MADISON, Wis. - Secretary Jack Kundert of the Wisconsin Department of Financial Institutions has announced the creation of a "Task Force on Financial Competitiveness 2005." As outlined in his order, "The mission of the task force shall be to analyze the needs of Wisconsin's financial institutions and services and make recommendations on policy initiatives that will enhance Wisconsin's financial and economic enviroment by the year 2005." Kundert said he's been considering creating the task force for awhile. "It's important to convene a public-private working group like this to consider recommendations that will enhance our regulatory and economic environment between now and the year 2005. "The financial marketplace is changing," Kundert continued. "For Wisconsin's financial services to keep pace with federal law changes, the introduction of new technologies that are revolutionizing the delivery of financial services, and the changing needs of financial consumers, it is an absolute necessity for a task force like this to bring all the interests to the table - industry and consumer alike." The task force will be comprised of representatives from all of the state's major financial services, as well as consumers. Kundert or his designee will chair the task force, as well as appoint other members recommended by the: * Wisconsin Bankers Association and the Community Bankers of Wisconsin, including representatives of both commercial banking and savings institutions; * Wisconsin Credit Union League; * Wisconsin Financial Services Association; * Wisconsin Mortgage Bankers Association; * Wisconsin Association of Mortgage Brokers; * Wisconsin Deferred Payment Association. There will also be representatives on the task force from the Governor's office; the Wisconsin State Legislature; the Office of the Commissioner of Insurance; the Department of Commerce; the insurance industry; investment companies and other members of the securities community; consumer credit counseling services; financial education advocacy groups; financial consumer advocacy groups; and service companies that do corporate and UCC filings. Kundert expects to finalize the membership of the task force by June 1 and ask it to complete its work, in two phases by Oct. 31. Phase One will include information sharing and the identification of broader issues the task force may consider as part of its analysis; phase two will feature the development of specific recommendations for policymakers to consider that will improve the state's competitive environment for financial services. The task force's work will culminate with a report to Gov. Tommy Thompson and the state legislature. The task force will also hold public meetings throughout the state before it issues its report. -
ekingoff@cutimes.com
