Just a heads up for all you auditors and compliance persons out there. Since this is the first increase in the prime rate in ten years, I would suggest that someone at your bank take a very close look at all of your variable rate loans and products that are supposedly tied to the prime rate and make absolutely sure any changes have taken place as expected. If you have consumer credit line products tied to prime, pay attention that the rate changes when disclosed (immediately or next cycle) and if you change it mid-cycle, your periodic statements are set up to properly handle such a mid-cycle change (seen that problem a time or two).
You don't want to get caught with your pants down 18 months from now.
The opinions expressed here should not be construed to be those of my employer: PPDocs.com