Wisconsin Department of Financial Institutions explained

Agency Name:Wisconsin Department of Financial Institutions
Seal:Seal of Wisconsin.svg
Preceding1:Wisconsin Bank Comptroller (1853 - 1868)
Preceding2:Wisconsin Department of Banking (1903 - 1967)
Preceding3:Wisconsin Department of Securities (1939 - 1967)
Preceding4:Wisconsin Commissioner of Banking (1967 - 1996)
Preceding5:Wisconsin Commissioner of Securities (1967 - 1996)
Preceding6:Wisconsin Commissioner of Credit Unions (1971 - 1996)
Coordinates:43.0744°N -89.4606°W
Region Code:US-WI
Employees:141.54 (2021)[1]
Budget:$39,712,500 (2021)
Chief1 Name:Cheryll Olson-Collins
Chief1 Position:Secretary
Chief2 Position:Deputy Secretary
Chief3 Name:Catherine Haberland
Chief3 Position:Assistant Deputy Secretary

The Wisconsin Department of Financial Institutions (DFI) is an agency of the Wisconsin state government responsible for state regulation of financial institutions and educating the public about financial issues.[2] [3]

The department headquarters are located at the Hill Farms State Office Building on the west side of Madison, Wisconsin. The current secretary of the Wisconsin Department of Revenue is Kathy Blumenfeld. She was appointed by Governor Tony Evers in January 2019.

History

The Constitution of Wisconsin, approved in 1848, specified in Article XI, Sections 4 and 5, that no banking law could be enacted in the state without a statewide amendment ratifying the change.[4] Under this procedure, in 1852, the Wisconsin Legislature passed 1852 Wisc. Act 479 which first authorized the establishment of banks in the state and created the Office of Bank Comptroller - a statewide elected official empowered to oversee and regulate the issuance of bank notes.[5] The act was ratified by referendum in the Spring of 1853, and the first State Bank Comptroller, James S. Baker, was appointed by Governor Leonard J. Farwell.

The Bank Comptroller was abolished in 1868 and its responsibilities transferred to a bank examiner in the Office of the State Treasurer of Wisconsin, where those duties remained until 1903. In 1902, Wisconsin voters approved an amendment to the State Constitution significantly altering Article XI, Section 4, to allow more flexibility for the Legislature in regulating banks. The 1903 Legislature then passed 1903 Wisc. Act 234, which established a State Banking Department. Regulation of securities and credit unions were introduced in 1913 with 1913 Wisc. Act 733 and 1913 Wisc. Act 756. Credit union regulation was assigned to the State Banking Department; regulation of securities, however, was assigned to the State Railroad Commission until 1939, when a State Department of Securities was established (1939 Wisc. Act 68).[5]

The next major evolution occurred in the 1967 executive branch reorganization, which abolished the State Banking Department and the Department of Securities, creating a Commissioner for Banking and Commissioner for Securities. A separate Commissioner of Credit Unions was created in 1971. [5]

The current Department of Financial Institutions was created by 1995 Wisc. Act 27. The commissioners for banking, securities, and credit unions were absorbed as separate divisions within the new state agency.[5]

Organization

Leadership

The senior leadership of the Department consists of the Secretary, Deputy Secretary, and Assistant Deputy Secretary, along with the administrators heading up the divisions of the Department.[6]

Divisions

Office of the Secretary

Subdivisions include:[6]

Division of Administrative Services and Technology

The Division of Administrative Services and Technology manages the department's budget, personnel, procurement, and technology services.[6]

Division of Banking

The Division of Banking charters, examines, and regulates state-chartered banks savings institutions and consumer financial services industries. They also provide the licensing service for all entities involved in loan origination activities, collections agencies, payday lenders, and other such businesses. They also investigate applications for expanded bank powers, new financial products, and interstate bank acquisitions and mergers.[6]

The Division also administers the Wisconsin Consumer Act, which handles consumer complaints and advises consumers and lenders on their rights and responsibilities under the law.[6]

Division of Corporate and Consumer Services

The Division of Corporate and Consumer Services is responsible for examining and filing documents and business records for corporations and other such entities operating in Wisconsin. They examine business charters, documentation for mergers, consolidations, and dissolutions, and annual reports. They also review documents filed under the Uniform Commercial Code and maintain the state's Uniform Commercial Code lien system.[6]

In addition, they evaluate the notary public applications and renewals, trademark registrations, and cable or video service franchise registrations, as well as professional employer organizations, charitable organizations, and professional fund-raisers.[6]

Division of Securities

The Division of Securities regulates the sale of investment securities and franchises, and handles registrations and required notice filings for offerings. In addition, they register and perform regular examination of agents involved in securities trading, including broker-dealers and investment advisors. They also investigate any complaints or violations and initiates appropriate response actions.[6]

Subordinate boards

Separate from the ordinary organizational structure of the Department, there are a number of specific commissions created by acts of the Wisconsin Legislature to oversee, advise, or administer certain functions.

