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Executive Letter: Building a Brighter, More Secure Future for Wisconsinites

By Rose Oswald Poels

Bankers are known for supporting their communities in a wide variety of ways — yet if there is one cause that is central to our industry, it is financial literacy. WBA-member bank leaders were recently sent a letter in the mail asking you to consider supporting the impactful financial education efforts of the Wisconsin Bankers Foundation (WBF), the non-profit arm of the Wisconsin Bankers Association. This Giving Tuesday, I am repeating this request for your generosity.

A recent study by Edward Jones and Morning Consult showed that nearly half of respondents (44%) were 25 years or older when they gained the majority of their personal finance education, and only 20% of respondents reported learning about financial education in school. The need for financial education is clear, and the good news is that bankers have been coming together for years through the Wisconsin Bankers Foundation to make a meaningful impact. Please see the Year in Review for programming highlights from WBF.

We are proud to report a more than 120% year-over-year increase in the number of elementary school ‘Teach Children to Save’ presentations given with our Reading Raises Interest Kits, and a more than 130% year-over-year increase in the number of applicants for our Spring Scholarships. To keep this strong momentum going, we rely on the generosity of donors like you. Because of WBF’s public charity status, donations may be tax deductible. Our goal is to raise $70,000 for the 2023–2024 fiscal year, and there are three easy ways for you to contribute:

  • Send a check to the Wisconsin Bankers Foundation, 4721 South Biltmore Lane, Madison, WI 53718,
  • Donate online at wisbankfoundation.org/donate, and/or
  • Use the pledge form to donate an item for our silent auction, which will be held online as well as in person at the WBA Bank Executives Conference, February 7–9, 2024.

Your contribution will enable us to continue to:

  • Provide complimentary Reading Raises Interest Kits to teach the importance of saving money at a young age,
  • Award scholarships to current and upcoming college students with interests in the banking industry,
  • Provide comprehensive and comparative data on the banking industry through Banconomics.com,
  • Honor bankers and industry leaders for their engagement with financial literacy, and
  • Offer grants to support outstanding non-profit financial education programs across the state.

Thank you in advance for considering adding your name to the list of our supporters or renewing your commitment. Your contribution — of any size — is not just an investment in financial literacy; it is a commitment to empowering individuals, families, and Wisconsin communities with the knowledge and tools they need for a secure and prosperous future.

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Executive Letter: Empowering Wisconsinites Through Financial Education

By Rose Oswald Poels

Bankers have long been known as advocates for the wellbeing and prosperity of their communities. As the chair of the Wisconsin Bankers Foundation (WBF), our Association’s non-profit arm, I am pleased to recognize bankers who continually go above and beyond in their dedication to financial education.

From sharing insight on topics ranging from budgeting to credit in classrooms, shelters, and community centers to taking part in programming such as Teach Children to Save Day, bankers work to ensure their neighbors feel empowered to make informed financial decisions and have the ability to utilize financial services with confidence.

During the Foundation’s 2022–2023 fiscal year, over 24,700 community members in Wisconsin participated in financial education initiatives led by bankers. This outstanding achievement not only leaves a lifelong impact on community members young and old, but also illustrates the ongoing commitment of bankers in our state to promoting financial capability.

This year, the Foundation held its annual breakfast program at FLEX Retail & Marketing Summit (formerly LEAD360) to honor and celebrate the achievements of many banker volunteers. Thank you to the following bankers who continue to devote their time and expertise to expanding the financial literacy and capability of Wisconsinites.

Jen Yager and Paige Hyer of Royal Bank received the Foundation’s most prestigious Excellence in Financial Education Awards. Throughout the year, Jen conducted a remarkable 50 financial education events and was named as the 2022–2023 Financial Literacy Banker of the Year. Paige, who conducted an impressive 36 events, earned the Financial Literacy Banker Award. The Financial Literacy Banker of the Year and Financial Literacy Banker Award are presented to the bankers who participate in the most and second-most financial education-focused events, respectively. It is especially notable that Jen and Paige were new to volunteering in financial education this past year and have already achieved this level of success.

