The Year That Started With Life Imitating Art and Ended With Art Imitating Life
The first issue of NHBA News in '04 set an odd tone for the year. We reported on how the NH legislature, in a Twilight Zone moment, pretended it was still 2003 so they could legally act on Governor Benson's vetoes from the previous year. We ended 2004 on warnings that counterfeiting blossomed this year, with a lot of art trying to imitate real cash and checks during the busy holiday season. A lot happened in between, including:
The OCC started the year off with a bang, issuing rules on when they would pre-empt state law and telling the states to leave their national banks alone... The Patriots win the Super Bowl! ... The SBA closed the 7(a) loan guarantee program due to lack of funds... The GAO recommended that the NCUA implement a system to determine if individual credit unions still deserved their federal tax exemption. NCUA Chairman Dennis Dollar tells them what to do with their idea... FINCEN told us how to identify a "new customer"... In our own Twilight Zone episode, the NHBA accidentally re-sent a four year old issue of NHBA News, which turned out to be a good compliance reminder... The SBA restarted the 7(a) program... The Federal regulatory agencies requested comments on the idea of extending streamlined CRA exams to all banks under $1 billion... Someone had the chutzpah to use the FDIC as the hook in a "phishing" internet ID theft scam... The NH real estate escrow rate stayed at zero... A cadre of NH lawmakers attempted, but failed, to have the state issue its own gold and silver coins... Sovereign acquired First Essex Bank... U.S. Rep. William Thomas, Chairman of the Congressional Ways & Means Committee, announced plans to examine whether credit unions and other non-profits still deserve their tax-exempt statuses... Bank of America received approval from the Fed to acquire Fleet... The Fed continued to hold interest rates at their historically lowest level... An American Banker survey showed that most banks are comfortable with a "satisfactory" CRA rating and feel that community activists have made it unreasonably difficult to reach for an "outstanding"... FDIC Chairman Don Powell adds his voice to those calling for taxation of bank-like credit unions... The banking industry tries to figure out Health Savings Accounts (HSAs)... The SBA, nearly out of money again for the 7(a) program, is reauthorized to the end of 2004... NCUA Chairman Dennis Dollar resigns... Reform of the GSEs (Freddie, Fannie & the FHLB system) gets support from the White House and Treasury, and takes center stage in Congress... SB 428, a bill in the NH legislature to micro-manage bank reserving practices, dies... HB 1161, a bill sought by the NHBA to improve rules on bank insurance sales, passes... the NHBA launches a web site to help catch crooks, www.nhmostwanted.org... President Bush renominates Fed chairman Greenspan... FDIC Chairman Don Powell proposes a two-tiered deposit insurance system to have big banks pay higher premiums and face more scrutiny... HB 1282, giving exclusive jurisdiction over banks in consumer protection issues to the Bank Commissioner and granting him the authority to order banks and licensees to pay restitution, becomes law... We ask, "Whatever happened to GSE Reform?... or bankruptcy reform... or deposit insurance reform... or regulatory relief"... U.S. District Courts back up the OCC's preemption ruling, miffing state commissioners and lawmakers... The Greenlining Institute calls for CRA for CUs... The FTC issues FACT Act rules, including guidelines on free annual credit reports for consumers... The National Flood Insurance Program is set to expire again, but is reauthorized... The NCUA says "Do-Not-Call" rules don't apply to federal credit unions... Joe Reilly, President, Centrix Bank, replaced Ann Lally, President of Salem Co-op, as Chair of the NHBA... The OTS unilaterally extends streamlined CRA exams to banks up to $1 billion it regulates... New England Regional SBA Administrator Jeff Butland dies unexpectedly at 53... Following the OTS lead, the FDIC votes to issue an official proposal to extend streamlined CRA exams to banks up to $1 billion that they examine... Two Massachusetts banks, Lawrence Savings and Enterprise Bank, announce plans to open NH branches... The Fed starts to, slowly, raise interest rates... Toronto-Dominion Bank of Canada announces plans to buy a controlling interest in Banknorth Group, the parent of Bank of NH... Laconia Savings announces that Linda Normandin will succeed Bruce Clow as President at year end... Tight for cash, the SBA raises fees and lowers the guarantee cap on the 7(a) program to stay in business... Comptroller of the Currency John D. Hawke retires (no replacement, yet)... Bills are submitted in Congress to review the OCC's preemption ruling... The Red Sox win the World Series!... The New England School of Banking announces that it will not enroll a new class in 2005... In The Big Race, John Kerry wins NH, but President Bush is re-elected... Democratic businessman John Lynch makes Craig Benson a one term governor... Sandy got engaged... Under an ethics cloud, Rep. Gene Chandler resigns his post as Speaker of the NH House... A minority of Republicans join with the Democratic Minority Party to elect Rep. Doug Scamman as the new Speaker... The Fed announces that, for the first time ever, electronic payments outnumber those done with good old paper... Fleet branches in NH officially join Bank of America... Congress reauthorizes the SBA's 7(a) program... again... and so it goes...
Merry Christmas from the NHBA staff: Jerry, Diane, Sandy, Julie & Nancy
New Hampshire Bankers Association 122 North Main Street P.O. Box 2586 Concord, New Hampshire 03302-2586 For more information on above items: call (603) 224-5373, fax (603) 224-3381 or E-Mail jlittle@nhbankers.com. |
Current Issue
April 20, 2005
Past Issues
April 7, 2005
March 24, 2005
February 25, 2005
February 17, 2005
February 3, 2005
January 21, 2005
January 13, 2005
December 23, 2004
December 9, 2004
December 2, 2004
November 18, 2004 |
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