Attached independent entities

Office of Credit Unions

The Office of Credit Unions regulates state-chartered credit unions. It charters new credit unions, examines their records and assets, and handles certain credit union requests and approvals. If a credit union falls out of compliance with state law, the office may remove its officers, suspend its operations, or take possession of the business.[6]

College Savings Program Board

The College Savings Program Board administers the state's Edvest and Tomorrow's Scholar tax-advantaged investment accounts used to save for college expenses.[3]

Secretaries and Commissioners

Bank Comptrollers (1853 - 1868)

ComptrollerTook officeLeft officeNotes
Appointed by Leonard J. Farwell[7] [8]
Elected 1853, re-elected 1855
Elected 1857
Elected 1859
Elected 1861, re-elected 1863
Elected 1865, re-elected 1867

Commissioners of the State Banking Department (1903 - 1933)

CommissionerTook officeLeft officeNotes
Appointed by Robert M. La Follette.[9]
Appointed by Francis E. McGovern.[10]
Appointed by Emanuel L. Philipp.[11]
Appointed by John J. Blaine.[12]
Appointed by John J. Blaine.[13]
Appointed by Fred R. Zimmerman.[14]
Acting[15]
Appointed by Albert G. Schmedeman.[16]

Members of the three-man Banking Commission (1933 - 1947)

CommissionerTook officeLeft officeNotes
Resigned.[17]
Appointed by Albert G. Schmedeman.[18]
Appointed by Albert G. Schmedeman.
Appointed by Albert G. Schmedeman. Died in office.[19]
Appointed by Albert G. Schmedeman.
Appointed by Philip La Follette.[20]
Appointed by Julius P. Heil.[21]
Appointed by Julius P. Heil.[22]
Appointed by Walter Samuel Goodland.[23]
Appointed by Walter Samuel Goodland.[24]
Appointed by Walter Samuel Goodland.[25]

Commissioners of Banking (1947 - 1996)

CommissionerTook officeLeft officeNotes
Appointed by Oscar Rennebohm.[26]
Acting commissioner until August 1960. Paul McGettigan was nominated by Gaylord Nelson and confirmed in January 1960, but never took office.[27] [28]
Appointed by Warren P. Knowles.[29]
Appointed by Patrick J. Lucey.[30]
Acting commissioner until November 1980. Appointed by Lee S. Dreyfus.[31] Died in office.[32]
Appointed by Tony Earl.[33]
Appointed by Tony Earl.[34]
Appointed by Tommy Thompson.[35]
Acting commissioner until February 1993. Appointed by Tommy Thompson.[36]

Secretaries (1996 - present)

SecretaryTook officeLeft officeNotes
Appointed by Tommy Thompson.[37]
Appointed by Tommy Thompson.[38]
Acting secretary.[39]
Appointed by Jim Doyle.[40]
Appointed by Scott Walker.[41]
Appointed by Scott Walker.[42]
Appointed by Scott Walker.[43]
Appointed by Scott Walker.[44]
Appointed by Tony Evers.[45]