In addition to these awards, Jen and Paige were also recognized with a Certificate of Excellence alongside Katlein Detloff, Ladysmith Federal Savings & Loan Association; Sarah Rogers, Mound City Bank; Jaclyn Rutkowski and Jodi Vande Kolk, National Exchange Bank & Trust; and Jenean Friedl and Ashley Tabbert, Royal Bank. This certificate is presented to individual bankers who report participation in at least 20 financial education-focused events.

The Foundation also recognized 18 banks with the Excellence in Financial Education (Bank) Award for the bank’s organization-wide commitment to financial education and 48 individual bankers with a Certificate of Recognition for participating in between five and 19 presentations during the fiscal year. To see the full list of recipients, please visit wisbankfoundation.org/award-recipients.

WBF is proud to recognize the work of so many individuals and banks each year, and I invite you to continue sharing your financial literacy efforts from June 1, 2023 onward with the Foundation by completing the submission forms available on the Foundation’s website at any time throughout the year.

Furthermore, if your bank — or current employee(s) — has demonstrated an outstanding effort to increase financial literacy, capability, and inclusion among Wisconsin residents, I would encourage you to apply for the 2023 Governor’s Financial Literacy Awards before the deadline of Friday, December 1. These awards, which recognize both individuals and organizations, emphasize innovative, inclusive, and measurable efforts. Many credit unions are recognized for the work they do in this space as they routinely submit applications, and it would be nice to see the good work you all do recognized as well.

Again, thank you to all of the banker volunteers who continue our industry’s long-standing commitment to improving financial literacy and capability; your efforts do not go unnoticed and have lasting impacts throughout our community.

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Executive Letter: FinCEN Resources for Beneficial Ownership Information Reporting Rule

By Rose Oswald Poels

With the new year just a few short months away, WBA is fielding more questions regarding the Financial Crimes Enforcement Network’s (FinCEN’s) beneficial ownership information (BOI) reporting rule, so this Executive Letter provides a summary of the rule and the resources created by FinCEN.

The rule applies to domestic and foreign companies that do not qualify for an exemption from the rule. A domestic and foreign company that is not exempt from reporting is referred to as a reporting company both under the BOI rule and in this Executive Letter.

Filing Begins January 1, 2024

Under the FinCEN BOI reporting rule, a reporting company must report specific information about the company, its beneficial owners, and, in some circumstances, its company applicants — the individual who filed the documentation to create the reporting company.

Any domestic or foreign reporting company created on or after January 1, 2024, must file an initial report within thirty (30) calendar days of the earlier of (a) the date on which the entity receives actual notice that its creation has become effective or (b) the date on which Department of Financial Institutions (in Wisconsin) first provides public notice, such as through a publicly accessible registry, that the reporting company has been created. FinCEN is proposing to extend this timeline to ninety (90) days only for reporting companies created on or after January 1, 2024, and before January 1, 2025.

Any domestic or foreign reporting company created before January 1, 2024, will have until January 1, 2025, to file their initial BOI report with FinCEN.

WBA filed comments with FinCEN requesting that the proposed 90-day timeline change be made permanent. I also strongly recommended FinCEN conduct more outreach to the business community about the reporting rule and about FinCEN itself as I believe many businesses are not familiar with either. These suggestions were shared in person with senior FinCEN officials when we met with them two weeks ago in Washington, D.C. FinCEN will publish a final rule if the proposal is adopted.

FinCEN will be creating a portal for reporting companies for filing required BOI electronically. The portal for filing BOI reports will not be in effect until January 1, 2024.

Updated and Corrected Reports

If there is any change with respect to required information previously submitted to FinCEN concerning a reporting company or its beneficial owners, including any change with respect to who is a beneficial owner or information reported for any particular beneficial owner, the reporting company must file an updated report within 30 calendar days after the date on which such change occurs.

In general, when an updated report is required to be filed, it must reflect any change with respect to the required information previously submitted to FinCEN concerning a reporting company or its beneficial owners.

FinCEN Resources

To assist reporting companies with their filings, FinCEN has created several helpful resources. First, it released a Small Entity Compliance Guide in which there is detailed information to help answer questions.

FinCEN has also created a series of frequently asked questions (FAQs) which are in response to inquiries received related to the rule. The FAQs include answers related to general topics, the reporting process, and about what companies are required to report BOI information to FinCEN.

Quick reference materials are also available. Several of the quick references are available in Spanish, Chinese Simplified, and Chinese Traditional. FinCEN has also created two videos regarding the rule.

