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We pause as we enter this very special week of Thanksgiving to reflect on the many blessings of our nation and industry. As you make time for your family and friends this week, all of us here at your association wish you, our extended family, a wonderful holiday.
The IBAT offices will close at noon on Wednesday, November 21 and remain closed on Thanksgiving day. We will reopen on Friday, November 23.
Have a happy Thanksgiving! |
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| ON THE HILL |
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U.S. House Passes Historic Mortgage Reform Legislation
The U.S. House of Representatives approved historic bipartisan legislation to reform mortgage and anti-predatory lending practices late last week. H.R. 3915, the “The Mortgage Reform and Anti-Predatory Lending Act of 2007” seeks to establish a national standard to rein in the abusive lending practices that contributed to the current mortgage crisis.
This comprehensive legislation will create a licensing system for residential mortgage loan originators, establish a minimum standard requiring that borrowers have a reasonable ability to repay a loan, and will attach a limited liability to secondary market securitizers. The legislation will also expand and enhance consumer protections for “high-cost loans,” will include protections for renters of foreclosed homes, and will establish an Office of Housing Counseling through the Department of Housing and Urban Development.
Effective Date of Proposition 8
Although Proposition 8, the home equity constitutional amendment, was passed by the voters on November 6, the official language of the amendment did not include an effective date. Most previous home equity constitutional amendments had an effective date of January 1 of the following year; this HJR did not. Therefore, the law becomes effective when the Secretary of State canvasses the returns - which effectively means that he verifies and affirms that the vote was valid and legal. By law, the votes must be canvassed no earlier than the 15th day nor later than the 30th day after the election. We are advised at this juncture that December 4 is the target date. Do not give out the new notices or use any revised forms before the effective date. We will advise you as soon as we learn with certainty that the votes have been canvassed and the amendment is effective.
IBAT Comments on Tax Lien Lender Rules
One of the hot issues in the financial services arena during the last Texas legislative session was the regulation of tax lien lenders. Proposed rules have been published for comments, and IBAT's Karen Neeley has provided some input on these proposals.
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| AMBER ALERT PROGRAM EXPANDS TO SENIORS |
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For the past several years, IBAT has participated in the Texas Amber Alert program to alert the public to missing children. This program has now been extended to the Silver Alert Network that notifies the public of missing persons 65 years of age or older who have been diagnosed with an impaired mental condition. While Amber Alerts are issued statewide, Silver Alerts will be issued only in the county and close surrounding counties where the senior citizen resides. IBAT appreciates those independent banks who participate in these alerts, through fliers and electronic message boards, designed to protect those who can least protect themselves. |
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| ORDER YOUR McGRUFF KITS TODAY! |
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Remember growing up with McGruff, the Crime Dog? Well, he’s still around and IBAT has partnered with him to provide high-quality products for you to offer to your customers. Our objective is to provide every child in Texas under the age of twelve with at least some of the McGruff Safe Kids educational materials to keep them safe at home and on the streets. Plus, there’s information to keep your senior banking customers safe, too!
Do your part to take a bite out of crime. For more information on how your bank can participate in this effort, CLICK HERE. |
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| LEGAL EASE QUESTION OF THE WEEK |
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Question: We have a problem commercial loan with a small corporation. We really think that the president of the company should be replaced. How far can we go to shake up management?
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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Advantage Health Plans Trust wants YOU!
In 2007 more than 20 Texas banks have joined Advantage Health Plans Trust and have discovered what we can do for their bank! With the approach of 2008, we are excited about partnering with your bank so you can become a part of a plan run by community bankers, for community bankers.
The 2008 rates are in! With only 5.7% increase, we are, as always, well below the national average. CLICK HERE to see how our rates measure up to the national trend.
Rick and Tony at USI are waiting on your call so they can help you become part of this great Plan! Call 1-800-392-2462 to learn more or visit us on the web at www.advantagehealthplans.com.
* Paid endorsement |
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| BAKER WEEKLY |
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Charge-offs and write-downs continue to plague the market as major banks in the U.S. and abroad are facing the realities of the subprime fiasco. A majority of these banks’ stock prices actually have one year negative returns– Merrill -37%, Citigroup -29%, Morgan Stanley -17%, & B. of A. -16%. Goldman Sachs dominates the field with a +17% one-year return as their bet in the subprime market continues to reap rewards. 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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Attention community bank suppliers...
Do you want all IBAT members to see your company name every month? Don't miss this opportunity to have visibility at every summit in 2008. CLICK HERE for more information.
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| Fair Lending Workshop |
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November 29 |
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Houston |
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December 11 |
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Lubbock |
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December 12 |
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Irving |
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December 13 |
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San Antonio |
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December 14 |
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Houston | |
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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 upcoming events.
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Winter Summit VIII
January 27-29, 2008 - South Lake Tahoe, NV |
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IBAT Regional Meetings
January 22-25, February 5-8, 2008 - Locations TBD |
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March 6-8, 2008 - Grand Bahama Island |
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April 29-May 1, 2008 - Washington, DC |
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IBAT Leadership Conference
June 19-21, 2008 - Moody Gardens, Galveston |
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IBAT 34th Annual Convention
September 20-23, 2008 - Hyatt Lost Pines Resort, Austin/Bastrop |
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Bank Operations Institute
October 12-17, 2008 - Dallas | | |
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Contact IBAT or if you have comments or questions about this newsletter,
email or call Bonnie Kankel at (800) 749-4228. |
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