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Resolutions We Would Like to See in 2008
By Chris Williston, IBAT President and CEO
The Texas Independent Banker
Volume XXXIV No. 1 January/February 2008 |
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 Welcome 2008!
There is nothing like the cleansing of the holidays and the ringing in of a new year to give one the feeling of a new start, a new beginning. We leave 2007 with the blessing of another great year for our association and industry as we turn with much uncertainty to the year ahead.
Is our economy headed for recession? What will be the long term ramifications of the subprime meltdown for all financial institutions? Who will emerge as the next leader of the greatest country on earth as we wrestle for solutions to such issues as immigration reform, health care, the continued threat to our nation’s security, energy independence and trade?
We are all stakeholders in the “big picture” issues of 2008 and yet we know that we must keep focused on the initiatives and concerns of community banks in order to keep this a viable and relevant industry. As such, we turn our attention to the challenges and resolutions we would like to see in 2008…resolutions that will ensure community banking’s place in the changing financial services marketplace.
• The credit unions resolve to give up their quest for expanded powers and membership and return to their original purpose by abandoning CURIA;
• Congress abandons their plans to increase the capital gains tax and makes permanent the repeal of the death tax;
• The U.S. Senate finally acts on anything. More specifically, they find compromise to the Industrial Loan Company issue and place a permanent moratorium on Wal-Mart and other major retailers and commercial firms from owning ILC’s;
• Congress rejects the temptation to “throw the baby out with the bath water” by imposing new regulations or unwarranted restrictions on all financial institutions as a result of the subprime mortgage mess caused by the large money center banks and their affiliates;
• Congress finds new incentives to stimulate and reward savings for all Americans;
• The private and public sectors work together to enhance the financial literacy of all U.S. citizens and mandate elementary, middle and high school initiatives to teach basic economic and financial responsibility curricula;
• Federal and State regulators exercise restraint and good judgment as financial institutions deal with softening commercial and residential real estate lending portfolios;
• Major initiatives are rekindled to provide much needed regulatory relief and paperwork reduction that serves little or no purpose;
• Community bankers resolve to recommit themselves, their directors and employees to education and networking opportunities necessary to adapt to the growing complexities of the financial services business;
• Special attention be paid to the preservation and restoration of control of the payments system, the “heart” of our franchise value;
• That 2008 be the year for all community bankers to give something back to their industry by donating their time and talents to their association or banking organization of choice.
You have my assurance that the IBAT leadership and staff are resolved to do everything within our collective strength to meet all our industry challenges head on in 2008. We won’t make a difference by just holding on and allowing everyone else to determine our course for us. Rather, you and I can and will steer our own destiny.
Resolve now, to do your part.
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