Wisconsin_Department_of_Financial_Institutions
Wisconsin Department of Financial Institutions
Wisconsin State Agency charged with regulating financial institutions in the state.
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]
| Agency overview | |
|---|---|
| Formed | July 1, 1996; 27 years ago (1996-07-01) |
| Preceding agencies |
|
| Headquarters | Hill Farms State Office Building 4822 Madison Yards Way Madison, Wisconsin, U.S. 43°4′27.66″N 89°27′38.16″W |
| Employees | 141.54 (2021)[1] |
| Annual budget | $39,712,500 (2021)[1] |
| Agency executives |
|
| Website | www |
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.
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]
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]
- Secretary: Kathy Blumenfeld
- Deputy Secretary: Cheryll Olson-Collins
- Assistant Deputy Secretary: Catherine Haberland
- Administrative Services and Technology: Mike Trepanier
- Banking: John Grande
- Corporate and Consumer Services: Patti Epstein
- Securities: Leslie Van Buskirk
- Credit Unions: Kim Santos
Divisions
Office of the Secretary
Subdivisions include:[6]
- Communications Director
- Office of Legal Counsel
- Office of Financial Literacy
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.
- Banking Review Board
- Savings Institutions Review Board
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]
Bank Comptrollers (1853–1868)
| Comptroller | Took office | Left office | Notes |
|---|---|---|---|
| James S. Baker | November 20, 1852 | January 2, 1854 | Appointed by Leonard J. Farwell[7][8] |
| William M. Dennis | January 2, 1854 | January 4, 1858 | Elected 1853, re-elected 1855[8] |
| Joel C. Squires | January 4, 1858 | January 2, 1860 | Elected 1857[8] |
| Gysbert Van Steenwyk Sr. | January 2, 1860 | January 6, 1862 | Elected 1859[8] |
| William Ramsey | January 6, 1862 | January 1, 1866 | Elected 1861, re-elected 1863[8] |
| Jeremiah McLain Rusk | January 1, 1866 | January 3, 1870 | Elected 1865, re-elected 1867[8] |
Bank Examiners under the State Treasurer (1895–1903)
| Examiner | Took office | Left office | Notes |
|---|---|---|---|
| Edward I. Kidd | April 24, 1895 | April 1, 1902 | |
| Marcus C. Bergh | April 1, 1902 | May 18, 1903 |
Commissioners of the State Banking Department (1903–1933)
| Commissioner | Took office | Left office | Notes |
|---|---|---|---|
| Marcus C. Bergh | May 18, 1903 | January 17, 1911 | Appointed by Robert M. La Follette.[9] |
| Albert E. Kuolt | January 17, 1911 | December 16, 1918 | Appointed by Francis E. McGovern.[10] |
| Marshall Cousins | December 16, 1918 | May 7, 1923 | Appointed by Emanuel L. Philipp.[11] |
| Dwight T. Parker | May 7, 1923 | December 28, 1926 | Appointed by John J. Blaine.[12] |
| Thomas Herreid | December 28, 1926 | January 3, 1927 | Appointed by John J. Blaine.[13] |
| Calvin F. Schwenker | January 3, 1927 | August 12, 1931 | Appointed by Fred R. Zimmerman.[14] |
| Thomas Herreid | August 12, 1931 | January 20, 1933 | Acting[15] |
| Arthur C. Kingston | January 20, 1933 | July 1, 1933 | Appointed by Albert G. Schmedeman.[16] |
Members of the three-man Banking Commission (1933–1947)
| Commissioner | Took office | Left office | Notes |
|---|---|---|---|
| Arthur C. Kingston | July 1, 1933 | August 23, 1933 | Resigned.[17] |
| Stanley N. Schafer | July 14, 1933 | January 1, 1937 | Appointed by Albert G. Schmedeman.[18] |
| Peter A. Cleary | July 14, 1933 | April 1, 1939 | Appointed by Albert G. Schmedeman.[18] |
| Milo C. Hagen | August 23, 1933 | December 24, 1933 | Appointed by Albert G. Schmedeman.[17] Died in office.[19] |
| Herbert F. Ibach | January 6, 1934 | October 10, 1940 | Appointed by Albert G. Schmedeman.[17] |
| Frank Bixby | October 17, 1937 | April 1, 1943 | Appointed by Philip La Follette.[20] |
| Allen G. Pflugradt | April 19, 1939 | May 13, 1943 | Appointed by Julius P. Heil.[21] |
| Robert Kirkland Henry | October 10, 1940 | July 1, 1944 | Appointed by Julius P. Heil.[22] |
| James B. Mulva | April 1, 1943 | June 30, 1947 | Appointed by Walter Samuel Goodland.[23] |
| Edward W. Tamm | May 14, 1943 | June 30, 1947 | Appointed by Walter Samuel Goodland.[24] |
