders. We launched our second class of BOLT (Building Our Leaders of Tomorrow) Leadership Academy, a program designed to equip emerging community bank leaders with advanced industry knowledge and a strong peer network. Members of the new cohort are already making an impact — a few participants represented Wisconsin at the American Bankers Association’s Washington Summit this past spring and spoke directly to policymakers.

Advocacy Wins

WBA’s advocacy efforts this year have rung in meaningful results for Wisconsin’s banking industry. On the federal level, we celebrated two major wins. In the “One Big Beautiful Bill,” Congress passed a modified version of the ACRE Act, which provides banks with a 25% federal income tax exemption on ag real estate loans which will help banks support their farm customers. Second, the Homebuyers Privacy Protection Act (the “trigger leads” bill), which restricts credit reporting agencies’ ability to sell consumer contact information after applying for a mortgage loan, passed the U.S. House and Senate and is awaiting the President’s signature.

These policy victories are the direct result of your grassroots engagement through WBA with elected officials. Moreover, through contributions to Wisbankpac and the Alliance for Bankers Conduit, we help ensure pro-banking candidates are elected to office at the state and federal levels.

Record Number of Associate Members

WBA associate membership reached 176, the highest number of associate members to date. These partnerships not only provide important resources to WBA, but also offer WBA members a wide variety of meaningful products and services.

I am very excited and proud of what we have all accomplished together so far this calendar year! I look forward to continuing this success as we move through the remainder of the year. Thank you for taking an active part in ensuring a strong future for the Wisconsin banking industry!

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Executive Letter: Trigger Lead Bill to Be Signed Into Law

From the Desk of Rose Oswald PoelsBy Rose Oswald Poels

I am excited to share that the Homebuyers Privacy Protection Act (H.R. 2808) — known as the “Trigger Lead” Bill — has been passed by the Senate. The bill cleared the House earlier this year and will now advance to the President’s desk to be signed into law. Passage of this legislation has been a top priority for WBA, and many members joined me in advocating for its passage over the past two congressional sessions. This milestone reflects the power of our collective voice in protecting consumers and strengthening the banking industry. 

Once signed into law, credit reporting agencies will be prohibited from providing a consumer’s credit report to third parties in connection with a residential mortgage transaction unless the request meets strict criteria. A consumer’s information may only be shared if:

The transaction involves a firm offer of credit or insurance and the third party either:

  • Certifies it has been obtained by the consumer’s consent, or
  • Has an existing relationship with the consumer as a mortgage originator, current loan servicer, or is a bank or credit union where the consumer holds an active account.
  1. The provision effectively ends the practice of unsolicited “trigger leads” and will take effect 180 days after the bill’s enactment.

A success like this underscores the power of WBA advocacy. Consumers will no longer be pestered with unwanted phone calls and text messages within hours of applying for a mortgage, and — most importantly — customers will no longer experience the confusion or frustration of believing their bank improperly shared their information with a third party.  

Thank you to all our members who submitted letters or spoke directly with lawmakers about the passage of this important bill and of the relevant ways it would benefit consumers. As always, we encourage you to join us on future advocacy trips to Washington, D.C. Your voice is critical — and your advocacy continues to make a powerful difference.

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Executive Letter: WBA Remains Engaged on Digital Currency Policy

From the Desk of Rose Oswald PoelsBy Rose Oswald Poels

President Trump’s signing of the GENIUS Act into law last Friday marks a significant development in the evolving conversation around digital currencies at the federal level. The new law, which passed broadly with bipartisan support in both the Senate and House, establishes a federal regulatory framework for payment stablecoins in the United States. Among other requirements, the GENIUS Act mandates that stablecoin issuers maintain reserves on a 1:1 basis with the value of outstanding stablecoins, using assets such as cash, government securities, or other highly liquid assets including deposits held at insured banks and credit unions. The law also requires stablecoin issuers to follow BSA and tailored AML rules.

As policymakers continue to outline and debate the market structure of and other issues related to digital assets with the CLARITY Act passing the House last week and moving to the Senate, the Wisconsin Bankers Association remains committed to making sure the voice of traditional banking is heard clearly. We remain closely engaged with these conversations in order to advocate for balanced policy that preserves the strength of traditional banking.

