New Secretary of Wisconsin Financial Institutions Focuses on Industry Changes.
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Among the banking-related collectibles John F. “Jack” Kundert displays in his office is a circa 1930s Federal Deposit Insurance Corp. bank sign that promises up to $5,000 in protection for depositors. That amount, only a smidgen of the current $100,000 FDIC insurance and the $200,000 limit many bankers now are pushing for, seems laughable today. But it testifies to the fact that over time, change is the name of the game in the financial services industry — a point Kundert has chosen to stress as the new secretary of the Wisconsin Department of Financial Institutions. Although officially considered “acting” secretary since being appointed to the post in February by Gov. Tommy G. Thompson, Kundert, 68, has been anything but a status-quo caretaker in the position. Shortly after taking the $84,500-a-year post, Kundert intervened in a sticky turf battle between banks and credit unions. He helped broker a compromise bill that was headed for passage in the State Legislature this spring until a move by Democratic leadership in the Senate derailed it at the last minute. About two weeks ago june 2, he announced the creation of a 40-person task force to look into the future of the nearly 90,000… |