Gov. Evers Announces DFI Secretary Cheryll Olson-Collins to Retire, Wendy Baumann To Lead Agency
Wendy Baumann, former WWBIC head, appointed to lead Department of Financial Institutions.
MADISON — Gov. Tony Evers today announced that Wisconsin Department of Financial Institutions (DFI) Secretary Cheryll Olson-Collins will be retiring, effective Feb. 3, 2025. Before being appointed DFI secretary, Secretary Olson-Collins previously served as DFI deputy secretary and has held several leadership positions at the agency since 2007.
“Throughout her 18 years of service at DFI, Cheryll has helped ensure the strong financial health of Wisconsin, our people, and our institutions,” said Gov. Evers. “Since taking up her leadership role in 2022, Cheryll has implemented her expansive breadth of experience and knowledge of the state’s financial institutions and infrastructure to serve the people of Wisconsin and protect the financial and economic integrity of our state. I have had the privilege of working with Cheryll for several years, and I could not be more grateful for her years of dedicated leadership and service to the state of Wisconsin. Kathy and I wish her the very best on a well-deserved retirement.”
“It has been an honor and a privilege to serve as the secretary of the Wisconsin Department of Financial Institutions and lead this agency, staffed entirely by dedicated and talented public servants who truly care about the people of Wisconsin. I am immensely proud of the work we have done together in ensuring the safety and soundness of our financial institutions, protecting investors, facilitating commerce, and increasing financial capability throughout the state,” said Secretary Olson-Collins. “I extend my heartfelt thanks to my staff for their outstanding efforts, and I also want to express my sincere gratitude to Gov. Evers for giving me such a wonderful opportunity to lead this agency and work alongside so many remarkable people. I am inspired by Gov. Evers and his leadership, integrity, and dedication to keeping Wisconsinites’ best interests at heart and that shines through in all he does. I know Wendy is going to do a great job in her new role, and I am excited to see all of the good work she and the Evers administration will do moving forward.”
A native of Portage, Secretary Olson-Collins spent more than two decades in the private-sector banking industry before joining DFI in 2007. In 2007, Secretary Olson-Collins began her service to the state of Wisconsin as the administrator for the DFI’s Division of Corporate and Consumer Services. In 2011, she became the administrator for the agency’s Division of Administrative Services and Technology, a position she held for more than three years. In May 2015, she became the deputy administrator for the DFI’s Division of Banking and was later appointed to be the administrator for the Division of Banking in May 2016. Secretary Olson-Collins most recently served as DFI’s deputy secretary from January 2019 until being appointed by the governor to serve as the agency’s secretary in January 2022. Following Gov. Evers’ re-election in November 2022, Secretary Olson-Collins was re-appointed to serve as the agency’s secretary in January 2023 and was confirmed by the Wisconsin State Senate on March 12, 2024.
As DFI secretary, Olson-Collins has led the agency in strengthening Wisconsin’s financial future by protecting the safety and soundness of Wisconsin’s financial institutions, safeguarding the investing public, facilitating commerce, and increasing financial capability throughout the state.
During her tenure at the DFI, Secretary Olson-Collins has led the agency in achieving several accomplishments, including:
- Ensuring the state’s bank and credit union regulatory programs maintained top national standards and practices for state supervision, with the agency’s Division of Banking and its bank regulatory program having earned reaccreditation status from the Conference of State Bank Supervisors in June 2024 and the Wisconsin Office of Credit Unions received reaccreditation from the National Association of State Credit Union Supervisors in October 2022.
- Improving oversight of the state’s financial services industries and protecting consumers of financial services by implementing the Money Transmission Modernization Act in Wisconsin. The agency also modernized the licensing system and statutes for several industries regulated by DFI’s Division of Banking and supported the expanded use of the Nationwide Multistate Licensing System. These changes improved consistency in licensing requirements and access to information across multiple states.