The new resources are easily found on FinCEN’s BOI Reporting website. Business customers asking bankers about the BOI reporting rule should be referred to that website.

Role of Financial Institutions

It is clear under FinCEN’s BOI reporting rule that the reporting company is the party solely responsible for accurately filing its information with FinCEN. Financial institutions are not required to first verify or otherwise confirm a reporting company’s filing status when working with their business customers.

It is also clear under FinCEN’s BOI reporting rule and its Customer Due Diligence (CDD) rule, that much work remains to reconcile these two areas of law. The two rules are not identical thereby resulting in reporting companies having to report certain information to FinCEN and banks having to comply with the CDD rule which collects different information from the business customer, albeit there is some overlap.

Unfortunately, until there can be reconciliation between the two rules, business customers may be frustrated or confused about what they need report directly to FinCEN and why the bank is still asking for similar information when establishing a relationship. I recommend members be prepared to explain the differences to help ease any frustration or concern. To assist with those discussions, WBA will be creating a customer-facing information piece explaining who FinCEN is and the general requirements under BOI and CDD rules, including that banks are still required to ask for beneficial ownership information. A resource comparing both rules will also be created for bankers to use. The resources will be made available on the WBA website in the near future.

WBA will also continue to strongly advocate for consistency between FinCEN’s BOI and CDD rules and to ensure no additional regulatory burden is added to banks’ existing BSA-related responsibilities. It is anticipated FinCEN will issue a proposal rule to revise its CDD rule to bring it into alignment with the BOI rule sometime in 2025.

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Executive Letter: Regulatory Advocacy in Action

By Rose Oswald Poels

Last week, 12 bankers joined WBA’s Heather MacKinnon, VP – legal, and me in Washington, D.C. for our annual trip to meet with regulators. This trip is always a productive one, resulting in impactful advocacy and conversations given the smaller group size. In the span of only two half-days, our group was able to meet with senior officials from the Federal Reserve, FDIC, OCC, CFPB, FinCEN, and FHFA. The topics we covered in detail included representment fees, bank capital/liquidity, Section 1071, Section 1033, beneficial ownership, FHLB reform, cybersecurity, and other top examination concerns.

Our conversation with Fed Governor Miki Bowman focused on the Fed’s recent compliance bulletin published last month noting that Fed member banks are now being cited with an unfairness UDAP violation if they are charging representment fees. This retroactive application of the Fed’s new expectation as it relates to these fees is creating results that are unjust and wrong. Furthermore, it is also wrong to be creating new rules for banks to follow through the mere issuance of a compliance publication rather than following the formal Administrative Procedures Act rulemaking process. Governor Bowman was surprised to hear of the retroactive nature of these exam findings and agreed to continue to talk with WBA and affected banks about the matter. If you are a Fed member bank and have received a similar finding in your recent exam reports, please let me know and we will include you in our follow-up conversations with the Fed.

Back in April of 2022 when the FDIC first published its new expectations regarding NSF and representment fees in a guidance document, many bankers and trade associations including WBA advocated against any retroactive application of their new interpretation, among other concerns. This resulted in the FDIC eventually adjusting its focus in exams to be prospective only in nature, and to our knowledge did not cite anyone for an unfairness UDAP violation. In our conversations last week with senior FDIC officials, it sounded as though the FDIC may now begin issuing unfair UDAP violations as well. FDIC Director Jonathan McKernan also shared his thoughts with our group around lessons learned from the bank failures earlier this year, encouraged bankers and WBA to comment on the impact the BASEL capital proposal could have on mortgage operations, and supported the role of community banks in fostering an innovative economy.

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Much of the focus of our conversation with OCC Acting Comptroller Michael Hsu was on safety and soundness matters, including the need for banks to stress test their liquidity contingency funding plans and analyze how “sticky” and stable banks’ deposits really are.

With senior officials from CFPB, among other topics, we stressed the industry’s frustration with the Agency’s and Administration’s continued use of “junk fees” to describe fees that are fully disclosed in transparent ways — often on bank websites — in advance to consumers. We discussed beneficial ownership operational concerns at length with FinCEN officials, and learned from the FHFA that their document on FHLB reform will be released “soon.” Overall, the conversations with all six agencies were very productive.

