2008 DFI Strategic Plan

Printable version of the 2008 DFI Strategic Plan (PDF: 52 KB / 5 pages)

MISSION STATEMENT

The Wisconsin Department of Financial Institutions’ mission is to ensure the safety and soundness of our state-chartered financial institutions, to protect consumers in their financial transactions, and to facilitate 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

1) Ensure the safety and soundness of state-chartered financial institutions by:

• 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 97 banks.
    
  • The examination of 175 credit unions.

GOAL #2

2) Protect the consumers of financial services by:

• The Division of Banking maintaining a loan originator and solicitor education program which:
  
  • 70% of new loan originator applications will be submitted online by December 2008.
    
  • 85% of loan originator renewals will be submitted online by December 2008.
    
  • 95% of loan originator records of associations to employers will be submitted online by December 2008.
    
• The Division of Credit Unions supporting a Community Development Financial Institutions workshop.
  
• The Division of Securities maintaining a process that will result in the examination of approximately 50 investment advisor offices as part a routine cycle and approximately 40 broker dealer offices as needed in 2008 to total 90 examinations.
  
• 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 updating and increasing the number of topics on educational information sheets for consumers and merchants.
  
• The Office of Financial Literacy will implement work place financial literacy strategies of Governor Doyle’s Council on Financial Literacy such as creating a searchable web page of Wisconsin businesses’ employee financial literacy programs, and featuring workplace financial literacy during Money Smart Week Wisconsin.
  
• The Office of Financial Literacy working to increase participation in the third annual Money Smart Week Wisconsin by:
  
  • Exceeding a total of 9,000 attendees, and
    
  • Adding regional teams to create and support new events throughout the state for a total of 14 regional teams.
    
• The Office of Financial Literacy raising and distributing a third round of funding for Financial Literacy Innovation awards created by Governor Jim Doyle’s Council on Financial Literacy.
  
• The Deputy Secretary will serve as the Executive Sponsor of a cross divisional team empowered to create a program designed to record and track the receipt, assignment, progress, and disposition of consumer cases brought to DFI.
  
  • First phase of implementation by September 15, 2008.

GOAL #3

3)Facilitate economic growth by:

• 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 95% or higher.
  
• The Division of Corporate and Consumer Services maintaining an electronic filing rate for Domestic LLC articles of organization at 95% or higher.
  
• The Division of Corporate and Consumer Services maintaining an electronic filing rate for Domestic business annual reports at 95% or higher.
  
• The Division of Corporate and Consumer Services maintaining an electronic filing rate for filing charter documents for domestic business entities at 65% or higher.
  
• The Division of Corporate and Consumer Services processing video franchise applications within 15 business days of receipt.
  
• The Secretary of the DFI continuing to develop and support key strategies which will ensure that Wisconsin entrepreneurs have access to capital. This will be achieved in several ways:
  
  • by serving on the Wisconsin Technology Council Board (risk capital committee and Advisory Board of the Wisconsin Angel Network-WAN) to ensure education, networking, and deal flow information is readily available for angel investors, and to measure Wisconsin activity annually in the Risk Capital Report (with the data from Commerce and WAN)
    
  • by continuing to fund angel investor educational programs in the state by connecting national and local resources to Wisconsin investors,
    
  • by developing a workable, collaborative public/private sector strategy to increase the amount of venture capital invested into Wisconsin companies
    
  • by working with the banking community to connect them to state resources which focus on incentives to grow the bio industries
    
  • by supporting increased funding for angel tax credits under Act 255, patterned after the needs in the market
    
• 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)