On November 4, WBA President and CEO Rose Oswald Poels honored three bankers at Bluff View Bank in Galesville for their lifetime of service to the banking industry. Congratulations to Scott Kopp, chairman of the Board, 38 years; Dan Mueller, senior vice president – commercial & ag loan officer, 40 years; and Steve Poss, senior vice president – mortgage lender, 32 years.
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By Rose Oswald Poels
Across the state, Wisconsinites made their voices heard in Tuesday’s midterm election. While it is always important to exercise your right to vote, this year’s election has reminded bankers of the significance of advocating on behalf of our industry each day.
As the onslaught of political advertisements and communications come to an end, I emphasize the role you play to set our industry up for success.
At the heart of WBA’s mission and service to Wisconsin is its ability to advocate for the banking industry and bankers across the state. However, this charge is not an individual effort and, unfortunately, does not end following the results of the election.
Though many of us are aware — fundraising efforts are still in full swing. This year, WBA is campaigning to reach over $300,000 in support of Wisbankpac, our registered political action committee; the Alliance of Bankers for Wisconsin (ABW), our state conduit; and WBA’s issue advocacy fund. All money raised through these efforts is used to support and shape public opinion on pro-banking and pro-business issues.
As part of this, WBA annually recognizes banks that have gone above and beyond in their fundraising efforts as part of the WBA Gold Triangle Club. Determined by bank asset size, Gold Triangle membership is WBA’s highest level of fundraising recognition for banks. So far this year, 50 banks have achieved WBA’s Gold Triangle status for the personal contributions made by bank employees and directors.
If your bank is interested in achieving WBA’s Gold Triangle recognition or would like to learn more, please visit wisbank.com/give or contact Lorenzo Cruz.
Thank you once again for your continued support and active involvement in the betterment of our industry. Your voice and engagement in advocacy efforts as simple as casting your ballot today could make a world of difference in the success our industry sees tomorrow!
Thank you to the 51 banks that have already succeeded in achieving WBA’s Gold Triangle status this year:
- American National Bank – Fox Cities, Appleton
- Associated Bank, Green Bay
- Badger Bank, Fort Atkinson
- Bank Five Nine, Oconomowoc
- Bank of Brodhead
- Bank of Luxemburg
- Bank of Sun Prairie
- Bank of Wisconsin Dells
- Bankers’ Bank, Madison
- Bluff View Bank, Galesville
- Black River Country Bank, Black River Falls
- BLC Community Bank, Little Chute
- Bristol Morgan Bank, Oakfield
- Capitol Bank, Madison
- Charter Bank, Eau Claire
- Citizens Bank, Mukwonago
- Citizens First Bank, Viroqua
- Citizens State Bank of Loyal
- Coulee Bank, La Crosse
- East Wisconsin Savings Bank, Kaukauna
- The Equitable Bank, Wauwatosa
- Farmers State Bank, Hillsboro
- Farmers State Bank of Waupaca
- First Business Bank, Madison
- First Citizen State Bank, Whitewater
- First National Community Bank, New Richmond
- Forward Bank, Marshfield
- Forte Bank, Hartford
- Fortifi Bank, Berlin
- Greenwood’s State Bank, Lake Mills
- Horicon Bank
- Mound City Bank, Platteville
- National Bank of Commerce, Superior
- National Exchange Bank and Trust, Fond du Lac
- Nicolet National Bank, Green Bay
- North Shore Bank, Brookfield
- Oak Bank, Fitchburg
- Old National Bank, Evansville, IN
- Oostburg State Bank
- The Park Bank, Madison
- Partners Bank of Wisconsin, Marshfield
- Peoples State Bank, Prairie Du Chien
- The Peoples Community Bank, Mazomanie
- Premier Community Bank, Marion
- Security Financial Bank, Durand
- State Bank of Cross Plains
- The Stephenson National Bank and Trust, Marinette
- Superior Savings Bank
- Town Bank N.A., Hartland
- Waldo State Bank
- Wisconsin Bankers Association, Madison
- Wolf River Community Bank, Hortonville
Wisconsin bankers prepare for forthcoming legislation, guidance
By Hannah Flanders
An increasing number of Wisconsinites are growing concerned about climate change and its effects on the state’s key economic sectors — agriculture and forest product, fisheries, and outdoor tourism and recreation. Each year, these sectors continue to be negatively impacted as a result of increasing temperature, humidity, precipitation, and extreme weather events.