I would like to thank the following bankers for joining WBA this year: Adam Bellmer, Johnson Financial Group; Dave Feldhaus, Federal Home Loan Bank of Chicago; Kristen Gagliano, North Shore Bank; Donna Hoppenjan, Mound City Bank; Corey Hoze, Associated Bank; Caryn Langolf, Bank First; Tom Mews, First National Community Bank; Ryan Kamphuis, Bristol Morgan Bank; Greg Ogren, Security Bank Shares; Dan Peterson, The Stephenson National Bank and Trust; John Udvare, The Equitable Bank; and Theresa Wiese, First Business Bank. If you are interested in joining WBA on this trip next October, please let me know!

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Executive Letter: Enhance Your Leadership and Grow Your Network

By Rose Oswald Poels

As first announced last year, the Wisconsin Bankers Association (WBA) has partnered with several banking trade associations throughout the U.S. to present the Society of Bank Executives. Now wrapping up its inaugural year, the Society has already welcomed more than 125 bank leaders from 13 states — including Wisconsin — into its fold. With evolution touching every aspect of the banking industry, and strong leadership needed now more than ever before, I encourage all bank executive teams in the state to consider the invaluable opportunities offered by the Society of Bank Executives.

The Society, facilitated by Dr. Paul Godfrey of the Brigham Young University Marriott School of Business, aims to provide bank leaders with invaluable professional development opportunities. With two, four-month sessions held each spring and fall, the Society focuses on aiding bank leaders in honing critical leadership competencies and skills as well as connecting members with their peers in a non-competitive setting.

Unlike many other leadership seminars, the Society of Bank Executives is designed with bank leadership teams in mind. The experts leading the Society realize that bank management teams are uniquely positioned within their organization and as such ensure the programing is flexible and applicable to all leaders.

Prior to the start of each session, members are recommended a book to help establish key concepts and ideas for the events ahead. Throughout the four-month session, three 60–90-minute online seminars will aid bankers in building on these takeaways and consider elements related to shareholders, regulators, customers, and communities. These sessions are specifically designed to engage C-level bankers in study, analysis, and application of the “art” of leading a bank.

Additionally, new and returning members alike will benefit from self-paced elements and an expansive online library, which includes access to a number of past sessions and materials related to strategic risk management and trust & team building. Each bank member is also assigned to a peer group with bankers in other states. These peer groups determine additional dates/times to meet virtually to follow up on the facilitated sessions and further share in a banker-only group.

During the third month of each session, members take part in a two-day networking retreat. Last week, the Society hosted its fall 2023 Action Summit in Scottsdale, Arizona. Focused on connecting members with their banking peers from across the country, the Society’s Action Summits build time into the event for networking, facilitated sessions with Dr. Godfrey and other industry thought leaders, and table peer group discussions. Before returning to the bank, attendees also have the chance to develop an action plan.

Of course, networking is not only about building relationships. Again and again, I am reminded of how important it is that bankers of all levels invest in their professional growth and leverage the collective knowledge and opportunities within their network to advance their bank’s success. The Society does just that. I’ve heard from several Society members who have, in just one year, found the program to be beneficial in enhancing their soft skills to effectively lead in an evolving landscape and develop strong bonds with bankers from across the country. I encourage all bank leaders in Wisconsin to utilize this unique opportunity to guide new professional and organizational growth and foster non-competitive partnerships.

With new technology, regulatory updates, and shifting customer expectations emerging each day, the spring 2024 session will focus on change management. As this year’s sessions come to a close, now is the perfect opportunity for bank leaders in Wisconsin to sign on by January 2024 as individual members or as a team to enhance their organization’s ability to implement new strategies and drive the industry forward.

Join the Society
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Executive Letter: Protecting Your Bank from a Cyberattack

By Rose Oswald Poels

Cyberattacks are becoming an increasingly alarming trend and it is vital that bankers in Wisconsin remain vigilant in safeguarding their institutions and the personal financial information of their customers. In 2022, global cyberattacks increased by 38% when compared to the year prior, notes a study conducted by Check Point Research. These attacks, which target both individuals and businesses worldwide, include phishing, ransomware, breaches, and vulnerability exploitation. Each year, cybercrime costs the U.S. economy billions of dollars.

Despite this, there are many ways in which banks are able to mitigate these risks if an attack occurs.

