2007 DFI Strategic Plan

Printable version of the 2007 DFI Strategic Plan (PDF: 47 KB / 5 pages)

MISSION STATEMENT

The Wisconsin Department of Financial Institutions’ mission is to help grow Wisconsin’s economy by ensuring the safety and soundness of state-chartered financial institutions, protecting consumers of financial services, and facilitating economic growth.

VISION STATEMENT

The Department of Financial Institutions will achieve its mission through administrating programs that are:

• Contributors to the safety, soundness and competitiveness of Wisconsin’s financial industry
• Consumer oriented
• Professional
• Innovative
• Efficient
• Coordinated with other state agencies
• Drivers of economic growth
  

STRATEGIC GOALS

The Department of Financial Institutions’ three strategic goals are:

1. Ensure the safety and soundness of state-chartered financial institutions
2. Protect the consumers of financial services
3. Facilitate economic growth
   

GOAL #1

• The Divisions of Banking and Credit Unions maintaining the statutory examination requirement that state-chartered institutions be examined on an 18 month cycle, including:
  
  • The examination of 100 banks, and
  • The examination of 80 credit unions.
    
• The Office of the Secretary supporting the EdVest Board in efforts to create a Wisconsin CD option for our EdVest 529 Plan account owners so that risk-averse deposits are placed in Wisconsin’s financial institutions
  

GOAL #2

2) Protect the consumers of financial services by:

• The Division of Banking maintaining a loan originator and solicitor education program which:
  
  • 75% of new loan originator applications will be submitted online by December 2007.
  • 75% of loan originator renewals will be submitted online by December 2007.
  • 75% of loan originator records of associations to employers will be submitted online by December 2007.
    
• The Division of Banking implementing a functional online promissory continuing education system by July 1, 2007.
• The Division of Credit Unions scanning 100% of historic documents for preservation purposes.
• The Division of Credit Unions supporting a Community Development Financial Institutions workshop.
• The Division of Securities maintaining an examination cycle that will result in the examination of 85 securities home and branch offices during 2007.
• The Division of Securities maintaining a target average age of active securities cases of less than 12 months.
• The Office of Consumer Affairs making initial contact with consumers within 3 days of receipt of complaints.
• The Office of Consumer Affairs processing forms submitted for review in a timely manner.
• The Office of Consumer Affairs increasing the number of topics on educational information sheets for consumers by 10% to a total of 56.
• The Office of Consumer Affairs working with the Communications Team to revamp online resources for consumers.
• The Office of Financial Literacy evaluating the prior year of the financial literacy program in the Milwaukee Public Schools, and measuring student and teacher improvement scores.
  
  • Set benchmarks for academic year 2007-08 by August 2007.
    
• The Office of Financial Literacy working to increase participation in the second annual Money Smart Week Wisconsin by:
  
  • Exceeding a total of 10,000 attendees, and
  • Adding 5 regional teams to create and support new events throughout the state.
    
• The Office of Financial Literacy raising and distributing a total of $100,000 in Financial Literacy Innovation awards.
• The Office of the Secretary serving as Executive Sponsor of a cross divisional consumer service team empowered to create a program designed to ensure the delivery of prompt, professional services to DFI’s customers. We will measure our success by utilizing several tools, including:
  
  • Establishment of a project team and program project lead by April 13th, 2007,
  • Approval of concept design including descriptions of work flows and information flows by July 31st,
  • Start of development August 1st, 2007; and
  • First phase of implementation March 1, 2008.
    

GOAL #3

• The Division of Corporate and Consumer Services processing all corporate filings within 5 days of receipt and all UCC filings within 2 days of receipt.
• The Division of Corporate and Consumer Services maintaining an electronic filing rate for foreign annual reports at 85% or higher.
• The Division of Corporate and Consumer Services maintaining an electronic filing rate for Domestic LLC articles of organization at 90% or higher.
• The Division of Corporate and Consumer Services maintaining an electronic filing rate for Domestic business annual reports at 80% or higher.
• The Division of Corporate and Consumer Services developing and implementing an electronic filing program for charter documents for domestic business entities by April 2007.
• The Division of Corporate and Consumer Services exploring the feasibility of an Ag Lien system.
• The Office of the Secretary continuing to develop and support key strategies which ensure that Wisconsin entrepreneurs have access to capital. This will be achieved in several ways:
  
  • By working with the Wisconsin Technology Council on the Wisconsin Angel Network’s Angel Advisory Committee,
  • By continuing to fund angel investor educational programs in the state,
  • By working on the Wisconsin Venture Center project – an idea patterned after BioEnterprise.com which focuses on connecting strategic capital to local businesses through a direct sales process,
  • By working with the banking community to create a Community Angel Fund idea for banks,
  • By supporting a federal tax credit for angel investors; and
  • By supporting increased funding for angel tax credits under Act 255.
    
• The Office of the Secretary continuing to collaborate with the banking and venture communities and universities to form regional alliances which will strengthen our capital networks (MRUN, MHIN, Federal Reserve Bank of Chicago, UW, WARF)