WBA staff is currently developing resources to help our members better understand the effects of the GENIUS Act — more specifically how stablecoin and digital assets fit into the world of traditional banking—and what it may signal for future regulation. Also in the works: both banker-related and consumer-facing information pieces regarding the Act, opportunities and considerations in the evolving market, and digital currency overall. These materials will be available in the weeks ahead, and we encourage you to watch for updates in the Wisconsin Banker Daily and our website.

Digital asset issues are not limited to Washington, D.C. WBA remains engaged at the state level as well to ensure the industry is represented during cryptocurrency discussions.

WBA will continue to keep members informed as the digital assets landscape evolves. Please do not hesitate to let me or others on the WBA team know what additional education or resources would be helpful as we navigate this emerging payment method.

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Emerging Leaders Take Washington

Wisconsin Bankers Bring New Voices to Advocacy

By Elizabeth Fenton

The American Bankers Association (ABA) hosted its annual Washington Summit this spring, and two Wisconsin Bankers — Sarah Ziemba, Chief Talent Officer of American National Bank Fox Cities and Tisha O’Dell, Assistant Branch Manager of North Shore Bank — found themselves on the national stage, representing emerging leaders and the greater voice of the banking industry. WBA nominated Ziemba and O’Dell, who both serve on WBA’s Building Our Leaders of Tomorrow (BOLT) section board at WBA, for scholarships to attend the Summit. They joined hundreds of peers from bank associations across the country in Washington D.C., where they attended forums ranging from grassroots advocacy to fireside chats with Representative Mike Lawler (R-New York).

The ABA’s Emerging Leaders program is a deliberate push to diversify who shows up to these critical policy discussions, explained Caitlin Taylor, Vice President of the ABA State Association Alliance. “We want to make sure we have a strong industry moving forward, and that starts with preparing these leaders today,” Taylor said. “We want to bring younger voices to Washington.”

Taylor emphasized the urgent value of bringing a greater mix of perspectives and job titles to Capitol Hill. “It is important to listen to bankers who work every day with customers and can share those real-world stories with members of Congress,” she explained. ‘Their perspective is very different from a CEO who may not see daily challenges firsthand.”

The Emerging Leaders Forum — which began as a modest two-hour event attended by 50 bankers — has since blossomed into a robust, full-day event attracting more than 400 participants from all over the country.

Ziemba formed connections with bankers from all around the country. “It was really great to hear about the difference in challenges happening in California to Oklahoma to Wisconsin — and how much we have in common.” She offers encouraging words to future emerging leaders who may feel hesitant to go alone, “I loved the structure of the event. They wanted you to find people and network — you get to build relationships with people across the entire spectrum of banking.”

For O’Dell, the forum was a chance to translate her frontline perspective directly to policymakers. O’Dell is a self-described “accidental banker,” who started her career in retail and never imagined she’d one day find herself face-to-face with members of Congress. “I looked at the attendance list for the Summit and saw all these titles — CEO, CFO, Executive Vice President — and then there was me, Assistant Branch Manager,” she laughed. “It felt great that my voice could bring customer stories out of Wisconsin.”

O’Dell had the chance to meet with legislators and share her frontline perspective. “I was able to share real-world examples about my customers,” she said. “It was empowering to tell those stories from small town Wisconsin in the capitol.”

The forum invited speakers, consultants, and authors to give perspective on leadership development topics — like time management and decision-making — and how to apply those skills to the ever-evolving modern workplace where constant noise and distractions can derail even the sharpest mind. “I brought some of those lessons back to my team,” O’Dell noted, “especially around emailing more intentionally and prioritizing tasks.”

Beyond soft skills training, attendees had designated opportunities to mingle and connect. Taylor explained that many participants shared testimonies about how the event shaped their career trajectory. “Bankers get to experience how impactful it is to be an advocate on behalf of the industry and get involved with their state association at the national level,” she reflected. “My hope is that emerging leaders do raise their hand and realize there is a spot for them to grow — no matter their level or title.”

The experience left a lasting impression on both Wisconsin scholarship winners. “The event is a personal and professional growth opportunity,” Ziemba reflected. “Your network is so important — you learn how you can make a difference.” O’Dell echoed similar sentiments. “I realized that anyone — regardless of title — can have a voice in the industry.”

The Emerging Leaders Council celebrates five years of growth, and the message from Wisconsin’s bankers resounds: Bringing more diverse voices to the stage strengthens the future of banking for everyone.

Fenton is WBA’s communications coordinator.

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