Continually monitoring, updating, and testing your systems are all key to ensuring that your people and environments are not vulnerable. In an ever-changing digital and banking world, it may be difficult to know what areas need to be addressed, but it does not have to be. As always, WBA and its subsidiaries — FIPCO and Midwest Bankers Insurance Services (MBIS) — offer many different resources for banks to help educate your employees, protect your systems, and partner with you during a cyber event.

To proactively identify vulnerabilities of critical aspects of business operation, FIPCO offers an IT Audit & Security service. This service, which includes various tests, audits, and resources, keeps your institution one step ahead to mitigate high-risk areas before it is too late.

Right behind robust firewalls, up-to-date antivirus software, and other initiatives to mitigate cyberthreats, are your employees. Ensuring all team members feel empowered to assist in cyber risk reduction efforts should be a significant aspect of an institution’s risk mitigation strategy. Annually, WBA offers a number of security and IT-focused educational opportunities, a best practices library featuring an extensive list of security and financial crimes resources, as well as a technology and operations peer group to help in facilitating discussion and idea sharing.

Ensuring that all team members are set up with strong, unique passwords may also be the difference between a secure organization and a vulnerable one. These passwords, according to the National Institute of Standards and Technology (NIST), should be more than 12 characters long and include mixed casing and numbers. Multifactor Authentication (MFA) is also strongly recommended for bank leaders and administrators, if not every member of the team.

Having comprehensive insurance coverage is also crucial in the event of an attack. MBIS offers an extensive list of insurance coverages, including cyber liability. This policy is designed to protect directors, officers, employees, and entities from losses arising out of electronic theft of customer information, including cyber extortion, forensic expense, security breach notification, e-commerce activity, and electronic publishing. The insurance carriers for cyber liability policies also provide extensive resources that MBIS recommends be immediately engaged in the event of any cyberattack, including phishing incidents and ransomware attacks. Additionally, FIPCO’s Loan Processing Central service provides a resource you can retain ahead of time to immediately step in if a bank experiences a disaster, including a cyberattack, or an unplanned employee absence, to help continue the processing of your loan documentation.

Whether your bank is recovering from a cyber incident or mitigating the chances of one, our team is here to ensure your bank is well-prepared and equipped to navigate the complex and stressful landscape of cybersecurity challenges. If you are interested in learning more about the protections WBA can help you implement at your bank, please contact Rob Foxx (FIPCO) at rfoxx@fipco.com or Jeff Otteson (MBIS) at jeffo@mbisllc.com.

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Executive Letter: Nominate an Outstanding Leader for the 2023 Banker of the Year

By Rose Oswald Poels

Bankers across Wisconsin go above and beyond as leaders in our communities. To celebrate these outstanding efforts, the Wisconsin Bankers Association (WBA) is proud to honor one individual each year with the distinguished WBA Banker of the Year award.

This tradition, spanning 37 years, recognizes individuals who demonstrate remarkable service efforts over their career to both their bank and community. From promoting economic development, inclusion, and affordable housing, to providing financial education and protecting customers against fraud, there are many ways in which bankers stand out as exceptional leaders. Beyond their banks, they are known for their volunteerism and service to nonprofit organizations making an impact in their local areas. They are also known as advocates for their industry and the people they serve.

Last year’s Banker of the Year, Greg Lundberg of Fortifi Bank in Berlin, exemplifies the dedication of bankers across the state through his commitment to his bank, the industry, and various community initiatives. Greg and the many committed bank leaders across the state who have received this recognition in the past all have remarkable stories to tell about their experiences and achievements. As such, the Association is excited to open nominations for the 2023 Banker of the Year award and to hear of the unique commitment other Wisconsin bankers have to their communities and the industry.

Bankers are encouraged to nominate themselves, or another qualified banker, for this prestigious honor now through Friday, December 8, 2023. The award, which recognizes a current (or recent past) president/CEO of a Wisconsin-based, WBA-member bank, will be presented during a ceremony at WBA’s annual Bank Executives Conference on Thursday, February 8, 2024.

While the Association recognizes only one banker per year, yet receives many qualified recommendations, those who have previously nominated a banker who has not yet been honored are encouraged to do so again this year. Without a doubt, bankers in Wisconsin are an inspiration to their communities and fellow bankers. It is humbling to recognize the Banker of the Year, and I look forward to sharing their story with our membership.

