Bank News back issues from March 2002:
The Enron era
Mar 01, 2002; ... EDITORIAL Comment Where were the directors? With more than a half dozen Congressional committee hearings, Securities and Exchange Commission investigations and Justice Department probes into the Enron situation, we will eventually know who did or knew what when. That cannot be ...
Monthly interest
Mar 01, 2002; ... An opportunity exists for U.S. banks to host bankers from the former Soviet Union for two weeks as part of an internship program taking place this June. The Financial Services Volunteer Corps, a non-profit group based in New York and co-chaired by John Whitehead and Paul Volcker, is ...
New solutions
Mar 01, 2002; ... AUTOMATED ADVICE Portfolio Analysis Service (PAS) from DirectAdvice, Inc., enables financial institutions to make buy/sell recommendations in one or all of a client's investment accounts, depending on current holdings and what is available in each of the different accounts ....
The retirement plan manager of choice
Mar 01, 2002; ... VENDOR OF THE MONTH Retirement plans are one of the most effective ways to attract and retain the talent needed to keep a bank competitive. What makes the Pentegra Group the retirement plan manager of choice among community bankers? As a program established for the exclusive benefit of ...
The Check Truncation Act
Mar 01, 2002; ... Will proposed federal legislation modernize the check payment system or merely put a new face on an antiquated process? On Dec. 17 , the Federal Reserve Board of Governors submitted to the banking committees of both houses of Congress a proposal for a federal Check Truncation Act, which ...
A new face on an antiquated system?
Mar 01, 2002; ... Of course, check truncation isn't a dream come true for everybody. Check couriers aren't the only ones who might be disappointed by the new process. Banks which continue to require physical checks may find varying print quality in substitute checks, making them difficult to read. Consumer groups ...
Highlights of the proposed federal Check Truncation Act
Mar 01, 2002; ... * The proposed Act creates a new type of paper document, called a "substitute check," that can be created from an electronic check image and that would be the legal equivalent of the original check. * A legally equivalent substitute check would (1) contain an image of the information on ...
The case for outsourcing -- as compelling as ever
Mar 01, 2002; ... Anyone who has spent time in the financial services industry knows that the issue of whether to outsource one's core processing banking technology or bring it in-house is not a new issue. It also remains that there are still no "right or wrong" answers. Every bank will come to the ...
Taking a stand against check fraud
Mar 01, 2002; ... Check fraud is a persistent source of red ink for banks that shows no signs of abating. Getting an exact fix on the problem is tough. Bankers don't like to talk about fraud losses, and there is no central repository of information on check fraud in the United States. A survey by the American ...
Scanning the files
Mar 01, 2002; ... EDITOR'S NOTE: Information for the following article was provided by Computer Services, Inc. Based in Paducah, Ky., CSI is a leading provider of data processing services and e-business solutions. Document imaging continues its steady advance into community banks across the country ....
The exit review: Missed opportunities reclaimed
Mar 01, 2002; ... It has been my experience over the past 35 years in advising bank boards of directors across the United States (from the perspective of both the regulator and the bank) that there are a surprising number of institutions that fail to take advantage of the opportunities and potential for positive ...
Kansas conference sheds light on future technology
Mar 01, 2002; ... Banks continue to adapt to their changing marketplace. Ten years ago ATMs started out as major cash drains. Financial institutions don't think that today, as Internet banking has the same potential. More than 180 bankers discovered useful marketing ideas and walked away with a renewed ...
A state of readiness
Mar 01, 2002; ... Business continuity plans are as near as the web During the 1950s, the small community of Dorset, Minn., was immortalized in Ripley's Believe It or Not as being the smallest U.S. town to have a bank. That bank was Northwoods Bank, now located in the nearby Park Rapids and Nevis areas of ...
Community banks are their own toughest competitors
Mar 01, 2002; ... Community banks are aggressively courting business customers, expanding sources of income and grappling with a shortage of qualified employees, according to a new joint survey by the American Bankers Association (ABA) and the ABA Banking Journal. The survey compiles the views of top ...
