PEWAUKEE, Wis.–Representatives from credit unions across the state, the Wisconsin Credit Union League and Cooperative Network will be voicing opposition at a Senate Committee Public Hearing today to Senate Bill 119, which would merge state agencies. Legislators will be asked to maintain the status quo, according to the Wisconsin league.
The proposal, which is identical to language included in the governor's budget bill, would create the Department of Financial Institutions and Professional Services (DFIPS) by combining the Office of Credit Unions and the Department of Financial Institutions (OCU/DFI), which regulate and oversee the state's financial institutions, with the Department of Safety and Professional Services (DSPS). DSPS has oversight for the cemetery board, family therapists, hydrogeologists, bodywork therapists, perfusionists, home inspection, mixed martial arts and cosmetology.
According to the league, CUs and others have expressed concern that the merger:
- Lacks any identified problems that need to be resolved.
- Offers no benefits to financial institutions.
- Was not requested by private sector stakeholders.
- Jeopardizes consumers’ current satisfaction and effective service at each agency.
- Provides no evidence of cost savings or efficiencies for credit unions or banks as OCU/DFI operate on fees paid by the regulated industries.
- Creates a larger bureaucracy.
Senate Bill 119 was introduced by Sen. Roger Roth and Rep. Joan Ballweg and will be considered by the Senate Committee on Workforce Development, Public Works, and Military Affairs today.