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- Sen. Dodd plans bill to create single regulator for banks
Senate banking committee Chairman Christopher Dodd plans to introduce a bill that would create a single agency to supervise banks and bank holding companies. The bill would remove such power from the Federal Reserve and the Federal Deposit Insurance Corp. The bill likely will put Dodd at odds with the Obama administration and the House, both of which are proposing approaches that include the Fed and the FDIC. The Wall Street Journal
(11/5)
    
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GMAC will receive fresh funds, Sen. Dodd says: Senate banking committee Chairman Christopher Dodd said Treasury officials informed him that GMAC Financial Services will receive a cash injection of as much as $5 billion. But this will be the last time GMAC will receive such funds, the officials told Dodd. GMAC has received $12.5 billion in government funding since December. CNNMoney.com/Dow Jones Newswires
(11/4)
- New York's Cuomo files antitrust lawsuit against Intel
New York Attorney General Andrew Cuomo filed an antitrust lawsuit against chip-maker Intel, the first such suit in more than 10 years. The suit alleges that Intel used rebates and co-marketing arrangements to persuade equipment makers to use its chips rather than those of competitors. A representative for Intel denied the charges. In May, the European Commission fined Intel $1.45 billion on similar charges. The New York Times
(11/4)
| Market Trends | | |
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- Actual number of jobs created, saved is unclear
Although some reports on the number of jobs created or saved by stimulus spending are full of mistakes or disagree with one another, they provide insight into what the money is accomplishing, according to this article. The Obama administration said the government's $787 billion stimulus has saved or created more than 640,000 jobs. Educators who were able to keep their jobs because of the stimulus accounted for 325,000, even though President Barack Obama said he expects only 10% of the jobs to be in the public sector. The New York Times
(11/4)
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- House advances measures on Sarbanes-Oxley, consumer protection
The House Financial Services Committee has approved a bill that would permanently exempt companies with capitalization of less than $75 million from Sarbanes-Oxley rules. White House chief of staff Rahm Emanuel has pushed for passage of the exemption. Meanwhile, the House approved a bill that would put greater restrictions on credit card companies and move up the start date of new rules after consumers complained about interest rate changes that credit card issuers made in anticipation of pending rule changes. The New York Times
(11/4)
, WebCPA
(11/4)
, Bloomberg
(11/4)
- SBA plans changes to program for disadvantaged companies
The Small Business Administration plans to make changes in the 8(a) Business Development Program, which helps disadvantaged firms. The changes involve how finances define the meaning of "economically disadvantaged," greater flexibility with regard to ownership and control within families, and stricter guidelines on how much work must be done in joint ventures as opposed to contracting it out. Small Business Trends
(11/3)
- Treasury nominee touts Build America Bonds program
Michael Mundaca, acting assistant Treasury secretary for tax policy and President Barack Obama's nominee for the post, urged lawmakers to extend the Build America Bonds program. Mundaca told the Senate Finance Committee that the program is "too successful to simply allow it to expire." The program is set to expire at the end of next year. "It's opened up markets to states and localities to place their bonds beyond where other state and local bonds could be placed," Mundaca said. "We need to seriously consider whether and how to extend it." The Bond Buyer (subscription required)
(11/5)
| Best Practices | | |
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- CIOs are advised to learn about risk
The goals of chief financial officers and chief information officers often clash because the latter's job is to propose out-of-the-box ideas that often come with a lot of risk, according to this article. "They're always coming up with these very capital-intensive programs that are essentially faith-based initiatives," said an attendee at a recent CFO-CIO conference, at which many finance directors said their technology counterparts should better understand risk assessment. CFO.com
(11/4)
| ELFA News | | |
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ELFA requests guidance on sales tax increase in North Carolina
ELFA is seeking guidance from the North Carolina Department of Revenue on proper application to existing lease contracts of a recent 1% sales and use tax increase. Traditionally, lease contracts in North Carolina that are in effect before an increase are grandfathered in at their original tax rate, but a recent notice from the state contradicts this practice. A PDF file of ELFA's request is available on the association's "State Issues" Web page.
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Web seminar: "Credit & Collections Benchmarking -- Industry Statistics ... How Do You Compare?"
1 to 2:30 p.m. Eastern on Nov. 10
Register now!
In our volatile economic environment, understanding credit quality and trends from an industry and peer perspective is critical to improving your decision-making and managing overall credit policy. It is equally important to compare the effectiveness of your collections department with your peers. This Web seminar will provide data critical to analyzing the credit quality of your portfolio. Additionally, results of the Collections Effectiveness Survey will provide industry benchmarks and best practices of collections to help you manage your collections department and improve your overall performance in these challenging times.
Who should attend: Senior vice presidents and vice presidents of credit and collections, credit and collection managers, credit analysts, collectors, documentation specialists, and service providers to the industry.
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