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Net income, lending show healthy gains
at state-chartered banks in 1st quarter

MADISON - Net income rose 23.3% and net lending grew by 8.8% at Wisconsin's state-chartered banks in the first quarter of 2018 compared to the same period in 2017, according to data released today by the Wisconsin Department of Financial Institutions (DFI).

Compared to the first quarter of 2017, Wisconsin's 160 state-chartered banks:

  • Increased net loans to $39.0 billion, up from $35.8 billion.
  • Posted a net income of $158.7 million, up from $128.7 million.
  • Reduced their past-due loan ratio to 1.22%, down from 1.23%
  • Posted a solid capital ratio of 11.48%, down from 11.64%

See the full press release here.

How to pay for college?
Consider opening an Edvest account

By Secretary Jay Risch
Wisconsin Department of Financial Institutions

Another school year is rapidly coming to a close, much to the anticipation of K-12 students across Wisconsin. As those students prepare to indulge themselves in the joys of summer, it is unlikely that either they - or their parents - have given thought to the longer-term ramifications of the passage of another school year: College - whether it's a technical school, a two-year program or a four-year institution - just got one year closer.

That's a thought that can send a shiver up the spine of many parents. The prospect of planning for, and more importantly paying for, a child's post-secondary education is indeed daunting. In a perfect world, all parents would begin that process when their children were born, or still very young. Unfortunately, that is not the case. Many families are not financially prepared for the cost of college when the time comes.

See the full press release here.

DFI joins 40-plus other states
in international crypto crackdown

MADISON - The Wisconsin Department of Financial Institutions (DFI) today announced it has issued an investor alert as part of an international crackdown on fraudulent Initial Coin Offerings (ICOs) and cryptocurrency-related investment products. The sweep is being coordinated by the North American Securities Administrators Association (NASAA), of which DFI is a member.

"Fraudulent activity involving ICOs and cryptocurrency-related investment products is a significant threat to Main Street investors in Wisconsin," said Leslie Van Buskirk, Administrator of DFI's Division of Securities. "Crypto-criminals need to know that DFI is committed to swiftly and effectively protecting investors from schemes and scams involving these products."

DFI has joined with more than 40 other state and provincial securities regulators in the United States and Canada in "Operation Cryptosweep," resulting in nearly 70 investigations and 34 pending or completed enforcement actions since the beginning of May. These actions are in addition to more than a dozen enforcement actions previously undertaken by NASAA members regarding these types of products.

See the full press release here.

Application period for Wisconsin's
child sales tax rebate open through July 2

Sound fiscal management and a strong economy have resulted in a projected budget surplus of almost $400 million for Wisconsin. Governor Walker and the State Legislature have determined that some of that surplus should be returned to taxpayers in the form of a sales tax rebate of $100 per eligible child. The Wisconsin Department of Revenue will begin accepting claims on May 15, with a filing deadline of July 2.

In order for a parent to claim a child for the rebate, a child must be:

  • Under age 18 on December 31, 2017.
  • A dependent of the claimant for tax year 2017.
  • A Wisconsin resident on December 31, 2017.
  • A United States citizen.

Parents can apply for the rebate at www.childtaxrebate.wi.gov.

Credit unions' net income,
loan growth again up by double digits

MADISON - Net income and total lending grew by double digits at Wisconsin's 128 state-chartered credit unions in the first quarter of 2018 compared to same quarter in 2017, according to data released today by the Department of Financial Institutions (DFI).

In the three months ending March 31, 2018:

  • Net income totaled $103.4 million, up 26.0% from $82.1 million in 2017.
  • Total loans were $28.0 billion, up 12.6% from $24.9 billion.
  • Net worth was 11.20%, up from 10.89%
  • The delinquent loan ratio was 0.60%, down from 0.61%.

See the full press release here.