External links

Notes and References

  1. Wisconsin Blue Book 2021-2022 . Wisconsin Legislative Reference Bureau . 2021 . 978-1-7333817-1-0 . https://docs.legis.wisconsin.gov/misc/lrb/blue_book/2021_2022/050_executive.pdf . The Executive . 203–205 . October 24, 2021 .
  2. Web site: This is DFI . Wisconsin Department of Financial Institutions . June 21, 2021 .
  3. Wisconsin Blue Book 2019-2020 . 2019 . 978-1-7333817-0-3 . . State of Wisconsin . Wisconsin Legislative Reference Bureau . Units of State Government: Executive . 201–203 . June 21, 2021 .
  4. Manual for the use of the Assembly of the State of Wisconsin . State of Wisconsin . 1853 . https://images.library.wisc.edu/WI/EFacs/WIBlueBks/BlueBks/WIBlueBk1853/reference/wi.wibluebk1853.i0004.pdf . Constitution of Wisconsin . 30 . June 21, 2021 .
  5. Web site: Brief Department History . Wisconsin Department of Financial Institutions . June 21, 2021 .
  6. Web site: DFI Organizational Structure . Wisconsin Department of Financial Institutions . June 21, 2021 .
  7. News: Bank Comptroller . . November 30, 1852 . 2 . June 21, 2021 . .
  8. The Blue Book of the State of Wisconsin . State of Wisconsin . 1903 . Erickson . Halford . https://images.library.wisc.edu/WI/EFacs/WIBlueBks/BlueBks/WIBlueBk1903/reference/wi.wibluebk1903.i0014.pdf . Historical Sketch  - State Government . 897 . June 22, 2021 .
  9. News: Legislature Will Pass Primary Bill . . May 19, 1903 . 1 . June 22, 2021 . .
  10. News: Appointment is Confirmed . . January 20, 1911 . 1 . June 22, 2021 . .
  11. News: Name Cousins as State Bank Head . . December 9, 1918 . 1 . June 22, 2021 . .
  12. News: Dwight C. Parker Gets New Position at Noon Tomorrow . . May 14, 1923 . 1 . June 22, 2021 . .
  13. News: Herreid is New Head of Commission . . December 28, 1926 . 1 . June 22, 2021 . .
  14. News: Chippewa Man Named . . January 20, 1927 . 10 . June 22, 2021 . .
  15. News: Approval is Given to Kingston Appointment . . January 20, 1933 . 1 . June 28, 2021 . .
  16. News: New Governor Names Lewis His Secretary . . January 3, 1933 . 1 . June 28, 2021 . .
  17. News: Hagen Named as Successor to Kingston . . August 23, 1933 . 1 . June 28, 2021 . .
  18. News: Senate O.K.'s Civil Service, Bank Names . . July 14, 1933 . 1 . June 28, 2021 . .
  19. News: Milo C. Hagen, State Banking Chief, is Dead . The Daily News-Times . December 26, 1933 . 1 . June 28, 2021 . .
  20. News: 24 Appointees OK'd as Solons Quit in Bedlam . . October 17, 1937 . 1 . June 28, 2021 . .
  21. News: Pflugradt Gets Bank Post . . April 19, 1939 . 1 . June 28, 2021 . .
  22. News: Ibach Quits; Henry Takes Banking Post . . October 10, 1940 . 1 . June 28, 2021 . .
  23. News: Appointment of James B. Mulva goes to Senate . . March 18, 1943 . 1 . June 28, 2021 . .
  24. News: Goodland Appoints Edward Tamm, Kiel, to Pflugradt's Post . . May 14, 1943 . 1 . June 28, 2021 . .
  25. News: State Senate Confirms Nine Appointments . . January 31, 1945 . 5 . July 17, 2021 . .
  26. News: Governor's Choice . . July 15, 1947 . 1 . July 17, 2021 . .
  27. News: Replacing of Knutson Challenged . . December 10, 1959 . 18 . July 17, 2021 . .
  28. News: Nuesse Named State Banking Commissioner . . July 22, 1960 . 1 . July 17, 2021 . .
  29. News: Phillips Man to Top State Banking Post . . June 20, 1868 . 16 . July 17, 2021 . .
  30. News: Lucey Names Mildenberg to State Bank Post . . October 30, 1971 . 3 . July 17, 2021 . .
  31. News: State look at bank firing doubted . . November 15, 1980 . 4 . October 24, 2021 . .
  32. News: State bank chief Pederson dies . . January 11, 1983 . 1 . October 24, 2021 . .
  33. News: Earl picks bank commissioner, labor mediator . . . January 21, 1983 . 11 . October 24, 2021 . .
  34. News: Galecki is named to banking post . . March 9, 1985 . . 4 . October 24, 2021 . .
  35. News: PSC, bank commission positions filled . . February 25, 1989 . 12 . October 24, 2021 . .
  36. News: State bank chief appointed . . February 4, 1993 . 11 . October 24, 2021 . .
  37. News: State agency changes spelled out . . July 15, 1947 . 1 . July 17, 2021 . .
  38. News: Posts filled at troubled state office . . February 3, 2000 . 45 . October 24, 2021 . .
  39. News: Doyle hasn't named head of agency . . May 15, 2003 . 49 . October 24, 2021 . .
  40. News: Heinemann 'totally suited' for job in Madison . . June 18, 2003 . Sargent . Nick . 46 . October 24, 2021 . .
  41. News: Walker's Cabinet . . December 31, 2010 . 7 . October 24, 2021 . .
  42. News: Baraboo native leaves agency . Portage Daily Register . March 12, 2015 . 3 . October 24, 2021 . .
  43. News: Walker shuffles Cabinet . . January 22, 2016 . A2 . October 24, 2021 . .
  44. News: Risch named to financial position . . February 24, 2017 . A12 . October 24, 2021 . .
  45. News: Evers names more Cabinet picks . . January 2, 2019 . Opoien . Jessie . O12 . October 24, 2021 . .