| Arthur J. Quinn | January 30, 1945 | June 30, 1947 | Appointed by Walter Samuel Goodland.[25] |
Commissioners of Banking (1947–1996)
| Commissioner | Took office | Left office | Notes |
|---|---|---|---|
| Guerdon M. Matthews | July 18, 1947 | December 1, 1959 | Appointed by Oscar Rennebohm.[26] |
| William E. Nuesse | December 1, 1959 | June 30, 1968 | Acting commissioner until August 1960. Paul McGettigan was nominated by Gaylord Nelson and confirmed in January 1960, but never took office.[27][28] |
| Roger L. Heironimus | July 1, 1968 | June 30, 1971 | Appointed by Warren P. Knowles.[29] |
| Erich Mildenberg | November 1, 1971 | April 30, 1980 | Appointed by Patrick J. Lucey.[30] |
| Thomas E. Pederson | April 30, 1980 | January 9, 1983 | Acting commissioner until November 1980. Appointed by Lee S. Dreyfus.[31] Died in office.[32] |
| William P. Dixon | January 20, 1983 | December 31, 1984 | Appointed by Tony Earl.[33] |
| Richard E. Galecki | March 9, 1985 | March 1, 1989 | Appointed by Tony Earl.[34] |
| Toby E. Sherry | March 1, 1989 | January 8, 1993 | Appointed by Tommy Thompson.[35] |
| Richard Dean | January 8, 1993 | July 1, 1996 | Acting commissioner until February 1993. Appointed by Tommy Thompson.[36] |
Secretaries (1996–present)
| Secretary | Took office | Left office | Notes |
|---|---|---|---|
| Richard Dean | July 1, 1996 | February 1, 2000 | Appointed by Tommy Thompson.[37] |
| John F. Kundert | February 2, 2000 | January 6, 2003 | Appointed by Tommy Thompson.[38] |
| Patricia D. Struck | January 6, 2003 | August 4, 2003 | Acting secretary.[39] |
| Lorrie Keating Heinemann | August 4, 2003 | January 3, 2011 | Appointed by Jim Doyle.[40] |
| Peter Bildsten | January 3, 2011 | March 6, 2015 | Appointed by Scott Walker.[41] |
| Ray Allen | March 6, 2015 | January 22, 2016 | Appointed by Scott Walker.[42] |
| Lon Roberts | January 22, 2016 | March 6, 2017 | Appointed by Scott Walker.[43] |
| Jay Risch | March 6, 2017 | January 7, 2019 | Appointed by Scott Walker.[44] |
| Kathy K. Blumenfeld | January 7, 2019 | Appointed by Tony Evers.[45] |
- "The Executive" (PDF). Wisconsin Blue Book 2021-2022 (Report). Wisconsin Legislative Reference Bureau. 2021. pp. 203–205. ISBN 978-1-7333817-1-0. Retrieved October 24, 2021.
- "This is DFI". Wisconsin Department of Financial Institutions. Retrieved June 21, 2021.
- Wisconsin Legislative Reference Bureau (2019). "Units of State Government: Executive". Wisconsin Blue Book 2019-2020 (Report). Madison, Wisconsin: State of Wisconsin. pp. 201–203. ISBN 978-1-7333817-0-3. Retrieved June 21, 2021.
- "Constitution of Wisconsin" (PDF). Manual for the use of the Assembly of the State of Wisconsin (Report). State of Wisconsin. 1853. p. 30. Retrieved June 21, 2021.
- "Brief Department History". Wisconsin Department of Financial Institutions. Retrieved June 21, 2021.
- "DFI Organizational Structure". Wisconsin Department of Financial Institutions. Retrieved June 21, 2021.
- "Bank Comptroller". Wisconsin State Journal. November 30, 1852. p. 2. Retrieved June 21, 2021 – via Newspapers.com.
- Erickson, Halford, ed. (1903). "Historical Sketch – State Government" (PDF). The Blue Book of the State of Wisconsin (Report). State of Wisconsin. p. 897. Retrieved June 22, 2021.
- "Legislature Will Pass Primary Bill". Oshkosh Northwestern. May 19, 1903. p. 1. Retrieved June 22, 2021 – via Newspapers.com.
- "Appointment is Confirmed". Kenosha News. January 20, 1911. p. 1. Retrieved June 22, 2021 – via Newspapers.com.
- "Name Cousins as State Bank Head". The Capital Times. December 9, 1918. p. 1. Retrieved June 22, 2021 – via Newspapers.com.
- "Dwight C. Parker Gets New Position at Noon Tomorrow". The Capital Times. May 14, 1923. p. 1. Retrieved June 22, 2021 – via Newspapers.com.
- "Herreid is New Head of Commission". The Capital Times. December 28, 1926. p. 1. Retrieved June 22, 2021 – via Newspapers.com.
- "Chippewa Man Named". Eau Claire Leader-Telegram. January 20, 1927. p. 10. Retrieved June 22, 2021 – via Newspapers.com.
- "Approval is Given to Kingston Appointment". The Post-Crescent. January 20, 1933. p. 1. Retrieved June 28, 2021 – via Newspapers.com.