Grain index futures, options launched my MGEX
Mar 01, 2002; ... National Corn Index (NCI) and National Soybean Index (NSI) futures and options contracts begin trading last month at the Minneapolis Grain Exchange (MGEX). The exchange simultaneously launched MGEXpress, its new electronic trading platform, and NCI and NSI futures and options will trade ...
CD is linked to Dow Jones Average
Mar 01, 2002; ... MARKETING Savers and investors at community banks nationwide now have access to certificates of deposit linked to the performance of the Dow Jones Industrial Average, based on a licensing agreement between Dow Jones Indexes and Bankers Financial Services Corp. Under the ...
Small businesses demand service from their financial institutions
Mar 01, 2002; ... MARKETING Financial institutions that fail to develop a well-coordinated service strategy for handling small business customers experience higher attrition rates than banks that do provide customized service, suggests the winter issue of the Consumer Bankers Association's Small Business ...
Insurance sales guidebank offered by ABA
Mar 01, 2002; ... A free guidebook for bankers who are considering entering the insurance sales arena is being offered to its members by the American Bankers Association (ABA). Designed with community bankers in mind, the new 31-page resource walks bankers through the steps necessary to create a profitable ...
Good customer service is about expanding the relationship
Mar 01, 2002; ... Nearly one in two consumers (46%) say they have cancelled an account with a credit card provider because of poor customer service, and a third of consumers have dropped other major service providers for the same reason. In addition, 53% of consumers say automated phone systems are the ...
My Alert gives account into via e-mail or pager
Mar 01, 2002; ... A service that provides clients with timely notification through e-mail or alpha-numeric pager about financial events that take place within their accounts is being launched by New Orleans-based Hibernia National. My Alerts is the latest feature of the bank's award-- winning Internet banking ...
Retaining key employees is a continuing dilemma
Mar 01, 2002; ... HUMAN RESOURCES Nine out of 10 community bank executives name "retaining key employees" as a major factor in their continued success, according to results from the Ninth Annual Survey of Community Bank Executives by Grant Thornton, a global accounting, tax and management consulting ...
eMentor: On the job partner for bankers
Mar 01, 2002; ... HUMAN RESOURCES A web-based comprehensive knowledge management tool for bankers was released last month by RMA-The Risk Management Association. eMentor, according to RMA, is the first integrated source of information on credit and lending processes, concepts and practices, and it also ...
New importance for SARS
Mar 01, 2002; ... Suspicious Activity Reports (SARs) have been an important tool in combating drug trafficking, money laundering and other illegal activities, but they have gained new importance in the fight against terrorism. With the higher stakes involved, financial professionals now have additional ...
Around the region
Mar 01, 2002; ... Jeff Plagge has announced his candidacy for chairman-elect of the Iowa Bankers Association (IBA). Plagge is president and CEO of First National of Waverly. Plagge cites his activity on the national and state level of banking association work over the past 15 years and his belief in the ...
Bankers distribute Sept. 11 donations
Mar 01, 2002; ... AROUND THE NATION Checks totaling $1.3 million which were contributed by the nation's banks in the aftermath of the Sept. 11 attacks will be sent to three charitable organizations to help those affected most directly. The money - donated to the Victims and Families Relief Fund jointly ...
BancorpSouth sets repurchase program
Mar 01, 2002; ... AROUND THE NATION A common stock repurchase program has been announced by BancorpSouth, Inc., Tupelo, Miss. The company has been authorized to acquire up to 4.1 million shares of its common stock, in addition to approximately 825,000 shares that BancorpSouth has yet to purchase under a ...
BISYS trades on New York Stock Exchange
Mar 01, 2002; ... AROUND THE NATION The BISYS Group, Inc., New York City, has announced its stock began trading on the New York Stock Exchange (NYSE) on March 6. Shares of the firm's common stock previously traded ...
KeyCorp names Swanick retail bank president
Mar 01, 2002; ... Patrick J. Swanick has been named retail bank president of KeyCorp, Cleveland, Ohio. He will report to Jack Kopnisky, consumer banking executive for the holding company. Swanick will be responsible for Key's retail banking sales and service organization, its delivery channels and its ...
