BarCamp?
A BarCamp is a unique and engaging
conference, where the attendees actually
drive the agenda topics and lead discussions.
Visit barcamp.org to get up to speed.
We at De Novo Strategy recently attended a
BarCampBank in Dallas. It was engaging and
enlightening. A great experience.
Because we believe in building smarter
banks we thought it would be smart to hold
a BarCampBank during the Interagency
Minority Depository Institution National
Conference on July 16 - 18. It only made
sense with all the bankers in town.
Topics can include new banking products,
customer retention, web 2.0 your bank,
enterprise zone banking, ROI marketing,
etc.... and other topics you may want to add.
July 16, 2008, 9:00 am - 4:00 pm
The Drake Hotel
140 East Walton Place
Chicago, IL 60611
312-787-2200
$69.00 - Includes a light lunch.
Participate. Present. Sponsor. Visit.
http://barcamp.pbwiki.com/BarCampBankChicago
BarCampBankChicago
Contact
Wendell Brock
De Novo Strategy
wwbrock@denovostrategy.com
This is important news regarding a new level of opportunity and regulations for all financial instutions, including allowing banks to pay interest on commercial checking accounts. This will spark a wave of intense comptition for deposits!
WASHINGTON - The House passed by voice vote a bill (H.R. 6312) combining a substantially revised credit union bill with regulatory relief for banks and savings associations. ABA and the banking industry opposed the original credit union bill -- the Credit Union Regulatory Relief Act, or CURRA -- because it would have allowed any federal credit union to branch into entire cities and counties by claiming they are underserved. The association successfully worked with Financial Services Committee Chairman Barney Frank (D-Mass.) to address its concerns in a meaningful way, and ABA did not oppose the revised credit union provisions when the House considered the legislation.
The revised credit union bill, among other things, would narrow the definition of "underserved area" to census tracts that meet a low-income test; eliminate the grandfathering of cities, counties and other areas currently deemed underserved by the National Credit Union Administration; and require the NCUA to publish annual reports on how the credit unions are meeting the needs of those in the underserved areas they enter. The legislation also would limit the kinds of underserved business loans that can be excluded from the credit unions' business lending cap, and limit credit unions' ability to offer short-term payday loans to nonmembers within a credit union's field of membership.
The final bill includes regulatory relief provisions for banks and savings associations that would provide exceptions to annual privacy notice requirements under the Gramm-Leach-Bliley Act; permission to offer interest on business checking accounts two years after enactment; and increased ability for savings associations to invest in small-business investment companies and make commercial real estate loans, while also removing limits on small-business and auto loans.
WASHINGTON - A credit union regulatory relief bill that bankers blocked earlier this year has been significantly revised to address ABA's concerns and will come up for a House vote next week. Because ABA's concerns have been addressed in the revised language, the association will not oppose the measure -- which was combined with ABA-backed bank regulatory relief legislation to form a new legislative package (H.R. 6312) that was introduced yesterday.
The original credit union bill, the Credit Union Regulatory Relief Act (H.R. 5519), would have allowed any federal credit union to branch into entire cities and counties by claiming they are underserved. (Current law allows only multiple-common-bond credit unions to expand into "underserved" areas. When the National Credit Union Administration illegally extended that authority to other credit unions, ABA, the Utah Bankers Association and Utah banks successfully sued.)
House Financial Services Committee Chairman Barney Frank (D-Mass.) made substantive changes to the bill after bankers strenuously objected to an attempt in April to slip the bill through the House using a parliamentary procedure reserved for noncontroversial bills. The changes respond to the specific concerns ABA's banker leadership had identified with the original bill. The reworked bill, among other things, would:
- Narrow the definition of "underserved area" to census tracts that meet a low-income test and in which fewer than 50 percent of the families earn more than $75,000 annually.
- Eliminate grandfathering of areas currently deemed underserved by the NCUA.
- Require the NCUA to publish meaningful annual reports assessing how well credit unions are meeting the needs of those in their underserved areas. Such reporting requirements have been a long-time goal for ABA.