Nominate a Banker
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Executive Letter: Inspiring a Generation of Future Bankers

By Rose Oswald Poels

For many of us, the beginning of autumn marks back to school. While hundreds of bankers across the state prepare for new professional development opportunities, many of our future colleagues and leaders are as well.

As bankers are well aware, a shrinking talent pool threatens the long-term viability and competitiveness of our industry. Led by Chair Donna Hoppenjan, the Wisconsin Bankers Association (WBA) is encouraging the membership to consider the ways in which we each can engage — or “inspire” — the next generation to consider a career in banking. It is vital that bankers today are proactive in ensuring our industry’s future success by connecting with students and demonstrating the opportunities available to them.

With talent recruitment at the top of mind for many banks, the Association will once again be hosting several “career night” presentations in the coming months. With the goal of closing the gap between students and banking professionals, these upcoming events are open to students interested in learning more about the industry, what careers are available to them, and why the banking industry might be a good fit for them. Starting this fall, and throughout the academic school year, career nights will take place at Marquette University, UW–Eau Claire, UW–Green Bay, UW–La Crosse, UW–Madison, and UW–Whitewater, with the possibility of more locations being added.

If you, or someone from your bank, are interested in partnering with the Association to serve as a panelist at one of these upcoming events, please contact our team.

In addition to directly connecting with students during a career fair or panel presentation, bankers are also encouraged to share opportunities to further students’ experiences and engagement with the banking industry. Internships are a great example of this, and WBA members may post internship job ads at no cost in our Banker’s Marketplace.

Additionally, sharing the Wisconsin Bankers Foundation’s (WBF) fourth annual Agricultural Banking Scholarship opportunity widely among your networks is an easy way to invest in the students who are interested in a banking career and driving our agricultural sector. The application period is open through November 15, 2023, for students currently enrolled at an accredited Wisconsin college, university, or technical college who are pursuing a career related to agribusiness. Two scholarships of $1,500 each are available.

Like our members, WBA is dedicated to ensuring a bright future for the industry. With your help, we can demonstrate the diverse and rewarding career paths available within the banking sector, foster relationships with students eager to explore these opportunities, and provide the necessary support for them to thrive in our industry.

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Executive Letter: Help Shape the Banking Landscape

By Rose Oswald Poels

As the banking industry continues to experience a wave of transformation, it is vital that bankers continue to make their voices heard on matters impacting their communities and their livelihoods. Just this summer, several of the Wisconsin Bankers Association’s (WBA) longtime advocacy initiatives, including tax parity relief and personal property tax repeal, were achieved with the signing of 2023 Wisconsin Acts 19 and 21. Of course, without the support of bankers statewide, the Association’s mission to advocate for our industry would be far less successful.

In addition to the various opportunities offered to WBA’s membership to facilitate conversations and advocate for the industry, fundraising is one of the most important ways in which each of us can leave a lasting impact that meaningfully helps the industry. This year, WBA is striving to raise at least $300,000 in political contributions across our two primary political accounts: Wisbankpac and the Alliance of Bankers Conduit (ABW).

Through the Association’s political action funds, individuals have the ability to pool their personal contributions with that from other bankers for even greater impact and visibility for the industry. As I have long stated, WBA firmly believes in “B for Banker.” So, rather than supporting one side of the aisle or another, our Association supports the elected officials who support our industry.

With so much at stake, and the 2024 elections right around the corner, supporting the well-being and success of the banking industry is not a task we can accomplish alone. Each year, I personally contribute between $4,000 and $5,000 to WBA’s political accounts. I encourage the entirety of the WBA membership to help make a difference. Even small-dollar donations go a long way! WBA staff are also available to give a presentation on our advocacy initiatives virtually or in-person to your staff and/or board of directors. These informative updates help illustrate the legislative environment we work in and detail our priority issues in a length of time that works best for your meeting.

So far, WBA has raised over 60% of our $300,000 goal, and with over three months until the end of the 2023 calendar year, we are on our way to meeting our monumental goal for the first time in five years! Help us invest in the future prosperity of Wisconsin’s banking industry by joining the Silver Triangle Club, the Leadership Circle, or the Hall of Fame. Banks should also strive to achieve Gold Triangle Club recognition.

