Community Banker articles from March 2003

Community Banker archives from March 2003

Broadening banks' business perspectives. (front matter).
March 1, 2003... This month in Community Banker readers will discover a broad range of subjects, ranging from debit card trends to the latest news for mutual companies. Here's a brief look at what's inside: * Debit card volumes increased dramatically...

Third federal shares its secrets for employee satisfaction. (nationwide news).(Third Federal Savings and Loan in Cleveland )
March 1, 2003... In January, Fortune magazine named Third Federal Savings and Loan in Cleveland as one of the "100 Best Companies to Work For." This was the fourth year in a row that the $8 billion-asset ACB member, currently ranked 23rd, has made Fortune's...

Bush tax proposal could slow popularity of S Corporations. (nationwide news).
March 1, 2003... S Corporations have been growing in popularity, according to a study by Grant Thornton. In fact, 220 financial institutions converted to S Corp status last year. Since the option became available in 1997, a total of 1,849 financial institutions...

ACB urges FASB to consider all aspects of principles-based accounting. (nationwide news).(America's Community Bankers wants Financial Accounting Standards Board to consider adopting principles-based accounting framework as long-term project)(Brief Article)
March 1, 2003... America's Community Bankers has urged the Financial Accounting Standards Board to consider adoption of a principles-based accounting framework as a long-term project. "There are numerous practical issues that raise concerns and need to be...

Three agencies suggest new MBS disclosures. (nationwide news).(Mortgage-backed securities )(Brief Article)
March 1, 2003... The Department of the Treasury, the Office of Federal Housing Enterprise Oversight and the Securities and Exchange Commission released a report in February recommending additional disclosures for the mortgage-backed securities markets. ...

Treasury extends holding period for saving bonds. (nationwide news).(Brief Article)
March 1, 2003... Effective February 1, 2003, newly issued Series EE and I U.S. Savings Bonds must be held for 12 months before redemption, up from six months for bonds issued previously. Banks that sell these investments to customers should inform customers of...

Compliance corner. (nationwide news).(LTV ratios have to be considered in determining whether or not single-family residential mortgage loans qualify for 50% risk weighting on Schedule CCR)
March 1, 2003... Calculation of Loan-to-value Ratios for Single-family Residential Mortgages Question 89: LTV ratios must be considered in determining whether or not single-family residential mortgage loans qualify for 50% risk weighting on Schedule CCR....

After 150 years, beneficial savings is still banking on communities. (personal profiles).(Beneficial Savings Bank's primary objective is to develop a mutually beneficial relationship with each customer)
March 1, 2003... As community bankers, it is incumbent upon us to respond to the needs of our customers and the communities we serve. At Beneficial Savings Bank, our primary objective is to develop a mutually beneficial relationship with each customer, and...

Executive sessions: proceed with caution. (of mutual interest).(It is suggested that non-publicly held community banks adopt governance reforms as "best practices" )
March 1, 2003... We've all heard quite a bit about the need for corporate governance reform in the public company arena. The discussion also applies to community banks. Commentators have suggested that non-publicly held community banks should adopt...

Mutual holding companies: changes leave banks positioned to compete.
March 1, 2003... The Office of Thrift Supervision has issued final rules amending its mutual holding company (MHC) regulations that significantly enhance the operating flexibility and long-term prospects for federal MHCs. With these changes, it is now fair...

Brokerage bright spots: the market's still rocky, but some bank brokerages are prospering anyway. (wealth).(Discount brokerage business of People's Bank, in Bridgeport, Conn., is not thriving, but full-service brokerage is)
March 1, 2003... The discount brokerage business of People's Bank, in Bridgeport, Conn., is hardly thriving these days. While the stock-trading operation once rode high on the dot.com bubble, its revenues have fallen for the past two years. And barring a sharp...

The ascent of debit cards. (Payments Evolution) (Cover Story).(Community banks embrace debit cards)
March 1, 2003... Community banks have increasingly embraced debit cards, but there's much more room for growth. Debit cards, first offered by large financial institutions in the 1990s, have now become part of the consumer landscape. They have become the norm...

How it all comes together: affordable housing in your community.
March 1, 2003... Planning an affordable housing project is like assembling a puzzle. It can take a lot of different pieces, and sometimes the challenges can seem daunting, but when it comes together the results can be truly rewarding. "Doing affordable...

Marketing strategies for tax season.
March 1, 2003... After three consecutive years of double-digit stock market losses and shrinking 401(k) plans, $4.6 billion-asset Dollar Bank in Pittsburgh is changing the tone of its tax-season IRA offerings. For customers who have experienced such losses,...

Core deposits: the backbone of community banking.
March 1, 2003... Core deposits are the foundation of most bank franchises. Yet attracting and retaining core deposits remains a challenge. The ultimate question today is whether banks are temporary places to park liquid funds during a downturn in the stock...

How to calculate embedded options for callable agency securities. (investment management).
March 1, 2003... In the first part of this series, we reviewed embedded options represented by the prepayment option in a mortgage loan contract. In part two we looked at the embedded option represented by the prior withdrawal feature included in most...

Sunset looms for state preemption under the Fair Credit Reporting Act. (legal briefs).
March 1, 2003... In 1996, Congress amended the Fair Credit Reporting Act (FCRA) to preempt state laws and provide nationwide uniformity for critical aspects of consumer reports. This preemption expires on Jan. 1, 2004. While there has been much discussion...

Fannie Mae technology speeds up the mortgage process and reduces origination costs. (business solutions).(The America's Community Bankers/Fannie Mae Affinity Partnership)
March 1, 2003... The ACB/Fannie Mae Affinity Partnership brings ACB members secondary market advantages in pricing, delivery options, technology and support. Since its inception three years ago, our members have helped over 60,000 families become homeowners....

Identity theft remains the fastest-growing crime in America. (technology report).(Brief Article)
March 1, 2003... Identity theft is expected to cost American financial institutions approximately $8 billion in 2004, according to a recent study released by the electronic payment network Star Systems. Despite various management, technology, and...

Web watch. (technology report).(Florida Bankers Association and North Carolina Bankers Association offer database to battle fraud)(Brief Article)
March 1, 2003... Web site Helps States Join Battle Against Fraud The Florida Bankers Association (FBA) and North Carolina Bankers Association have joined forces through a revolutionary database designed to help battle fraud. The database,...

E-mail replaces face-to-face communication. (technology report).(Brief Article)
March 1, 2003... A recent survey of 150 executives stated that 92 percent of respondents say managers often choose to communicate with employees via e-mail as opposed to meeting one-on-one. The survey was developed by the staffing service Accountemps, and...

More community banks sell mortgages into the secondary market, according to ACB survey. (surveys & trends).
March 1, 2003... A growing number of community banks sold residential mortgages into the secondary market in 2002, according to America's Community Bankers 10th annual Real Estate Lending Survey. Reflecting the low interest-rate environment and increased...

Employers value integrity in job candidates. (surveys & trends).(Brief Article)
March 1, 2003... A recent survey showed that job seekers who display honesty and integrity during interviews are more likely to impress and to be hired by employers today than five years ago. The survey was developed by the staffing service Robert Half...

Data bank.(Brief Article)
March 1, 2003... identity theft More than 500,000 people fall victim to identity fraud annually. Financial institutions have access to 65 million death records from the Social Security Administration in order to help prevent identity theft. new...

ACB promotes financial intelligence. (chairman's corner).(America's Community Bankers)
March 1, 2003... America's Community Bankers is making a major contribution to our members, our industry, the economy and the American people through our Money Rules initiative on financial literacy. We recently published a new brochure, "Money Rules: Your...