Statistics, Facts, & Such
The top five causes of computer disasters are fire, earthquakes, power failures, hurricanes and fraud, in that order, according to a study by Contingency Planning Research, Inc. They reached these conclusions after a three year analysis of almost 300 computer disasters. Most vulnerable to computer disaster? Financial institutions! At more risk than manufacturing, service, government, education and utilities.
The latest Gallup Poll indicates that although one-eighth of the American people feel apprehensive about the future of financial institutions in the United States, seven-eighths still have faith in the soundness of their personal institution. This "vote of confidence" was the result of a survey of over 1000 heads of households in July, 1990.
Home alterations and building additions are up 11% over last year, according to a study sponsored by the Consumer Bankers Association. And close to 50% of all home equity customers used the funds for home improvement. The conclusion by experts is that when new construction and resales get weak, there is an increase in additions and alterations. People tend to improve existing homes rather than "trade up."
Treasury estimates that if the proposed amendment to the Bank Secrecy Act is adopted, they will receive about 1 million additional currency transaction reports a year-most of them from non-bank businesses. This would bring their total to more than 7.5 million currency transaction reports sent to them in 1991. There were 3,418 CTR's filed in 1975, about 100,000 in 1980, and 704,000 in 1984. Ever wonder what they'll do with 7,500,000 of them?
Interesting point...Treasury said in their proposed change to Bank Secrecy that magnetic filing of currency transaction reports would take 12 minutes as opposed to 24 minutes by paper. It used to be 24 on their old form. But if you look on the new 4789, on page 3, the second paragraph reads, "The time needed to complete this form will vary...(but the) estimated average time is 36 minutes."24 minutes?...36?...Do I hear 48?
Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 9, 9/90
First published on 09/01/1990