For more information, contact: Eric Skrum, Wisconsin Bankers Association, 608/441-1216, eskrum@wisbank.com
Services from the streets of Wisconsin, not Wall Street
(MADISON) – The names may change, but almost 50 percent of the Badger State’s banks have been serving their communities from the streets of Wisconsin for more than 100 years and reflect the heritage of the state; hard working, fiscally conservative and community oriented. Strong, stable and an integral part of the communities they serve, Wisconsin banks continue to take in deposits and make loans despite the increased regulatory burdens they face and the unjustified accusations reported in the media in the last few weeks.
The Wisconsin Bankers Association (WBA) and its nearly 30,000 bank employees remind the public that Wisconsin consumers and businesses benefit from the diverse banking system that its residents enjoy. Depository banks come in every shape and size and serve different needs and distinctive niches in their communities. Banks help Wisconsinites buy their first car; newlyweds purchase their home; launch new business ideas into reality; and help people reach for their dreams. And, they are entrusted with the protection of the money of their customers.
Federal government intervention has fundamentally altered the economics of banking in Wisconsin. With the Durbin Amendment, which took effect Oct. 1, the federal government has placed artificial price caps on what all financial institutions can charge merchants for the convenience of offering debit card purchases. This cap does not cover the high costs financial institutions pay to provide secure systems, including fraud-prevention measures, absorbing fraud losses and operating the vast debit card system.
Consumers are frustrated with rising costs, decreased purchasing power and increased government intervention as it is limiting their economic future. Banks share that frustration for the same reasons.
Wisconsin’s banks also share the same values and concerns as their communities. Their roots are deep and their commitment to Wisconsin is strong. Bankers conducting business on the streets of Wisconsin are providing professional, trustworthy services to their customers consistent with the way Wisconsinites treat each other and we will continue with that same philosophy for another 100 years.
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The Wisconsin Bankers Association is the state’s largest financial industry trade association, representing 300 commercial banks and savings institutions, their nearly 2,300 branch offices and 28,000 employees.