In an effort to preserve America’s unique, natural resources, promote public health and safety, and extend the positive growth in our economies, regulators across the country have turned their focus to understanding climate-related financial risks. In January 2021, President Joe Biden issued an Executive Order relating to protecting public health and the environment. As a result, many key banking regulators and Wisconsin officials have announced advisories, statements, and proposals of their own to aid banks and other industries in mitigating the effects of climate change on the economy.
Ensuring Consistency
As sectors and jurisdictions in the financial system become increasingly more intertwined and supervisory and regulatory authorities continue to assess climate-related financial risks, the Financial Stability Board (FSB) has published draft recommendations in an effort to promote consistency throughout the financial system as well as to assist financial institutions in managing and mitigating climate-related risks. Final recommendations from the FSB are expected in the fourth quarter of 2022.
The Financial Stability Oversight Council (FSOC), in addition to establishing the Climate-related Financial Risk Committee (CFRC) which assists in identifying, assessing, and mitigating climate-related risks to the financial system and developing common approaches and standards, the Council has recently released recommendations to FSOC members — including the U.S. Securities and Exchange Commission (SEC), the Federal Reserve Board (FRB), and the Federal Housing Financing Agency (FHFA) — regarding their action on climate change data, disclosure, and scenario analysis.
While several agencies, including SEC and the Office of the Comptroller of the Currency (OCC), have already acted on risks related to climate change, Acting Director of the FHFA Sandra L. Thompson said in a statement released in December 2021 that FHLBanks are encouraged to designate climate change as a priority and actively consider its effects in their decision
making. The FHFA also created a new Conservatorship Scorecard which assesses Fannie Mae, Freddie Mac, and Common Securitization Solutions on their ability to promote sustainable and equitable access to affordable housing while operating in a safe and sound matter.
Proposed Federal Legislation
Both the OCC and the Federal Deposit Insurance Corporation (FDIC) have issued draft principles that provide framework for the management of climate-related financial risks by banks with more than $100 billion in total consolidated assets.
Although either draft has yet to be finalized, the Wisconsin Bankers Association (WBA) issued a comment letter in June to members of the FDIC warning of the potential negative impact this draft may unintentionally have on smaller, community banks and the communities they serve.
In addition to commenting on the FDIC’s draft principles, WBA joined the Independent Community Bankers of America (ICBA) and several state banking associations from around the country in expressing concerns related to the FDIC’s proposed statement of principles highlighting the effects of large financial institutions being pressured or required to “de-risk” their loan portfolios. The ruling in its current state has the potential of excluding lawful but climate disfavored customers or industries from the financial system.
This year, the SEC has also proposed two climate-related disclosure rulings that Wisconsin bankers should consider for investment purposes. The first proposal — the Enhancement and Standardization of Climate- Related Disclosures for Investors — focuses specifically on requiring registrants to include certain climate-related disclosures in their registration statements and periodic reports.
While the approach to release climate-related disclosures through existing SEC requirements is appreciated, in its comments, WBA highlighted that Wisconsin’s financial institutions, publicly traded or not, have successfully managed credit-based risk for decades and that this proposal is primary built on supplying non-financial information that many businesses do not have the resources to provide.
In addition to recommending that SEC repeal said proposal in its own comments, the Association joined nearly 100 supporting groups in signing onto the House Small Business Committee’s Republican-led letter to SEC demanding the rescission of the proposed ruling.
The second — Enhanced Disclosures by Certain Investment Advisers and Investment Companies About Environmental, Social, and Governance (ESG) Investment Practices — amended the ruling and forms under the Investment Advisors Act and the Investment Company Act. This would require certain advisers, investment companies, and business development companies to provide additional information regarding their ESG investment practices. Comments on this ruling were due August 2022.
Wisconsin-Specific Efforts
In Wisconsin, Governor Tony Evers has highlighted combatting climate change is a key priority for the administration. Earlier this year, the Governor’s Task Force on Climate Change — a coalition of representatives from industries and communities across the state — recommended the creation of the Office of Environmental Justice within the Department of Administration (DOA).
The Office, supported by the first state-level chief resilience officer (CRO) in the Midwest — now serves as the state’s principal office in coordinating agency frameworks, strategies, and policymaking to ensure state action does not have an adverse or disparate environmental effect on under-resourced communities.
Additionally, the Wisconsin Department of Financial Institutions (DFI) has so far only released an ESG investing advisory which includes an overview of its effects and what investors should consider. However, as climate-related risk becomes an increasing concern for industries and communities across the state, Wisconsin bankers should expect that state-level advisories, guidance, or legislation may be forthcoming.
