|
|
New Year’s Resolutions
 John Sorensen, President and CEO
Iowa Bankers Association
It’s the time of year for resolutions. So if you’re having trouble coming up with yours for the New Year, let me suggest a couple.
Resolve to be a more effective advocate for your industry. I know, after the grueling caucus process, you may be suffering from a political hangover. But, we all know the risks of disengaging from the political process, even temporarily. So, pop a couple of aspirin, and resolve to develop a stronger relationship with your elected leaders in 2008.
You can start by going to the IBA web site (www.iowabankers.com) and clicking on the Legislative Action Center. Once on the site, use the prepared message to send a thank you to your Congressman for their help in turning back the Farm Credit System’s non-farm lending proposal. If nothing else, send a quick thank you to Senator Harkin for his leadership and support in the Senate Agriculture Committee. The Senator will continue to play a critical role, as he chairs the conference committee charged with merging the Senate and House farm bills.
Our arguments against full scale commercial lending for the FCS were given a huge boost by Mount Ayr banker Kim Greenland. Kim asked Congressman Steve King to query the Farm Credit Administration (FCA) about suspected FCS loans to a publicly traded restaurant chain (Cracker Barrel), and one of the nation’s largest grocery stores (Krogers). FCA Chair Nancy Pellett verified the existence of such loans, but has yet to rule on whether they may be in violation of the Farm Credit Act. More to come.
Back to the Legislative Action Center, be sure to thank Senator Harkin for co-sponsoring S. 1356, the bill to limit commercial ownership of state-chartered industrial loan companies (ILCs). And, encourage Senator Grassley to do the same. The FDIC moratorium on deposit insurance for commercial ILCs is rapidly approaching its expiration date of January 31. FDIC Chair Sheila Bair has made it quite clear an extension is unlikely. Wal-Mart is spending millions on Washington lobbyists to make their case. Congress needs to close this loophole now!
A second resolution: personally conduct at least one program in 2008 to improve financial literacy in your community. The financial turmoil created by sub-prime lending is another reminder of the need to educate Iowans on financial matters. So, this year, take the plunge. Teach that Junior Achievement course at the local high school, participate in the National Teach Children to Save Day, or conduct a class for seniors or new immigrants with help from the FDIC Money Smart program. Or, utilize the IBA financial literacy statement stuffers to educate your customers on shopping for a mortgage, avoiding identity theft and more. The IBA’s Marketing staff, led by Ben Hildebrandt, can help you get started. Just call us at 800.532.1423.
So, there you have it. Two more resolutions to tack on to your list. At the IBA, we’re resolved to help you make them happen. Happy New Year!
A New Look for a New Year
With this first Exchange of 2008, the Iowa Bankers Association has unveiled a new look. The new design is an effort to make your bi-weekly Exchange more appealing visually and easier to navigate, while enhancing the content. We are also adding an insert highlighting IBA Associate member services. And, during the first quarter of 2008, we are planning the roll out of a refurbished IBA web site, with many new features designed to enhance its value to you. We hope you like these latest changes. Tell us what you think by emailing Emily Saveraid at esaveraid@iowabankers.com.
|
|
