For Immediate Release
August 9, 2005
Contact: Susan Miller
317-816-9760
smiller@hickmanassociates.com Networks Financial Institute Partners with National Conference of State Legislators To Launch Academy for Excellence in Financial Services
(Indianapolis, Ind. August 9, 2005) Networks Financial Institute at Indiana State University has partnered with the National Conference of State Legislators to develop and run the Academy for Excellence in Financial Services PolicyTM. The Academy was initiated by the National Conference of State Legislators to improve the breadth and depth of knowledge of state legislators and their staffs involved in financial services policy.
On August 16, Networks Financial Institute will launch the 14-course basic and advanced certification designed to teach state legislators and their staff members’ fundamental principles of banking, insurance, securities and other financial services topics. The certification program targets roughly 1,000 state lawmakers from across the U.S. who serve on state financial services committees and their legislative staff members.
The Academy’s objectives include creating a strong understanding of the financial services marketplace environment and structure, as well as a solid understanding of how the primary sectors – securities, insurance and banking are supervised, and finally, cultivating a solid understanding of the operational processes involved in creating, selling, administering and dissolving customer products. The Academy’s efforts will be targeted at 1,000 state lawmakers serving on financial services committees and 2,000 staff members serving these legislators and committees.
The heightened state of flux characterizing the financial services industry served as the motivator for developing an Academy for Excellence in Financial Services Policy. Passage of Gramm-Leach Bliley Act in 1999, new issues and rules for governance and oversight created by Sarbanes Oxley legislation have all impacted the financial services landscape. Continued consolidation and integration between the securities, banking and insurance sectors have created a sophisticated maze of issues that both industry regulators and law makers must address. Recent scandals in the financial services industry exacerbate the already volatile industry.
As an outreach of Indiana State University, Networks Financial Institute will work closely with the University in developing and managing the academy. NFI will devote a dedicated Project Manager to manage the Academy and will create and oversee an Advisory Committee of private sector representatives and special interest groups to provide additional input on the design and content of the Academy’s program.
“The need for such a program is compelling and NFI’s targeted focus on financial services outreach, research and regulatory initiatives is ideally suited to leading such an initiative,” said Elizabeth Coit, Executive Director of Networks Financial Institute. Indiana State University’s faculty, research resources and cadre of industry experts also will be tapped in supporting the Academy. “The Academy allows us to merge our financial services resources with our mission of developing a curriculum that meets solid educational objectives,” said Dr. Lloyd Benjamin, President of Indiana State University.
The Academy will offer a total of 14 courses in a two-tier certification program. Advanced certification will be achieved with completion of eight required courses and four elective courses. Basic or advanced certification can be earned within a 12 month period, assuming a concentrated effort. Some of the course offerings include: industry principles, supervision and regulation, products, operations and administration, and current topics. The first courses will begin spring 2006.
The National Conference of State Legislatures is the informal bipartisan organization that serves the legislatures of all 50 states, the commonwealths and the territories. NCSL provides research, technical assistance and opportunities for policymakers to exchange ideas on the most pressing state issues. NCSL is an effective and respected advocate for the interests of state governments before Congress and federal agencies.
Networks Financial Institute at Indiana State University was founded in 2003 with a grant from Lilly Endowment. NFI strives to facilitate broad, collaborative thinking, dialogue and progress in the evolving financial services marketplace, concentrating on the areas of education, outreach and research. NFI is headquartered in Indianapolis with offices on the campus of Indiana State and in Washington, D.C. with outreach internationally.