While no hard and fast ruling yet stands for banks related to climate-related risk disclosures either at the federal or state levels, WBA advises bankers to be aware of the potential for upcoming regulation on the topic.
View WBA’s recent comment letters by visiting wisbank.com/CommentLetters. For questions on legal developments or regulations related to climate change or other compliance matters, please reach out to WBA legal at wbalegal@wisbank.com or 608-441-1200.
By Daryll J. Lund
In today’s competitive job market, it is ever so important that Wisconsin banks establish themselves as businesses that ensure every employee is set up for success — professionally and personally. As members of the Wisconsin Bankers Association (WBA), banks throughout the state are eligible to join WBA’s Employee Benefits Corporation (WBA EBC) for a wide range of benefit plans that offer employees peace of mind and incentives to save.
Through WBA EBC’s Association Health Plan (AHP) serviced by UnitedHealthcare (UHC), employees of Wisconsin banks have the ability to access competitively priced, flexible medical and vision coverage. Individuals are also able to add motivating incentive programs — such as Motion and Rally — that help inspire healthy habits and save money!
Rally, a wellness program offered through the AHP, motivates employees to meet their lifestyle goals. Alongside other individuals or at their own pace, Rally’s “missions” offer challenges that assist individuals in reaching — and surpassing — lifestyle goals, including eating healthier and increasing movement.
Employees are also able to redeem “Rally Coins” for purchases from fitness, entertainment, and well-being brands upon completion of goals. With an easy-to-use interface and motivating rewards, wellness is made more exciting and achievable for everyone.
Motion is a health savings account (HSA) offered through the WBA EBC’s AHP. The HSA incentivizes walking and meeting goals as an additional way to earn credits. Employees earn a $55 credit upon registration and every credit earned can be deposited into an HSA that assists in reducing out of pocket costs for eligible healthcare expenses. Each year, Motion participants have the ability to save up to $1,095.
Now’s the time to make certain every member of your team is reaching their full potential and saving money while doing so. WBA EBC’s AHP serviced by UHC offers wellness programs that provide great incentives to developing and sustaining good health practices and preventative care, in addition to assisting employees in saving for life’s emergencies.
To learn more about WBA EBC’s insurance options, please contact Brian Siegenthaler, WBA EBC vice president, at 608-441-1211.
On July 20, WBA’s Daryll Lund visited Denmark State Bank to award several employees with WBA’s Lifetime Service Awards for their extended service to Wisconsin’s banking industry and celebrate 10 upcoming retirements in the bank.
Congratulations to Mark Hoefs and Lori Sisel, 30 years; Stephen Arps, 31 years; Chris Mueller, 32 years; Jeff Wilke, 33 years; James Meyer, Tami O’Brien, and Scot Thompson, 35 years; Jacqui Engebos, 36 years; Tammy Phibyl and John Rehn, 37 years; Annette Commons, 40 years; Linda Kuik, 41 years; Jeannie Swagel, 42 years; and Carl Laveck, 50 years, for receiving WBA’s Lifetime Service Awards.
The reception also honored the bank’s 10 retirees, several of which also were honored with WBA’s Lifetime Service Award. Congratulations to Deborah Carlson, credit analyst III (37 years); Joan DeGrand, business banking portfolio manager (47 years); Teri Deprey, credit analyst III (39 years); Jan Hall, vice president – deposit operations manager (37 years); Dave Kappelman, senior vice president – agribusiness banker III (40 years); Mark Kropp, assistant vice president – branch manager III (38 years); Deanna Tilot, financial assistant (35 years); Jeff Vandenplas, vice president – business banker III (39 years); Bonnie Vogel, lead teller (34 years); and Cindy Winiecki, agribusiness portfolio manager, on their retirements and extended years of service.
On Thursday, July 21, WBA’s Executive Vice President and Chief of Staff Daryll Lund attended the retirement reception of George E. Gary, president and CEO of Columbia Savings and Loan Association in Milwaukee. During the reception Gary was awarded with WBA’s 50 Year Club recognition for his tenure within the banking industry.
Gary began at Columbia Savings and Loan Association, Wisconsin’s oldest Black financial institution, as a loan officer. Throughout his time at the bank, Gary has assisted in serve the needs of citizens and organizations in the Black community.
On June 30, two Bank of Sun Prairie employees were awarded WBA’s Lifetime Service Award by WBA President and CEO Rose Oswald Poels for their tenure in the banking industry. Dave Suchomel, Bank of Sun Prairie chief credit officer, recently surpassed 42 years in the industry and Ron Blawusch, Bank of Sun Prairie chief lending officer, has been in the banking industry for a total of 44 years.
