Lynch on Business
Governor-elect John Lynch spoke this week at a meeting in Conway to discuss ways of fostering entrepreneurial spirit in NH and provided a little insight to his business-related legislative agenda. According to the Union Leader, he said that skyrocketing health insurance costs are one disincentive to business growth in the state, and that he would slow the trend by repealing SB 110, which eliminated statewide community rating plans. Lynch also said he would work to contain health care costs by promoting a screening panel to examine medical claims heading to court and toss out the frivolous ones. He also wants to increase state funding for travel and tourism promotion and public education.
Fleet Set to Sail
Bank of America, which acquired Fleet Financial for $48 billion in April, says its plans to convert NH branches to their network are on track. Bank of America signs replaced those of Fleet in the Boston area earlier this week. On Monday, December 20th, Fleet branches and ATMs in the rest of Massachusetts, New Hampshire, Maine and Rhode Island will start flying BoA's red, white and blue logo and Fleet's familiar white sails will disappear beyond the horizon.
Revolutionary Change
For the first time ever, electronic transactions have outnumbered those conducted using good old paper checks. A Federal Reserve survey shows that there were 44.5 billion electronic payment transactions in 2003, compared to 36.7 billion transfers accomplished using paper checks. The Fed says the balance has shifted permanently and that, by 2007, they anticipate that credit card and debit card transactions will each surpass the number of checks written in a year. That's an interesting factoid, but we're equally awed by noting that 81.2 billion payments were handled by the payments system last year with an efficiency and accuracy level that causes everyone to take the process for granted.
One If By Land
It seems like the State of Maine, (or at least its legal community), is invading the NH State House. Two prominent Portland law firms with long track records of legislative lobbying in Augusta are beefing up their Concord operations by hiring seasoned, well-known political pros. Former Senate President, former DRED Commissioner and former Pease Development Authority Chairman Bill Bartlett has been appointed senior GR advisor in NH for the law firm of Preti Flaherty. Meanwhile, former Executive Councilor, small business owner, GOP operative and occasional candidate for higher office, Bill Cahill has opened an office in Concord (next door to the NHBA) for Pierce Atwood, and will be providing legislative and regulatory guidance to their NH clients.
'Tis the Season
The holiday shopping season is in high gear, making this the time for the banking industry to be extra vigilant in its search for counterfeit cash among legitimate deposits from retailers. Counterfeiters believe that long lines at the cash registers, heavy volume and over-worked cashiers aid their efforts to slip fake bills into the system…and they may be right. Be on the lookout for funny money. Eighteen year old Clifford Usher of Lowell, MA is one person who thought he'd try passing some counterfeit cash, but was caught in a chain of events that put his Christmas shopping on hold. Stopped for a defective equipment traffic violation in Pelham, police officers determined during a records check that his license was suspended, which uncovered the ID he was carrying as a fake. A further search unveiled a phony $20 bill in his wallet, which prompted a search of his car and discovery in the glove box of $400 worth of the bogus Jacksons. The Secret Service is investigating. Usher was held on $2,000 (real) cash bail.
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 |
|
