RECENT NEWS
		Subchapter S Lawsuit Your IBAT Board has elected to enter a fight to protect Subchapter S banks.  At their recent meeting held on June 2 in Dallas, the IBAT Board voted to help fund a lawsuit brought by the Community Bankers Association of Wisconsin against the IRS.  The IRS is seeking to make permanent the TEFRA interest disallowance after three years.  The Wisconsin ruling will affect every Sub S bank if allowed to stand.      The IRS position appears to be contrary to the express provisions of the Internal Revenue Code, and inconsistent with the IRS position in past years.  The IBAT Board authorized a check to help fund the legal challenge in the amount of $10,000.  Currently IBAT has 241 Subchapter S members that would be adversely affected if the IRS were to prevail.      Click here for more information.   Wal-Mart ILC Thanks to the efforts of 35 IBAT bankers who traveled to Washington in late May, eight members of the Texas Congressional delegation signed a letter to the FDIC asking the FDIC to impose a moratorium on ILC (Wal-Mart) applications for federal deposit insurance.  Please drop a note of thanks to the following Texas Representatives for signing the letter: Granger, Marchant, Gohmert, Edwards, Green, Paul, Jackson-Lee and Hinojosa.   Tax Bill Update In case you missed it, we sent an Action Report earlier this week with some useful information on the new tax bill.   Comment Letter IBAT has filed a comment letter with the Attorney General regarding contracting with local governments (HB 914).
LEGAL EASE QUESTION OF THE WEEK
		What law requires bank employees to take two consecutive weeks of vacation?      To find out the answer, click on the flashing question mark.  And you can also check out our searchable database of other frequently asked questions.
IBAT EMERGENCY HOTLINE
		Many IBAT members have called for more information about our Emergency Hotline Service.  We've put a link on our home page to the Employee Locator Database.  The Database contains some sample data to give you an idea of the type of information that can be tracked.
IBAT EDUCATION FOUNDATION
		When visiting Hands On Banking on the Students' site, who takes visitors on a site tour and what are the four areas of learning on the Kids section?      The answer will appear next week.
SOLUTIONS FROM SERVICES
		Looking for cost-savings on your communication services? Our IBAT-endorsed Service Provider, Capital Telecommunications, Inc. (CTI), has added a line of business VoIP services to their communications portfolio. The new VoiceWorks line of IP services includes Hosted PBX and IP Centrex solutions as well as standard Trunk Replacement. To learn more about how CTI can help your financial institution communicate more cost-effectively email or call 1-800-279-6828 today.
BAKER WEEKLY
		Bonds sold off this week as inflation concerns took center stage. Core producer prices increased 0.3% in May, beating expectations, but held steady at 1.5% on an annual basis.  Read more in this week's Baker Weekly.      Although this information has been obtained from sources, which we believe to be reliable, we do not guarantee its accuracy. This is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.
ASSOCIATE MEMBER ANNIVERSARIES
		Please help us recognize the following Associate Members for 10 years of dedicated service to IBAT members:    American Bank Systems, Oklahoma City, OK  AudioTel Corporation, Addison, TX  Diebold, Inc., San Antonio, TX  FundsXpress, Austin, TX  George, Morgan & Sneed, P.C., Weatherford, TX  McCleary/German Architects, Houston,TX  Wolters Kluwer Financial Services, Saint Cloud,MN  Zurich Financial Enterprises, Dallas, TX Please see our complete list of Associate Members for more details.
ON THE EDUCATION FRONT
		IBAT Education and PBS co-sponsor the following programs: 2006 Anti-Money Laundering & Bank Secrecy Act July 11 - San Antonio July 12 - Irving July 13 - Tyler July 14 - Houston How to Ensure Compliance with Deposit Regulations July 19 - Houston July 25 - Lubbock July 26 - San Antonio July 27 - Waco July 28 - Irving 2006 Mastering HMDA August 9 - Houston August 16 - Irving August 17 - San Antonio   As a member of IBAT, you have access to these upcoming Telephone / Webcast Seminars: June 20 - Compliance at Account Opening June 21 - $6 Million in Core Deposits in 6 Months:  Community Banks & Remote Deposit June 22 - Calculating the Allowance for Loan and Lease Losses June 27 - Embezzlement-Be Prepared, your Bank Could be Next! June 29 - E-Checks vs. Substitute Checks:  Understanding the Difference
COMING SOON
		For a complete listing of upcoming events, click here. Meanwhile, please mark your calendar for some of our key events for 2006.   Texas Tech Banking School August 6-11, 2006 - Lubbock   IBAT 32nd Annual Convention October 1-3, 2006 - San Antonio   Bank Operations Institute October 8-13, 2006 - Dallas