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News Now

CU System
Wis. regulator seeks more staff to handle CU complexities
MADISON, Wis. (9/24/10)--The Wisconsin Department of Financial Institutions wants to hire more staff to help it better monitor larger and increasingly more complex credit unions. The state’s financial industry regulator is looking to hire another examiner and a new staffer to help with expanded oversight of investment advisers (The Milwaukee Journal Sentinel Sept. 23). The department noted in its budget request that the larger size of credit unions--Wisconsin has six with more the $1 billion in assets--along with their expansion of services and increasing complexity, makes it harder to stay on pace with the exam schedule, the newspaper said. The examination staff is susceptible to extended illness, retirements and turnover, the department said. “It takes about a year to fully train an examiner, and particularly with the incredible changes in the rules as a result of the Dodd-Frank legislation, it requires quite a bit more training of all our examiners,” department chief Lorrie Keating Heinemann told the paper.


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