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Watch for Wisconsin Scams in Florence's Wake

MADISON – In the wake of widespread damage caused by Hurricane Florence, the Wisconsin Department of Financial Institutions (DFI) and the Department of Agriculture, Trade and Consumer Protection (DATCP) today cautioned investors to watch out for opportunistic investment or charitable scams in Wisconsin.

See the full press release here.

Financial Literacy Is Key To Financial Preparedness

MADISON – Gov. Scott Walker has proclaimed the month of September as Preparedness Month and the fourth week of September (9/23-29/2018) is designated as "Saving for an Emergency Week." The Wisconsin Department of Financial Institutions’ (DFI) Office of Financial Literacy can help anyone looking for ways to save. "Personal financial literacy is an important life skill that can substantially improve the quality of life for people of all ages,"" according to DFI Secretary Jay Risch. "Financial education gives people the tools they need to achieve their dreams, to expand their opportunities, and to attain financial security for themselves and their families.""

See the full press release here.

New Edvest 529 College Savings Benefit Offering
Payroll Direct Deposit

MADISON (September 6, 2018) – The Department of Financial Institutions (DFI) is pleased to announce that Edvest, Wisconsin’s 529 College Savings Plan is now available to state and municipal employees, school districts, UW-System employees, and every Wisconsin employer as part of their employee benefit package. Similar to a 403b or 401k program for retirement, account holders may now contribute from their payroll with direct deposit. For information on how to sign up, visit: www.Edvest.com/Benefit.

"We are excited that Edvest is now part of the employee benefits package for state employees,"" said Jay Risch, Secretary for the Wisconsin Department of Financial Institutions. "Our mission is to make saving for college easier and integrating Edvest contributions into payroll direct deposit helps us do just that."" This fall, Edvest is featuring this special benefit offering at more than 33 benefit fairs for government employers and employees across the state.

See the full press release here.

Net Lending Shows Continued Increases
at State-Chartered Banks

MADISON – Net lending grew by 4.4% at Wisconsin’s state-chartered banks in the six months ending June 30, 2018, according to data released by the Federal Deposit Insurance Corp.

"The continued growth in lending activity is great news for the state’s banking industry and for the Wisconsin economy," said Jay Risch, Secretary of the Department of Financial Institutions (DFI), who oversees state-chartered banks.

Compared to the first two quarters of 2017, Wisconsin’s 161 state-chartered banks:

  • Increased net loans to $40.4 billion, up from $36.9 billion.
  • Posted a net income of $318.7 million, an increase of 19.3% from $267.2 million.
  • Grew total assets by 8.3%, from $50.9 billion to $55.2 billion.
  • Maintained a strong capital ratio of 11.44%, compared to 11.73%.

The increase in lending was the most significant factor in the strong growth rise in net income. Total interest income increased by 14.9% for the first six months of 2018 compared to 2017.

Through the first six months of 2018, 97% of all state-chartered banks were profitable and nearly 80% realized earnings gains compared to the prior year.