Thank you to those who have already contributed so far this year to help WBA reach its political goals for our industry. Without your support, WBA is not as effective as we need to be to achieve our priorities. To learn more about WBA’s advocacy efforts and to contribute to one or both of our political accounts, please visit wisbank.com/advocacy. If you would like to schedule an advocacy presentation for your bank, please contact a member of our Government Relations team.

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Executive Letter: Don’t Be Left Out — Join the Bank On Initiative

By Rose Oswald Poels

For several years now, the Wisconsin Bankers Association (WBA) has been a proud supporter of the national Bank On initiative and of the Bank On Greater Milwaukee (BOGM) coalition as both efforts help connect consumers to safe, affordable bank accounts. I am happy to report that at least 20 banks across Wisconsin currently participate by offering a Bank On-certified account to consumers, and I strongly encourage others to join in the initiative.

A certified account is an account that meets the Bank On National Account Standards, which includes a transaction account at an insured depository institution with access to a debit card network for point of sale and bill payment, a minimum opening deposit requirement of $25 or less, low or waivable monthly maintenance fees, and no overdraft or NSF fees, nor account activation, closure, dormancy, inactivity or low balance fees. There are other customer service and account functionality standards that also need to be met for an account to be Bank On certified.

To obtain account validation, banks submit their account terms and contact information, and any other supportive document, to the Cities for Financial Empowerment Fund (CFE Fund) web portal for validation. The National Consumer Law Center compares the account features to the “core features” of the National Account Standards. The validation process is either an approval or denial process, meaning the account either meets all core Standards features or they do not.

Banking core service providers, including Finastra, FIS, Fiserv, and Jack Henry, have all committed to support this initiative with simplified processes for their bank customers to create and offer accounts that qualify for Bank On certification. Banks should work closely with their providers to be sure to utilize all available tools.

As mentioned earlier, I strongly encourage banks to consider joining the initiative to offer a Bank On-certified account and to participate in BOGM if they are in the greater Milwaukee region. These efforts continue to make positive impacts for un-banked and under-banked consumers in Wisconsin and for community partners who seek safe, reliable resources for those they work with, including local youth, first-time job seekers, families with disabilities, refugees, consumers whose first language is not English, and reentry individuals.

Through my participation with the Governor’s Council on Financial Literacy and Capability and the Wisconsin Bankers Foundation, I have seen first-hand how product offerings such as Bank On-certified accounts truly can make positive, lasting impacts for consumers’ financial wellbeing. Regarding the Governor’s Council, I wish to take this opportunity to again congratulate BOGM on being a recipient of a recent Governor’s Financial Literacy Legacy Award. The award is given to organizations whose purpose and heritage are ingrained in sustained financial literacy and capability efforts, and whose reputation in doing so is held in high regard in serving as a model for others in carrying on the work of supporting financial literacy and expanding opportunities through financial capability and financial inclusion. BOGM is certainly well deserving of this award.

Resources regarding Bank On and registration information for an upcoming BOGM event may be found below.

BOGM Event: September 19 in Brookfield

The Federal Deposit Insurance Corporation (FDIC) will host a Milwaukee Alliance for Economic Inclusion (AEI) meeting with BOGM to increase its impact in the region and showcase the success of members’ achievements that improve access to safe, affordable, and sustainable insured transaction accounts. The event will include a networking lunch and three facilitated small group discussions to connect attendees with successful partners, advocates, and leaders, creating greater inclusion in Metro Milwaukee’s low- and moderate-income communities.

Presenters for the event include:

  • Constance Alberts, Program Director BOGM
  • Kristi Luzar, Executive Director, Urban Economic Development Association
  • Lisa Locke, Community Development Advisor, Bank On National Data (BOND) Hub, Louisville Branch Federal Reserve Bank of St. Louis
  • D. Simone Stovall, Community Affairs Regional Manager & Bank Examiner, FDIC
  • Carol Maria, Community Affairs Specialist, FDIC

The meeting will be held Tuesday, September 19 from 11:00 a.m. to 1:00 p.m. CT at the Brookfield Lake Corporate Park – Lake Lounge Conference Room, located at 17975 Sarah Lane, Brookfield, Wisconsin.

Register for the Meeting

Resources

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Madison, WI 53718

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