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Like-Kind Exchanges
Thursday, June 30, 2005 (1118 reads)


Although Section 1031 of the IRS Code has long been available as a tax-deferral tool for persons selling business or investment property and replacing it with like-kind property, it has been grossly underutilized in the Northeast. Frequently, persons who would clearly benefit from arranging their transactions as an exchange will fail to do so, either out of ignorance of the shelter’s existence or because of a misunderstanding of the scope of its provisions.



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Solving the Security Riddle
Thursday, June 30, 2005 (1279 reads)


Are we mastering security or are we getting lost in a maze of risk? That’s often the senior executive’s response to news of the latest virus or spyware attack. Many believe they are fish out of water.



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Secured Party vs. Judgment Creditor
Thursday, June 30, 2005 (3205 reads)


Pursuant to a change in the Connecticut bank execution statute, a secured party with a perfected security interest in a deposit account can lose its collateral unless it acts promptly to protect its rights. Further, a depository bank, if it does not follow the proper procedures, can end up paying the wrong party or find itself caught between competing claims to the amounts on deposit.



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U.S. Treasury Offers Marketing Materials
Thursday, June 30, 2005 (1135 reads)


The U.S. Department of Treasury is offering free marketing materials for banks interested in promoting the Electronic Federal Tax Payment Systems (EFTPS) created by the IRS and Financial Management Service to allow taxpayers to pay their federal taxes electronically.



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Springing Into Action
Thursday, June 30, 2005 (1065 reads)


Our long, snowy winter is a dis- tant memory, flowers are out and both the state Legislature and Congress are taking up a number of bills. In short, everything is springing into action – well, sort of. In our last column in January, the Massachusetts Legislature had just convened for its 2005-2006 session, no committee assignments had been made and Gov. Mitt Romney had not filed his budget for FY 2006.



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Is My Bank Alone in the Fraud Fight?
Thursday, June 30, 2005 (1590 reads)


The need to provide “quality” debit card fraud loss training for banks is a key action step identified by the task force. The multi-layer debit card processing approach, utilized by many financial institutions, can cause educational inconsistencies and communication breakdowns for the issuing bank.



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Maine Real Estate Sales Prices Up 10%
Thursday, June 30, 2005 (1051 reads)


Maine’s real estate sales dipped in April, but home prices are on the rise. According to the Maine Real Estate Information System, home sales prices recorded in April increased 10.1 percent in one year. 



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New Data Security Guidance for Banks
Thursday, June 30, 2005 (1239 reads)


Recently, the federal banking regulatory agencies issued an “Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice.” This Guidance interprets section 501(b) of the Gramm-Leach-Bliley Act as well as the security guidelines issued by the federal banking regulatory agencies. The Guidance addresses procedures to be used by financial institutions to respond to unauthorized access to or use of customer information by third parties.   
The regulatory agencies clearly expect banks of all sizes to implement the Guidance as soon as possible. The Guidance provides that if “sensitive” bank customer information is stolen or illegally accessed, the bank is required to first notify its primary regulator, and then, if certain conditions exist, notify the affected customers.


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Regulatory Relief Is a High Priority
Thursday, June 30, 2005 (968 reads)


How many final rules have the federal banking regulators put out in the past 15 years? Would you say 100? How about 250? Do I hear 500?

The actual number is more than 800.


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The Character of a Contagious Leader
Thursday, June 30, 2005 (1214 reads)


Ask any business person and they’ll tell you that the character of their employees is important. Ask them to then define character or better yet, to measure an employee’s relative degree of character, and they will either shrug their shoulders or look at you in utter bewilderment.



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Legislative Corner
Thursday, June 30, 2005 (1063 reads)


The banking associations’ annual Legislative Recap Seminar will be held Tuesday, July 26 at the Augusta Civic Center. This-half day program highlights all of the bills affecting banking that were passed by the recent legislative session. Participants will receive a comprehensive binder presenting the text and summary of the bills discussed. Registration information will be sent soon, or call your association office, MACB at (207) 791-8400 or MBA at (207) 622-6163, for more information.



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Maine’s New Banking Regulators
Thursday, June 30, 2005 (1178 reads)


Former Maine Securities Administrator Christine A. Bruenn was sworn in May 11 by Gov. John E. Baldacci as commissioner of the Department of Professional and Financial Regulation. Bruenn will oversee insurance, banking, securities and consumer credit regulation, as well as 41 professional licensing boards and registration programs.



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Phishing 101
Thursday, June 30, 2005 (979 reads)


No one believes that they will be subjected to identity theft. Shopping online, bill paying online and ATMs: all a matter of convenience. The statistics for you successfully conducting a safe, reliable transaction are strongly in your favor and despite all the advertising to purchase services to safeguard your identity, e-commerce is a safe and dependable means to conduct business. And it is fast, just like everything in our lives; we need it today and we will not wait.



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Selling the Value of the Community Bank
Thursday, June 30, 2005 (965 reads)


Thank all of you for attending. The role this meeting has played in director education for 29 years is very impressive. This was one of the very first programs of its kind in the nation, begun May 5, 1977. I’m holding a copy of that program and – what a surprise – 29 years ago we had a terrific line-up of speakers. So we’ve had a long history of attracting the very best national speakers and industry topics. You will see that Tom Parliment is no exception to that list.



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Bessler Elected Association Chairman
Thursday, June 30, 2005 (1722 reads)


Theodore D. Bessler, president and chief executive officer of Shore Community Bank, Toms River, has been elected chairman of NJBankers.



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Exploring the Possibilities
Thursday, June 30, 2005 (933 reads)


Wouldn’t life be dull if we didn’t explore the possibilities? Throughout the history of the planet, humankind has ventured into the world of the unknown to pursue the possibilities. The results don’t always live up to the expectations in some cases, while in other cases the results go far beyond the imaginable.



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State Budget Picture Improves, $1 Billion Windfall Much Needed
Thursday, June 30, 2005 (982 reads)


Acting Gov. Richard Codey announced the unexpected windfall of $1 billion to the state coffers. A strong economic upturn has given the state some sorely needed relief to the budget picture. Codey announced that some will be used for property tax relief, but cautioned the Legislature to be wise with the good fortune.



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Charge It!: An Insider’s History of the Bank Credit Card, Part 2
Thursday, June 30, 2005 (1343 reads)


Banks that did venture into credit cards early on operated with the system used by country clubs – that is they returned the charge card sales tickets to their customers each month along with their monthly statement. A ledger card was prepared manually and filed in numerical order for each account. Each day, thousands of sales tickets and payments were presented to be posted to the ledger cards on Burroughs or National Cash Register manual bookkeeping machines similar to those used on checking accounts. 



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New Jersey Banks Find Community Development Is ‘Good Business’
Thursday, June 30, 2005 (1362 reads)


First of two parts

The Community Reinvestment Act is a fact of life for all financial institutions that receive deposits. For many banks, fulfilling the requirement is embedded in the institution’s mission, and most New Jersey banks are finding new and innovative ways to give back to the communities they serve.

 



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Susan Bonin Ends 20-Year Career With NJBankers
Thursday, June 30, 2005 (1137 reads)


Susan Bonin, executive director of the NJBA Service Corp. and liaison to affiliate members, will retire effective June 30 after exactly 20 years with NJBankers. She began her NJBankers career on July 1, 1985, as a benefits clerk for the NJBA Insurance Fund working for the then-director Eric Finsen.



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