The effects of the current economy have drastically impacted the employment conditions in Southern California. Several of our own members currently find themselves seeking employment and there will probably be others who are similarly impacted.

The Southern California AFP is proud to introduce its Bridge Program to address this problem. Benefits of the Bridge Program include the ability to continue to earn CCM credits (if needed), the opportunity to continue attending the luncheons, upon payment of the luncheon guest charge, to enable the member to stay abreast of current tools, trends and technologies, as well as the ever-so-important chance to network with peers. Moreover, a participant in this program will be entitled to all member discounts that may be offered for SCAFP's annual Symposium and any educational seminars and workshops.

Under the Bridge Program, a member's dues may be suspended until the member becomes re-employed. To qualify, the member must (1) have been a fully paid SCAFP member for the previous two calendar years; and (2) be actively seeking employment. If a member becomes unemployed anytime during the year, the member will be allowed to continue to enjoy membership and all of its benefits (including luncheons) for the remainder of the period for which dues have been prepaid. (SCAFP bylaws provide that SCAFP membership is owned by the individual regardless of whether the dues were paid by the individual or the individual's employer.) Beginning with the start of the next dues period, upon submitting a new membership application, the unemployed member's obligation to pay dues will be suspended under the Bridge Program until such time as the member become re-employed. Upon becoming re-employed, the member will be assessed dues pro-rated over the remaining dues period.

Overview
With the start of the war in Iraq, much of official Washington's attention is focused on the conduct and progress of the war. However, Congressional leaders are committed to continuing to move legislation on a variety of issues.

Interest on Business Checking Accounts (Repeal of Regulation Q)
On March 13, the House Financial Services Committee passed H.R. 758, which contains provisions that would allow the payment of interest on business checking accounts. AFP has long supported repealing Regulation Q and sent a letter to Capitol Hill.

Deposit Insurance Reform
On March 13, 2003, the House Financial Services Committee passed deposit insurance reform legislation (H.R. 522). On March 10, 2003, AFP sent a letter to Chairman Oxley and the members of the Financial Services Committee, which outlined AFP's position on deposit insurance reform.

Homeland Investment Act
Legislation that would allow companies to repatriate offshore cash balances at a reduced tax rate has been introduced in both the House (H.R. 767) and Senate (S. 596).

Identity Theft
Three bills to combat identity theft are in various stages of the legislative process. Identity theft complaints jumped from 220,000 in 2001 to 380,000 in 2002, according to the Federal Trade Commission, while losses grew to $343 million.

Derivatives Regulation
On March 6, 2003, Congressman DeFazio (OR) introduced legislation (H.R. 1109) that provides for the regulation of over-the-counter (OTC) derivatives. Senator Feinstein (CA) is also expected to introduce legislation to regulate OTC derivatives.

Contract Netting
On March 19, 2003, the US House passed bankruptcy reform legislation, H.R. 975.  "The Bankruptcy Abuse Prevention and Consumer Protection Act of 2003" contains an AFP-supported provision helpful to the termination and netting of financial contracts in bankruptcy situations.

Bank Lending Practices
AFP released its survey, "Linking Corporate Credit to the Awarding of Other Financial Services" on March 18.  In the survey, financial professionals reported that commercial banks frequently make access to corporate credit contingent upon the purchase of other services.

Corporate Check Conversion to ACH Debits
AFP called on NACHA to delay a rule change permitting corporate check conversion to automated clearinghouse (ACH) debits. In a letter  to NACHA, the Electronic Payments Association, AFP reported that most members oppose having their checks converted to ACH debits. As a result, they need time to learn how to opt out of conversion and place ACH debit blocks or filters on their disbursement accounts.