In this Issue
State News & Events
Chapter News & Events
On June 8th, we kicked off the start to our 2017-18 year by installing our new board members and officers during the board meeting at the Country Springs Hotel. Past president Mike Kellman was awarded the Presidents gavel plaque and was thanked for all of his efforts to our association during his 2016-17 term. Your executive committee for the WMBA board for ’17-18 is made up of:
Joe Doyle of Arch Mortgage Insurance –President
Jan Brezina of National Mortgage Insurance- President Elect
Leo Spanuello of North Shore Bank –Treasurer
Rob Helvey of Waukesha State Bank – Secretary
Please share with your colleagues that the WMBA has many events to offer. On Friday, August 18th, the Milwaukee chapter will host their Annual Feast with the Beasts event at the Milwaukee County Zoo in conjunction with the Zoo Ala Carte event. Don’t miss a chance to see national music act The Spinner’s while enjoying food from some of Milwaukee’s best restaurants.
On Thursday September 7th the Annual Statewide golf outing will take place at the Broadland’s golf course in North Prairie. Foursome’s and sponsorships are available.
On Thursday October 19th, come celebrate the WMBA’s “Top Gun’s” at the 3rd Annual Best in Business awards night held at the historic Concourse Hotel in downtown Madison. Award nomination information is available on the website. Make sure those you appreciate get the recognition they deserve!
Please look to these events and others as excellent opportunities to bring interested employees of your institution. A deeper participation rate among our member organizations will not only awaken, energize and excite new people in our shops but will allow us to find the next leaders in our association over the next several years. The unlimited WMBA membership option is a great way to include your entire team in the programming and networking opportunities offered.
I look to all of you to help guide this organization in a mutually beneficial direction. Please contact me or anyone on our leadership team with ideas, direction, thoughts and suggestions for programming, networking, or political action. You can reach me at firstname.lastname@example.org or 414.526.9510.
Legislative Update - George KlaetschAs a result of an unusual multi-day Assembly Legislative Floor Period in June, a number of legislative proposals the WMBA has been following have passed the Assembly are awaiting action in the Senate during the next floor period, scheduled September 12-21.
The proposals were covered in detail within May’s Legislative Update, the following are a brief synopsis of the bill language and the most recent action.
AB-253 Foreclosed Property Sale
Representative Ballweg introduced this bill to establish procedures related to a sale of foreclosed property by a sheriff or referee. This bill passed on June 14 via a voice vote and was messaged to the Senate.
AB-280 Financial Literacy in Schools
Representative Krug introduced this bill to ensure financial literacy is incorporated into the curriculum of Wisconsin public schools. This bill passed on June 21 via a voice vote and was messaged to the Senate.
AB-283 Savings Promotion Prize Programs
This bill was introduced by Representative Stafsholt. The bill authorizes Wisconsin state financial institutions to conduct savings promotion prize programs. This bill was passed on June 21 on a voice vote and was messaged to the Senate
As mentioned, with the exception of the biennial budget debate and passage, the state legislature floor period is adjourned until September 12. However, during the summer months there may be significant legislative activity related to the mortgage banking industry. That legislation may include, but not limited to; appraisal management companies and online sheriff sales of foreclosed properties. The WMBA anticipates both items currently under consideration may be formally drafted and possibly routed for co-sponsorship in the mid to late summer. Stay tuned!
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WMBA Annual Golf OutingSeptember 7, 2017
Broadlands Golf Club
18 Augusta Way
North Prairie, WI
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The Madison Concourse Hotel & Governor's Club
1 West Dayton Street
* Interested in nominating an individual for a BIB award, click here for the nominations form.
August 18, 2017
MBA Statement Regarding FHFA's Annual Report to Congress
David H. Stevens, CMB, President & CEO of the Mortgage Bankers Association (MBA), released a statement following the Federal Housing Finance Agency's (FHFA) annual report to Congress.
