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Bankers Pack Economic Forum and Annual
Legislative Reception
 The importance of
grassroots banker involvement in the legislative process and an eye
toward a better 2010 turned out a strong showing this week at the GBA
Economic Forum and Legislative Reception. More than 200 attended the
afternoon forum and more than 300 attended the reception. Special guests
at the forum were Speaker of the House David Ralston, Senate
Banking and Financial Institutions Committee Chair Bill Hamrick
and House Banks and Banking Committee Chair James Mills.
More
about the reception and forum.
Legislative
Update: Mills Introduces GBA-Supported Legal Lending Limit Legislation
 House
Banking Committee chairman Rep. James Mills this week introduced
legislation to amend state law relating to legal lending limits. It
has already been reported out of committee and is eligible for floor
action in the House.
HB 926 would exempt renewals or
restructuring of certain loans or lines of credit to customers in good
standing from the legal lending limits to one borrower or business.
More about the 2010 General Assembly Session.
New Tax
Proposed to Recoup Taxpayer Funds
The Obama Administration Thursday
announced a plan to levy a tax on bank
holding companies, thrifts, insurance companies that own financial arms
and broker dealers with at least $50 billion in assets that received
assistance under TARP and other crisis efforts. The tax will pay the
cost of bailout money that went to General Motors and Chrysler, which
are exempt from the tax. "What's completely lost in the populist
rhetoric is that the government is already seeing a huge return on its
investment of taxpayer funds in banks."
Find out how much.
FDIC Issues New
Compensation Rule Proposal
The FDIC Board Tuesday voted to issue an advance
notice of proposed rulemaking related to linking FDIC bank premium rates
to the certain employee compensation practices. The FDIC does not seek
to limit compensation amounts, "but rather is concerned with adjusting
risk-based...assessment rates to adequately compensate the [Deposit
Insurance Fund] for risks inherent in the design of certain compensation
programs," the
preliminary proposal said.
"Few, if any, traditional bankers were compensated for
excessive risk taking, and we're concerned the FDIC is walking a very
fine line between regulating for safety and soundness and dictating
pay," said Joe Brannen, GBA President and CEO.
More
on comp. rules.
Inquiry Commission Kicks Off Investigation
The
official congressional inquiry into the 2008 financial crisis began
Wednesday.
Financial Crisis Inquiry Commission head Phil Angelides, vowed the commission
would become "a proxy for the American people--their eyes, their ears,
and possibly also their voice...If we ignore history, we're doomed to
bail it out again."
The heads of some of the nation's largest financial firms testified to
the bi-partisan 10-member committee during the first meeting of what
will be a year-long effort.
More about the hearings.
Accounting Standards Governing Loan Participations and Sales have
Changed
New rules took effect
Jan. 1 related to new transfers of financial assets, including loan
participations and SBA loan sales. The new rules are in response to
perceived flaws in accounting governing financial asset transfers, which
have been highlighted due to the recent economic downturn.
More about new rules.
IRS Says No to Accelerated Deductions for FDIC Premium Prepayments
Member banks will not be allowed by the IRS to deduct in 2009
the portion of their three-year FDIC premium prepayment that relates to
2010. The GBA and ABA had encouraged
the FDIC, Treasury and the IRS to follow the Treasury's "12-month rule,"
which would permit banks to deduct in 2009 the portion of the prepayment
that relates to 2010.
More about IRS ruling.
Regional
Economy Improved, Fed Says
The Federal Reserve's
latest Beige Book
economic report for the sixth district, which includes Georgia,
suggested slight improvement in overall economic conditions throughout
the region during late November and December. The report notes better
than expected holiday retail sales, a pickup in auto sales and
stable prices for businesses.
More economic info.
Federal Reserve
Issues New Credit Card Rules
The Federal
Reserve this week announced
extensive new rules
aimed at protecting
consumers in accordance with the Credit Card Accountability,
Responsibility, and Disclosure (CARD) Act of 2009.
The Fed's Board approved a final rule amending Regulation Z
(Truth in Lending). Credit card issuers must comply
with most aspects of the rule beginning Feb. 22."
More about the changes.
Newsmakers
More people news.
Read All About It --
Send Us Your News
Please remember to include the Georgia
Bankers Association on the list of recipients for
announcements about promotions, new employees and special
recognition your bank has received. We want to share your
news with your colleagues across the state. Please forward
your announcements and photos to GBA's
Lydia Thomas. |
HEADLINE EVENTS
Financial Risk Management Conference
Jan. 20-21
Balance Sheet Prep for the Future
Early Banking School Registration Ends Soon, Save $125
New: Compliance Perspectives Monthly Update
Jan. 19
HR Professionals Institute
March 17-19
How to Manage Multigenerationals
HMDA/CRA Workshop
Jan. 27
BSA/AML Compliance Seminar
Jan. 28
IRA Basics Seminar
Feb. 10 and Feb. 11
SE Bank Management and Directors Conference
Feb. 2 and Feb. 11
Operations and Technology Conference
March 2-3
Virtualization Panel a Draw
Info Security Management Conference
Feb. 18
AIB Online Instructor Led Courses
January Webinars
Full GBA-U Calendar |
