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What's new? Account aggregation online
In case you missed it, some of your customers have recently been exposed to a new, free Web site that serves as a way they can aggregate information about their bank accounts, credit card balances and any other information they may have.
It’s a secure Web site that automatically “grabs” the customer’s account information and presents it in “plain English” and in a way that’s easy to read, easy to understand and that saves the customer time and effort. It doesn’t work off-line and is completely Web-based. It can’t be used to pay bills or move money around from one account to another. But it’s still pretty slick.
Mint.com offers this new tool to help customers gain a better understanding of their finances. Where does the money come from? More importantly, where does it go and for what? What are your spending trends? How do those trends compare with your peers?
Mint.com saves time, helps people budget more efficiently, direct more into savings, use their money and credit properly and more efficiently and alerts them when they step out of budgeting bounds.
This month mint.com customers will be able to add investments to their program (IRA accounts, 401(k) plans and so forth. Loans, including home mortgages, auto loans student loans and just about anything else are also on the drawing board.
Interested in seeing what some of your customers are seeing? Check it out at www.mint.com. It was created for the younger generation folks and is likely to have a broader appeal to folks who are 30 or older as well. It’s quick, easy and saves time for people who simply don’t want to (or won’t) take the time to keep track of everything under one roof.
Proposal issued to reform credit card, overdraft practices
Last week the Federal Reserve, the Office of Thrift Supervision and the National Credit Union Administration issued a joint proposal intended to prohibit certain credit card and overdraft protection practices. The proposal would make changes to Regulation AA (Unfair or Deceptive Acts or Practices), Regulation Z (Truth in Lending) and Regulation DD (Truth in Savings).
Among other things, the new rules will prohibit double-cycle billing, prohibit the use of specific payment allocation methods and restrict the ability of banks to raise interest rates on pre-existing balances.
Ed Yingling, President and CEO of the American Bankers Association, said,”The proposed rules are not the right policy response to concerns over the ability of consumers to understand the terms of their credit cards. For example, the proposal would greatly restrict the ability of card companies to charge interest rates that reflect the risks of different consumers, similar to how insurance companies charge different rates depending on drivers’ records.
“If card companies cannot fully reflect risk, then millions of consumers with good credit histories will end up with higher rates,” Yingling concluded.
The proposal also would require institutions to provide customers with notice and an opportunity to opt-out of the payment of overdrafts before any overdraft fees or charges could be imposed on accounts. It would also require banks to allow customers to opt-out only for payment of point-of-sale and ATM debit card transactions.
There will a 75-day comment period on the proposed changes to Regulation AA, and a 60-day comment period on the proposed changes to Regulation Z and Regulation DD, following their publication in the Federal Register, which is expected this week.
Sen. Lieberman introduces CURIA in Senate
Sen. Joe Lieberman (I-Conn.) has introduced a bill in the Senate to match the credit union bill originally introduced in the House as the Credit Union Regulatory Improvement Act (CURIA). S. 2957 would, among other things, loosen credit unions' capital standards, increase their cap on business lending from 12.25 percent of total capital to 20 percent and expand their authority to add underserved communities to fields of membership.
ABA sent a memo to all senators Friday morning, urging them not to co-sponsor the legislation.
The "credit unions' efforts to obtain increased commercial lending authority and lower capital requirements, which primarily benefit large, diversified conglomerate credit unions, illustrates the reality that a portion of the credit union industry has outgrown its preferential regulatory and tax treatment," Floyd Stoner, ABA EVP for congressional relations, said in the memo. "This legislation would be harmful to small credit unions that observe the intent of the law and to tax-paying community banks and savings associations."
There are no cosponsors for the bill at this early juncture.
Bush signs two-week extension on 2002 Farm Bill
President Bush on Friday signed a two-week extension of the 2002 Farm Bill, the sixth extension overall, that runs until May 16. Meanwhile, House and Senate Farm Bill conferees are expected to meet Tuesday to vote on remaining items and the overall final legislation so it can be sent to the House and Senate for final approval.
Both House Agriculture Committee Chairman Collin Peterson (D-Minn.) and Senate Agriculture Committee Chairman Tom Harkin (D-Iowa) said Friday they hope the Farm Bill can pass both chambers this week. Bush has said he would veto the bill if it did not include what he believes are needed reforms. While senior conferees have said they hope to convince the president to sign the legislation, they also are making plans to try to override his veto if necessary.
"We Want You" at the 2008 OBA Convention; June 2-3
Registrations are being taken for this year's OBA Leadership Forum and Annual Convention set for June 2-3 at the Renaissance Tulsa Hotel and Convention Center. The earlybird deadline is May 16. Hotel reservations also need to be made by May 15 to receive the OBA's special convention rate – call the Renaissance as soon as possible and mention the group name of Oklahoma Bankers Association! Click here for the brochure and find out who all the speakers are.
You can download the convention registration form by clicking here. Also, if you would like to register for the annual Convention Golf Tournament, held this year at Emerald Falls in Broken Arrow, click here! If you have any questions, please contact Janis Reeser or Reistle Holliday by e-mail or phone at 405-424-5252.
Women in Banking brown bag lunch event May 13
There will be a Women in Banking Brown Bag Lunch on May 13 in Tulsa with special guest Tulsa Mayor Kathy Taylor scheduled to speak.
The event will take place at SpiritBank Spirit Tower at 1800 South Baltimore Ave. in the Community Room.
Take this opportunity to network with other women banking professionals. Click here to download a registration form and for more information!
Commercial Loan Doc seminars coming to Tulsa, Oklahoma City
The new, fast-paced Commercial Loan Doc seminars are set for May 21 in Tulsa and May 22 in Oklahoma City.
These seminars have been designed specifically to provide relevant, up-to-date and practical information to help new and experienced commercial lending personnel create enforceable liens and other necessary documentation. They will cover what every loan officer should know about loan documentation in support of commercial loan decisions.
Both new and experienced bankers will find this program to be full of immediately useful information that every commercial lender should know. Practical, effective loan documentation principles and practice will be presented, explained, and justified.
For more information, click here!
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PRIVACY & SECURITY