DFI on hand as annual NIFEL training
kicks off at Edgewood College
The Department of Financial Institutions was well represented at the annual National Institute of Financial and Economic Literacy (NIFEL) educator training that kicked off on June 19 at Edgewood College in Madison. Attending the opening session were Secretary Jay Risch, Office of Financial Literacy Director Dave Mancl, and College Affordability/Student Debt Specialist Cheryl Weiss. The week-long session, the first of three separate weeks of NIFEL classes scheduled for this summer, focused on teaching educators about entrepreneurship and innovation. DFI was instrumental in launching the NIFEL training back in 2001. Since then, nearly 900 educators have attended the training. In the 2015-16 school year, more than 40,000 Wisconsin K-12 students were taught by NIFEL-trained teachers.
New business entity filings
tracking 5.8% ahead of prior year
MADISON - The number of new business entities formed in Wisconsin in the first five months of 2017 grew by 5.8% compared to same period in 2016, according to data compiled by the Department of Financial Institutions (DFI). As of May 31, new business filings totaled 20,099 compared to 19,004 in the same period in 2016.
The business formation data is compiled by DFI, which is the filing office for the creation of business entities in the state. DFI tracks new business entity creation on a monthly basis and posts the data on its website. The full report may be found at www.wdfi.org/corporations/HistoricalStatistics.htm.
Edvest college savings plan
to celebrate National 529 Day
MADISON - Edvest, Wisconsin's college savings plan, will celebrate National 529 Day along with similar plans across the country on May 29. The day was created to remind people of the costs of higher education and to help educate families about the benefits of starting a college savings plan early in a child's life. The qualified tuition programs are named after Section 529 of the Internal Revenue Code and are designed to make it easier for families to save for college.
"Edvest is a great tool that parents, grandparents, even students themselves can use to save for college," said Jay Risch, Secretary of the Wisconsin Department of Financial Institutions (DFI). "National 529 Day serves as a wonderful reminder that the sooner you start, the more time your money has to grow, which helps students begin college with a stronger financial foundation and reduces the likelihood a student will need student loans to pay for his or her education."
See the full press release here.
Net lending on the increase
at state-chartered banks
MADISON - Net lending increased by 2.6% at Wisconsin's state-chartered banks in the quarter ending March 31, 2017, compared to the previous year, according to data released by the Federal Deposit Insurance Corp.
Compared to the first quarter of 2016, Wisconsin's 165 state-chartered banks:
- Increased net loans to $35.8 billion, up from $34.9 billion.
- Had a net income of $128.9 million, a 12% decline from $146.4 million.
- Grew total assets by 0.5%, from $49.9 billion to $50.1 billion.
- Maintained their capital ratio at 11.64%, down from 11.91%.
The year-over-year comparisons, including the decline in net income, were impacted by six state-chartered banks being acquired and merged into institutions with national or out-of-state charters. Those institutions in aggregate represent more than $2 billion in assets.
See the full press release here.