- Limit the kinds of underserved business loans that can be excluded from credit unions' business lending cap.
- Limit the ability to offer short-term payday loans and prevent the use of this section to expand consumer lending.
Because many of the bill's provisions go further than current law to ensure credit unions focus on people of modest means, ABA decided not to oppose the legislation. And while Chairman Frank's support for the bill virtually ensures its passage by the House, the prospects in the Senate, where no companion bill exists, are less certain.
BarCamp Bank - Chicago
July 16, 2008 @ 9am - 4pm
A BarCamp is an ad-hoc gathering born from the desire for people to share and learn in an open environment. It is an intense event with discussions, demos, and interaction from attendees. This BarCamp will focus on banking in the 21st century - and how to do it better. How can banks relate more effectively with their clients? How are banks growing and improving their clients' business or lives? How are new and community banks creatively competing and getting results? These and many other topics will be discussed at the BarCamp Bank - Chicago.
Because a BarCamp is not intended to "make a profit" we are using CREED a registered 501(c)3 non-profit to accept the money and pay the bills. CREED, which focuses on Economic Education and Development has an interest in improving financial education among the general population as well as bankers.
The BarCamp Bank - Chicago location will be at the Drake Hotel, a Hilton Property, and within one block of the Interagency Minority Depository Institutions National Conference (MDI Conference), being held July 16 - 18, 2008. The MDI Conference will start with an evening cocktail party at 5:00 p.m.; there would be enough time for attendees to walk over to the MDI Conference.
BarCamp Bank - Chicago:
Site: The Drake Hotel
140 East Walton Place, Chicago, IL 60611, 312.787.2200
Spot: $69.00 per person, (limited to 30 people)
Sponsor: $500.00 (limited to 3 sponsors)
Other Stuff: A light lunch will be served.
Current Sponsors: De Novo Strategy, Inc.; CREED;
Topics: BarCamp Bank - Chicago will cover six topics total. 12pm - 1:00 p.m. is for sponsors to facilitate short discussions. Sponsors may discuss recent trends in their markets, ask questions, or drive ideas by the group. Sponsors may also provide topics for the general session and assist in those discussions. This is an open forum requiring participation from all attendees. You should expect to enjoy the engagement with your peers.
Contact: Wendell Brock, Principal
De Novo Strategy, Inc.
469-424-2888
wwbrock@denovostrategy.com
http://barcamp.pbwiki.com/BarCampBankChicago
FDIC Approves the Assumption of All the Deposits of First Integrity Bank, National Association, Staples, Minnesota
FOR IMMEDIATE RELEASE
May 30, 2008 |
Media Contact:
David Barr (202) 898-6992
Cell: (703) 622-4790
Email: dbarr@fdic.gov |
First Integrity, National Association, Staples, Minnesota, with $54.7 million in total assets and $50.3 million in total deposits as of March 31, 2008, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was named receiver.
The FDIC Board of Directors today approved the assumption of all the deposits of First Integrity by First International Bank and Trust, Watford City, North Dakota. Depositors of First Integrity will automatically become depositors of the assuming bank and continue to have uninterrupted access to their deposits. The failed bank's two offices will reopen on Saturday from 8:30 a.m. to 11:30 a.m. as branches of First International.
In addition to assuming all of the deposits of the failed bank, First International will purchase approximately $35.8 million of First Integrity's assets for a total premium of $2.03 million. The FDIC will retain approximately $18.9 million in assets for later disposition.
Customers with questions about today's transaction or who would like more information about the failure of First Integrity can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/first_integrity_bank.html, or call the FDIC toll-free at 1-800-331-6306 until 9 p.m. this evening, and from 8 a.m. to 6 p.m., Central Daylight Time, thereafter.
The transaction is the least costly resolution option, and the FDIC estimates that the cost to its Deposit Insurance Fund is approximately $2.3 million. First Integrity is the fourth FDIC-insured bank to fail this year, and the first in Minnesota since Town & Country Bank of Almelund, on July 14, 2000. Last year, three FDIC-insured institutions failed.