- "New Governor Names Lewis His Secretary". Wisconsin State Journal. January 3, 1933. p. 1. Retrieved June 28, 2021 – via Newspapers.com.
- "Hagen Named as Successor to Kingston". Kenosha News. August 23, 1933. p. 1. Retrieved June 28, 2021 – via Newspapers.com.
- "Senate O.K.'s Civil Service, Bank Names". The Capital Times. July 14, 1933. p. 1. Retrieved June 28, 2021 – via Newspapers.com.
- "Milo C. Hagen, State Banking Chief, is Dead". The Daily News-Times. December 26, 1933. p. 1. Retrieved June 28, 2021 – via Newspapers.com.
- "24 Appointees OK'd as Solons Quit in Bedlam". The Capital Times. October 17, 1937. p. 1. Retrieved June 28, 2021 – via Newspapers.com.
- "Pflugradt Gets Bank Post". Wisconsin State Journal. April 19, 1939. p. 1. Retrieved June 28, 2021 – via Newspapers.com.
- "Ibach Quits; Henry Takes Banking Post". Wisconsin State Journal. October 10, 1940. p. 1. Retrieved June 28, 2021 – via Newspapers.com.
- "Appointment of James B. Mulva goes to Senate". The Sheboygan Press. March 18, 1943. p. 1. Retrieved June 28, 2021 – via Newspapers.com.
- "Goodland Appoints Edward Tamm, Kiel, to Pflugradt's Post". Wisconsin State Journal. May 14, 1943. p. 1. Retrieved June 28, 2021 – via Newspapers.com.
- "State Senate Confirms Nine Appointments". Kenosha News. January 31, 1945. p. 5. Retrieved July 17, 2021 – via Newspapers.com.
- "Governor's Choice". Wisconsin State Journal. July 15, 1947. p. 1. Retrieved July 17, 2021 – via Newspapers.com.
- "Replacing of Knutson Challenged". The Capital Times. December 10, 1959. p. 18. Retrieved July 17, 2021 – via Newspapers.com.
- "Nuesse Named State Banking Commissioner". The Post-Crescent. July 22, 1960. p. 1. Retrieved July 17, 2021 – via Newspapers.com.
- "Phillips Man to Top State Banking Post". Wisconsin State Journal. June 20, 1868. p. 16. Retrieved July 17, 2021 – via Newspapers.com.
- "Lucey Names Mildenberg to State Bank Post". The Capital Times. October 30, 1971. p. 3. Retrieved July 17, 2021 – via Newspapers.com.
- "State look at bank firing doubted". Wisconsin State Journal. November 15, 1980. p. 4. Retrieved October 24, 2021 – via Newspapers.com.
- "State bank chief Pederson dies". Wisconsin State Journal. January 11, 1983. p. 1. Retrieved October 24, 2021 – via Newspapers.com.
- Associated Press (January 21, 1983). "Earl picks bank commissioner, labor mediator". The Capital Times. p. 11. Retrieved October 24, 2021 – via Newspapers.com.
- Associated Press (March 9, 1985). "Galecki is named to banking post". Wisconsin State Journal. p. 4. Retrieved October 24, 2021 – via Newspapers.com.
- "PSC, bank commission positions filled". Wisconsin State Journal. February 25, 1989. p. 12. Retrieved October 24, 2021 – via Newspapers.com.
- "State bank chief appointed". La Crosse Tribune. February 4, 1993. p. 11. Retrieved October 24, 2021 – via Newspapers.com.
- "State agency changes spelled out". Wisconsin State Journal. July 15, 1947. p. 1. Retrieved July 17, 2021 – via Newspapers.com.
- "Posts filled at troubled state office". Wisconsin State Journal. February 3, 2000. p. 45. Retrieved October 24, 2021 – via Newspapers.com.
- "Doyle hasn't named head of agency". Wisconsin State Journal. May 15, 2003. p. 49. Retrieved October 24, 2021 – via Newspapers.com.
- Sargent, Nick (June 18, 2003). "Heinemann 'totally suited' for job in Madison". The Post-Crescent. p. 46. Retrieved October 24, 2021 – via Newspapers.com.
- "Walker's Cabinet". Wisconsin State Journal. December 31, 2010. p. 7. Retrieved October 24, 2021 – via Newspapers.com.
- "Baraboo native leaves agency". Portage Daily Register. March 12, 2015. p. 3. Retrieved October 24, 2021 – via Newspapers.com.
- "Walker shuffles Cabinet". The Post-Crescent. January 22, 2016. p. A2. Retrieved October 24, 2021 – via Newspapers.com.
- "Risch named to financial position". Racine Journal Times. February 24, 2017. p. A12. Retrieved October 24, 2021 – via Newspapers.com.
- Opoien, Jessie (January 2, 2019). "Evers names more Cabinet picks". The Capital Times. p. O12. Retrieved October 24, 2021 – via Newspapers.com.