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House Approves Financial CHOICE Act to Boost Economy, End Bank Bailouts and Toughen Penalties for Fraud
The House on Thursday, June 8 passed the Financial CHOICE Act, legislation to overhaul and replace the failed Dodd-Frank Act that has contributed to the worst economic recovery of the last 70 years.
"Every promise of Dodd-Frank has been broken," said Financial Services Committee Chairman Jeb Hensarling (R-TX), as he read letters from Americans about how they were declined home, automobile and small business loans due to Dodd-Frank's burdensome regulations. "Fortunately there is a better, smarter way. It's called the Financial CHOICE Act. It stands for economic growth for all, but bank bailouts for none. We will end bank bailouts once and for all. We will replace bailouts with bankruptcy. We will replace economic stagnation with a growing, healthy economy," he said.
"We will make sure there is needed regulatory relief for our small banks and credit unions, because it's our small banks and credit unions that lend to our small businesses that are the jobs engine of our economy and make sure the American dream is not a pipe dream," said Chairman Hensarling.
CHOICE, which stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs, has received strong support from community banks and credit unions. Large financial institutions did not offer their support for the Financial CHOICE Act. Instead, Wall Street CEOs have publicly said they do not support repealing Dodd-Frank.
The Congressional Budget Office reports the Financial CHOICE Act would reduce the deficit by $33.6 billion over 10 years and that the bill's regulatory relief would benefit community banks and credit unions. The nation's largest banks would be unlikely to raise enough capital to meet the bill's requirement for substantial regulatory relief, the CBO reported.
FINANCIAL CHOICE ACT AT A GLANCE:
BANKRUPTCY, NOT BAILOUTS
No more bailouts: that's at the core of the Financial CHOICE Act. With changes to the bankruptcy code, large financial firms can fail without disrupting the entire economy or forcing hardworking taxpayers to pay for more bailouts.
ACCOUNTABILITY FOR WALL STREET AND WASHINGTON
The Financial CHOICE Act includes the toughest penalties in history for those who commit financial fraud and insider trading. Holding Wall Street accountable with the toughest penalties in history will deter corporate wrongdoing and better protect consumers. At the same time the Financial CHOICE Act holds Wall Street accountable, it also holds Washington accountable. Tougher accountability for Wall Street and Washington will protect the integrity of our markets so they benefit ordinary Americans who are working, saving and investing.
STRONGLY CAPITALIZED BANKS
Dodd-Frank's one-size-fits-all regulations treat all financial institutions the same, regardless of their size. That makes no sense and hurts smaller, hometown banks and credit unions that did nothing to cause the last financial crisis.
The Financial CHOICE Act is based on two important principles: First, all banks need to be well-capitalized and, second, community banks and credit unions deserve relief from the crushing burden of over-regulation. Under the Financial CHOICE Act, banks and credit unions will qualify for regulatory relief if they elect to maintain enough capital to ensure that if they get in trouble, taxpayers won't be forced to bail them out. Ninety-eight percent of the financial institutions that met the Financial CHOICE Act's requirements for being well-capitalized did not fail during the financial crisis. Of the miniscule percentage that did fail, none posed a systemic risk.
The Financial CHOICE Act grows our economy from Main Street up. Dodd-Frank tries to control the economy from Washington down. The Financial CHOICE Act will help get credit and capital into the hands of working men and women to fuel their economic growth.
Consumer Financial Protection Bureau Releases State-Level Snapshot of Consumer Complaints
The Consumer Financial Protection Bureau (CFPB) released a special edition of its monthly complaint report, providing a snapshot of consumer complaints submitted across the country. For each state and the District of Columbia, the report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and a look at complaints from servicemembers and older Americans. The report also gives a national overview and spotlights narratives submitted by consumers regarding their experience with the CFPB's complaint process. Overall, the Bureau has received over 1,218,600 complaints as of June 1, 2017.
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