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Charles Plosser Excited About New Role, Positive About Economy
Thursday, March 01, 2007 (1070 reads)


Dr. Charles I. Plosser became president of the Philadelphia Federal Reserve in August 2006. In this role, he participates in the Federal Open Market Committee, which is responsible for conducting our nation’s monetary policy. Before joining the Fed, he was an economics professor at the University of Rochester’s William E. Simon Graduate School of Business Administration, where he also served as dean from 1993 to 2003. During his career, he has been a visiting scholar at the Bank of England and the Federal Reserve Bank of Minneapolis. His research and teaching interests include monetary and fiscal policy, long-term economic growth, and banking and financial markets. He was co-editor of the Journal of Monetary Economics for 20 years and is co-editor of the Carnegie-Rochester Conference Series on Public Policy. Plosser co-chaired the Shadow Open Market Committee, a nationally recognized group of economists, which monitors and comments on U.S. economic policy. He has served as a consultant to numerous companies, including Chase Manhattan Bank, the Eastman Kodak Co. and The Wyatt Co.. He was a member of the New York State Board of Economic Advisors and served on the board of directors of ViaHealth Inc. and RGS Energy Group. He has served on advisory boards of the Rochester New Enterprise Forum, Chase Manhattan Bank and the University Technology Seed Fund LLC. He earned a master’s in business administration and a doctorate from the University of Chicago.



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A Critical Year
Thursday, March 01, 2007 (1070 reads)


I received an e-mail from our director of communications, Tim Doherty, reminding me that I needed to complete my last article for New Jersey Banker magazine. I remember last year about this time, then-Chairman Ted Bessler called me to discuss the transition of the chairman’s position. In his closing comments, he reminded me to enjoy my time in the position because it would pass by quickly. Ted, in all our great conversations, that phrase was “right on.” It has been an incredibly busy year for the association and it hardly seems possible that nearly 365 days have elapsed.



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Gov. Corzine Introduces Budget
Thursday, March 01, 2007 (1168 reads)


The past six months, I have been given the privilege of running a dual role here at the NJBankers headquarters. As acting president and director of government relations, it was probably one of the most challenging tasks I’d ever accepted. I must admit there were some initial concerns, but with the support of our NJBankers executive board, the board of trustees and the NJBankers staff, it turned out to be an amazing experience.
I’d like to personally thank Chairman Michael Quick, Roger Bosma, Norm Beatty and Gerry Lipkin for their tremendous support in this time of transition. I am also thankful to have staff that responded to the challenge with me. Tim Doherty, Jane Eiseman, Sabrina Younossi, Mary Lou Hessman Lorraine Holcombe and Jane Swanson all are to be congratulated for a job well done! I would be remiss if I didn’t mention Mary Kay Roberts, whose due diligence and legislative insight helped keep the government relations program running better than ever! Thanks Mary Kay!



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Addressing Small-Business Failure Rates
Thursday, March 01, 2007 (1414 reads)


The important role of small businesses in the stability and health of the United States economy underscores the importance of learning why small businesses fail and what can be done to reduce these failures.
The Federal Reserve Bank’s 1998 Survey of Small Business Finance said there was $700 billion in outstanding debt on the books of small businesses. Of that, $609 billion was in the six traditional types of credit (of which $361 billion was supplied by banks), an additional $86.5 billion represented loans from owners and about $4.8 billion was credit card balances.



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Anatomy of a Product Launch
Thursday, March 01, 2007 (1145 reads)


Banks need to establish close working partnerships with the agencies they choose to help them launch new financial products. Good agencies can help banks differentiate themselves in the marketplace, if bank marketers take the time to understand the goals of a new product launch strategy.
Consumers today increasingly are looking for relationships with companies where they do business. Banks are no longer bricks and mortar or “clicks.” It used to be about going to an ATM and not interacting with people.



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Banks and Credit Ratings
Thursday, March 01, 2007 (2134 reads)


As competitive pressures increase, smaller banks are constantly searching for ways to improve operations. One potential source of improvement is a close look at how their credit ratings affect their business operations.
Model-driven credit quality ratings, based on banks’ regulatory financial filings, have been assigned to every bank in the United States.



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Bankruptcy: Guaranteeing a Fresh Start
Thursday, March 01, 2007 (993 reads)


Since the turn of the 20th century, Americans have always had access to bankruptcy when overwhelmed and unable to repay their debts. This is as it should be. There is no reason to force people to toil under the burden of debts they can never repay. For this reason, the United States has had a “fresh start” enshrined in our bankruptcy laws since 1898. During the Great Depression in the 1930s, Congress created voluntary repayment plans as an alternative to straight liquidation.
However, as originally envisioned, straight liquidation under Chapter 7 was meant to be a last resort for people with no ability to pay. Congress continued America’s progressive tradition by enacting the Bankruptcy Abuse Prevention and Consumer Protection Action of 2006 (Public Law 109-8) to channel higher income consumers into repayment plans, while permitting those unable to repay to go into straight liquidation. The Financial Services Roundtable supports both the letter and spirit of these important reforms.



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Combining the Spiritual and Temporal
Thursday, March 01, 2007 (8536 reads)


Active ministers studying for doctorate degrees at the New Brunswick Theological Seminary are learning how the Community Redevelopment Act (CRA) can help them meet financial challenges as they develop faith-based social action, housing and community support programs.
The ministers, all studying in a post-graduate program at the seminary which leads to a Doctor of Ministry degree, are taking a unique course in community development and investment developed by Magyar Bank.



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