PULSE selects MasterCard as switch
Mar 01, 2002; ... PULSE EFT Association, Houston, has announced its selection of MasterCard International to provide future switching and settlement services for the electronic funds transfer network. PULSE President and CEO Stan Paur said that PULSE and MasterCard have executed a letter of intent ...
Deposit insurance bills introduced in Congress
Mar 01, 2002; ... REGULATORY FORUM Mark-up sessions are planned this month on a new deposit insurance reform bill. The House bill was announced by House Financial Services Committee Chairman Michael G. Oxley (R-Ohio) and Subcommittee on Financial Institutions Chairman Spencer T. Bachus (R-Ala.) ....
Nebraska legislature considers branching, deposit cap
Mar 01, 2002; ... In Nebraska, hearings are being conducted for LB 1089. The measure would authorize statewide de novo branching and also provides for a phased-in increase in the existing 14% deposit cap. The branching provision would allow for unlimited statewide branching, but would limit mobile ...
FDIC announces agreement on examinations
Mar 01, 2002; ... An agreement between regulators on when the FDIC will examine institutions not under its direct supervision has been approved by the FDIC board. The agreement enables the FDIC to examine any insured deposit institution (IDI) that represents a heightened risk to the deposit insurance fund by ...
FOMC holds fed funds at 1.75%
Mar 01, 2002; ... The target for the federal funds rate was held steady at 1.75% last month when the Federal Open Market Committee (FOMC) made no change. The FOMC said signs that weakness in demand is abating and economic activity is beginning to firm have become more prevalent. With the forces ...
IBA opposes ATM surcharge ban
Mar 01, 2002; ... In Illinois, the Illinois Bankers Association (IBA) is opposing legislation to prohibit automated teller machine surcharges in that state. The measure, introduced by Rep. John A. Fritchey of Chicago, would prohibit state banks from charging ATM fees to anyone except their own customers and would ...
FDIC addresses wireless technology risks
Mar 01, 2002; ... Risks associated with wireless technology and suggestions for managing those risks have been addressed by the FDIC. The FDIC in a letter to CEOs noted that wireless networks are rapidly becoming a cost-effective alternative for providing network connectivity to financial institution information ...
Regulators close Internet NextBank
Mar 01, 2002; ... NextBank, an Internet-only bank, was closed Feb. 7 by the Office of the Comptroller of the Currency (OCC). The bank, which was based in Phoenix, solicited only certificates of deposit of $100,000 or more and had no checking or savings accounts. The failed bank had total deposits of $554 million, ...
FDIC report studies bank credit quality
Mar 01, 2002; ... The outook for bank credit quality in 2002 rests on whether the current problems of large corporate borrowers filter down to smaller businesses and consumers, the FDIC has reported. Financial problems in the corporate sector have coincided with a deterioration in large-bank credit quality in ...
Ohio bank fails
Mar 01, 2002; ... Insured deposits of the failed Oakwood (Ohio) Deposit Bank Co. are being assumed by The State Bank and Trust Co., Defiance, Ohio. The Oakwood institution was closed on Feb. 1 by the Ohio Superintendent of Financial Institutions and the FDIC was named receiver. The failed bank had total ...
Treasury to issue first Accounts Program grants
Mar 01, 2002; ... Applications for the Department of the Treasury's First Accounts Program will be accepted through March 20. A Notice of Funds Availability (NOFA) issued by the department's Office of the Assistant Secretary for Financial Institutions invited insured depository institutions and other eligible ...
Fed approves HMDA regulation changes
Mar 01, 2002; ... Regulatory changes intended to improve the quality and consistency of data collected on home mortgage loans have been approved by the Federal Reserve Board. The amendments to Reg C, which implements the Home Mortgage Disclosure Act (HMDA), require lenders to disclose pricing data on higher cost ...
Private market bank prices
Mar 01, 2002;
Bank stocks
Mar 01, 2002;
Is preemption justified?
Mar 01, 2002; ... IN OTHER WORDS Creation in 1863 of a uniform charter, which allows national banks to operate with immunity from many state and local laws, has benefited both banks and consumers, according to Comptroller of the Currency John D. Hawke, Jr. "The ability of national banks to ...