December 2006
This Executive Briefing is sponsored by Diebold.
To facilitate branch transformation, Diebold provides strategic support, branch solutions, key insights and more. Result: Reduced costs, increased productivity, greater security – and a staff with more time for developing profitable relationships. Start a conversation with Diebold today. |
Do You Have a Strategy?
"Remote Deposit Capture" has become one of the most recent campaigns in the battle to acquire or retain business deposit share. As businesses hear the "buzz" on this developing channel for business deposit processing, and yet another ACH check conversion method approaches its March 2007 roll-out, bankers are facing the new realities -- consolidation of bank relationships, different forms of risk to be managed, and a need to realign pricing.
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$40 Million Scam Provides Wake-Up Call
How can a person, who reported annual income of $110,000 from his KeyCorp position, buy his fiancée a $1.1 million engagement ring, set aside $2.2 million to buy a home in New York City, and pay another $5.7 million for a Long Island home? This math doesn't add up!
New Law Affects Rates You Charge
Were you aware that the Department of Defense has been empowered by a new law to restrict the interest rates you charge servicemembers and their dependents? HR 5122 was signed into law. It restricts interest rates to no more than 36 percent. If that doesn't sound troublesome, consider that many small loans can easily exceed that ceiling because the new law includes all fees, interest, administrative fees allowed by your state, credit insurance, etc., as "interest" for the purpose of calculating the rate. You'll also have to ask all applicants if they are covered by this law, and you may need to verify their eligibility. Violating the law can void the contract and result in both fines and imprisonment.
Were you also aware that an unintended consequence of the new law is that credit to servicemembers may become more restricted? Realizing that, Congress may take a second look at this predatory lending provision. What is the law, and what can you do to change it?
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First published on BankersOnline.com 12/07/06
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