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| RECENT NEWS |
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Auto Tax Changes Effective October 1!
As part of the tax bill enacted in the Spring by the Texas Legislature, the law has changed regarding the collection of taxes on private party used motor vehicle sales. Commonly referred to as the "liar's affidavit", this is now known more genteelly as "Standard Presumptive Value". As banks frequently assist customers in the transfer of title, it is important to be familiar with these new requirements. The Texas Department of Transportation has just put this web page online to explain the process, and provide the value at which a specific vehicle should be taxed.
Payroll Lien Database
We've received some phone calls regarding the new payroll lien database developed by the Texas Workforce Commission as a direct result of IBAT's intitiatives and efforts. The following is excerpted from the August 25 edition of this newsletter:
As many of you are aware, employers who fail to pay their employees are subject to a general (and priority) lien filed by the Texas Workforce Commission (TWC). Heretofore, these liens were difficult if not impossible to detect until a loan reached workout/foreclosure status. We are pleased to announce that the Texas Workforce Commission has graciously agreed to provide information on all of these active liens in excess of $2,000 in alpha format, and will update it on a monthly basis.
The link to this database http://www.ibat.org/ch_payroll_liens.asp resides in the password protected section of the IBAT website, where you will also find a link to a summary of the Texas Payday Law. We recommend that you periodically cross-check your problem loan list with this database to ascertain the possibility of any additional risk and/or diminution of collateral value.
Banking Department Launching New Web Site
On October 2nd the Texas Department of Banking (DOB) will launch a new and improved version of its website. The web address remains the same at www.banking.state.tx.us.
Please be advised that any “bookmarked” pages on your list of favorites from the DOB website have moved. You will need to add new bookmarks from the new and updated website. The DOB has made every effort to redirect those pages that are used most frequently; however, be aware that you will need to bookmark these new pages to your list of Favorites. |
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| LEGAL EASE QUESTION OF THE WEEK |
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Question: Do we have to offer our employees coffee breaks?
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. |
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| SOLUTIONS FROM SERVICES |
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Nearly one-half of U.S. consumers used a gift card during the past year according to results of Standard Register's third National Consumer and Retailer Survey of plastic card usage. The dramatic increase in usage of gift cards is directly related to the benefits these cards offer consumers. Now is the time to tap into this explosion of consumer interest! Sign up for this webinar today to learn more!
Date: Tuesday Oct 10, 2006 @ 2:00CST
How do I register? Log on to https://www.gotomeeting.com
Meeting ID: 257-993-278
Conference Call: 1-888-809-4012
Call Code: 800410
Limited to the first 25 Banks (Please RSVP BY Oct 6, 2006) |
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| IBAT EDUCATION FOUNDATION |
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Question: Who submitted H. Res 973 to the 109th Congress?
Answer: Mr. Hinojosa and Mrs. Biggert
More information... |
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| BAKER WEEKLY |
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August housing figures continue to show cooling with this week’s release of new and existing home sales...Durable good orders for August continue to decline as businesses brace for economic conditions to slow in the coming months...ISM manufacturing and prices are expected to fall in September.... 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. |
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ON THE EDUCATION FRONT |
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IBAT Appraisals Summit
November 6, 2006 - Dallas, TX
More information
This timely seminar will cover:
 Sound real estate lending policy
 Compliance with applicable real estate regulations Minimum requirements of an “evaluation” vs. an appraisal
The Appraisal Review process
The program will also cover the July 1, 2006 revisions to USPAP and the regulatory expectations of the new changes.
FDIC Banker Outreach Programs
November 2-3, 2006 - San Antonio, TX
November 8-9, 2006 - Dallas (Richardson), TX
More information
Topics to be Covered:
Emerging Issues
Economic Trends
Bank Secrecy Act
Information Technology
Consumer Compliance
Trust
Accounting
Fraud
You will also have an opportunity to ask questions of an interagency panel of Federal regulators and Texas State officials. |
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COMING SOON |
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For a complete listing of upcoming events, click here. Meanwhile, please mark your calendar for some of our key events for 2006.
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