Wisconsin Department of Financial Institutions (DFI) Secretary-designee Cheryll Olson-Collins, a native of Portage, Wis., spent more than two decades in the private sector banking industry before joining the State of Wisconsin in 2007. She began her banking career with the First National Bank of Portage. She later joined Associated Bank and over a period of 20 years served in a variety of leadership positions, including ten years as the community bank’s president in charge of 14 branches.
In 2007, Olson-Collins began her service to the State of Wisconsin as the Administrator of the DFI’s Division of Corporate and Consumer Services. In 2011, she became the Administrator of the DFI’s Division of Administrative Services and Technology, a position she held for more than three years. In May 2015, she became the Deputy Administrator of the DFI’s Division of Banking and was later appointed to be the Administrator of the DFI’s Division of Banking in May 2016. Olson-Collins most recently served as the DFI’s Deputy Secretary from January 2019 until being appointed by Governor Tony Evers to serve as the Secretary of the DFI in January 2022. Olson-Collins earned her bachelor’s degree from the University of Wisconsin-Madison and is a graduate of the University of Wisconsin School of Banking. She has been active in a variety of civic organizations.
The following is an interview with Secretary-designee Olson-Collins.
What put you on the path to your profession in the banking industry?
After college, I started working at the First National Bank of Portage. I thought I would just work there for a few years, but to my surprise, I fell in love with banking! I worked my way up from the accounting department to being the vice president of operations. When Associated Bank acquired First National Bank of Portage, I wasn’t sure what was going to happen. Luckily, it created a fantastic opportunity for me to become a community bank president, which ultimately led me to where I am today!
What has been the most meaningful aspect of your career thus far?
I have had the privilege to help many people in my career: families, businesses, communities, and mentoring individuals career-wise. I believe to be an effective leader you need to truly care about people. That may sound corny, but it’s true. If you don’t care about the people you work with and the people you serve, it becomes very apparent and will be difficult to gain trust or get things done.
What/who inspires you and motivates your work?
I enjoy working. I feel accomplishment and tremendous satisfaction by doing a good job. My father was a tremendous influence on my work ethic. He was always planning ahead, which certainly helps when you are trying to do strategic planning, all the while working diligently. He was such a role model and his actions and encouragement made me believe I could do anything if I put my mind to it.
How would you describe your vision for the future of DFI?
My vision is for the DFI to remain a strong, effective agency that continues to evolve and protect the safety and soundness of Wisconsin’s financial institutions, safeguard the investing public, facilitate commerce, and increase financial capability throughout the state. We have a dedicated staff who work hard to carry out our mission and connect the dots between state agencies to serve the people of Wisconsin because we are stronger when all state agencies work together. My vision is for the agency to continue to work in this manner for many years to come.
What opportunities and challenges do you foresee in the coming years, and how should bankers prepare for them?
During my career, I have seen exponential change in banking – and it certainly seems the pace is faster than ever. We have seen banks interest in crypto-asset-related activities increase, including interest to engage in crypto safe-keeping and custody services, facilitation of customer purchases and sales of cryptocurrency, and loans collateralized by crypto-assets.
This emerging sector presents potential opportunities and risks to banking organizations, their customers, and the overall financial system. Banks looking to get into this sector should ensure that any activities promote safety and soundness, consumer protection, and compliance with applicable laws and regulations, including anti-money laundering rules.
Along those lines, banks are increasingly dependent on IT to deliver services every day, so cybersecurity continues to be an ongoing concern. Disruption, degradation, or unauthorized alteration of bank data through cyber-attacks, including ransomware, can affect operations and core processes. Banks must continue to be diligent and ensure they are protecting customer information and maintaining a solid, tested IT program.
These topics are not new to bankers. I know our Wisconsin bankers are very perceptive and are working diligently to address these opportunities and risks head on and will continue to do so in the years to come.
Is there anything else you would like Wisconsin bankers to know about you or your work?
During my time at the DFI, I have had the privilege of working with and getting to know our incredible bankers. I have seen firsthand how our banks stepped up to help customers in their communities — and not just during a pandemic — every day. I have the utmost respect for the hard work being done in this ever-changing environment. Although the past two years were filled with uncertainties, the health of Wisconsin’s financial industry remains strong thanks, in large part, to the efforts of our Wisconsin banks. Their leadership in a time of uncertainty, their commitment to our communities, and the assistance they provided to individuals and small businesses truly made all the difference. On behalf of Governor Evers and myself, I want to thank our Wisconsin banks and bankers for all they do to serve the people of Wisconsin. Keep up the great work!
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