- Protecting Wisconsin investors by developing a continuing education program for investment adviser representatives and launching an investment scam tracker to help Wisconsinites spot and avoid financial investment scams, including cryptocurrency scams. The agency also worked to protect Wisconsin consumers through collaborative investigations and enforcement actions against bad actors and deceptive practices.
- Leading initiatives to deliver on Gov. Evers’ commitment to measurably improve the financial literacy, capability, and financial inclusion of Wisconsin’s residents. The agency provided educators and schools with financial literacy resources and professional development trainings to support the implementation of Gov. Evers’ new financial literacy law, which requires one-half credit of personal financial literacy education for high school graduation, starting with the 2028 graduating class. The new requirement helps ensure every student has the tools and skills to make smart financial and budgeting decisions to prepare for their future.
- Supporting Gov. Evers’ financial inclusion efforts by working to establish a new Achieving a Better Life Experience (ABLE) savings account program in Wisconsin either independently or through a collaborative agreement with another state or states this year. ABLE savings plans are accounts designed to help those with disabilities save and invest for qualified disability expenses without jeopardizing the means-tested benefits they receive.
- Helping households in all 72 Wisconsin counties save for college and career training with Wisconsin’s top-rated 529 college savings plans, Edvest 529(direct-sold) and Tomorrow’s Scholar (advisor-sold). Edvest 529 maintained a best-in-class rating from one of America’s leading financial services firms, Morningstar, and both Edvest 529 and Tomorrow’s Scholar received a rating of “High-Honors” from Saving For College, a leading resource for unbiased information on 529 college savings plans.
- Modernizing the agency and launching a new website as the go-to source of information for the agency. The new website features a mobile-responsive design and streamlined navigation for faster access to key information, as well as a new look that is cohesive with Wisconsin.gov and other state agency websites. The agency also improved several business registration processes and forms and launched a new system that allows the public to obtain information regarding homeowners’ associations in the state.
Today, the governor also announced he is appointing Wendy Baumann to succeed Secretary Olson-Collins as the secretary of DFI.
Baumann currently serves as president and chief visionary officer at the Wisconsin Women’s Business Initiatives Corporation (WWBIC), a position she has held since 1994. Baumann has spent the past three decades leading WWBIC and uplifting Wisconsin businesses owned by women, people of color, and low-to-moderate-income individuals across the state. Prior to her role at WWBIC, Baumann served as the director of small business development at the Milwaukee Enterprise Center, executive director of the Hispanic Chamber of Commerce in Wisconsin, director of development and research for the Council for the Spanish Speaking Inc., and as a program coordinator for Goodwill Industries of Greater Milwaukee.
Baumann’s knowledge of economic and financial institutions has allowed her to serve in notable positions on several local and national boards and commissions, including the Association of Enterprise Opportunity, the Association of Women’s Business Centers, the Consumer Federation of America- America Saves Initiative, and as chair of the Governor’s Council on Financial Literacy and Capability.
Baumann earned a bachelor’s degree from The George Washington University and the University of Wisconsin (UW)-Milwaukee and later earned a master’s degree in Exceptional Education from UW-Milwaukee.
“Wendy’s extensive work with the WWBIC, as well as her many contributions to economic, community, and financial boards, including having served as a chair on the Governor’s Council on Financial Literacy and Capability, will make her an excellent leader for the Department of Financial Institutions and a welcomed asset to our administration,” said Gov. Evers.
“I’m excited and honored to accept this appointment from Gov. Evers to lead the DFI,” said Baumann. “Throughout my career, I’ve had the privilege of connecting with countless organizations, businesses, financial institutions, and investors across the state, and I know firsthand that Wisconsin’s financial institutions are critical to our statewide and national economy, the livelihood of our communities, and the future of the state. I’m looking forward to working with the talented folks at the DFI and the Evers Administration to implement and safeguard the 21st-century economy that Wisconsinites need and deserve.”
Baumann’s appointment is effective Feb. 17, 2025.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
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