Speaking Opportunities

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• From the Corner Office…(Click here for full story)
  Our meeting programs aren’t always as timely as the "Disaster Planning" program in August, but many of them are extremely valuable to members. So try to attend every one of the nine meetings that we hold each year. By the way, the "Disaster Planning" meeting was produced by Jessica Fox, who headed Meeting Programs last year.
   

• January 11, 2002 Luncheon Meeting (Click here to register)

• Luncheon Meeting

•  

• Sandra Obelsky

• Treasury and Cash Management Consultant with

• Treasury Assist

•  

• will present

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• "Cash Flow Forecasting: Just do it!"

• Symposium 2002 coming April 24-25, 2002 (Click here for the full story)
  Mark the date on your 2002 calendar now: Wednesday and Thursday, April 24 and 25, 2002. That’s when your Association’s annual conference will be held at the Omni Los Angeles Hotel, in downtown Los Angeles. That’s the same hotel where we hold our monthly meetings. After 20 years as an EXPO, and after successfully using the symposium format two years ago, Symposium 2002 will have all of the educational and networking opportunities as before, which everyone has always valued so highly, and more.

• Patriots Act: New Cash Reporting Requirements (Click here for full story)

• On October 26, 2001, President George W. Bush signed the Patriots Act (H.R. 3162). This Act was designed to expand the reach of law enforcement in their efforts to identify, pursue and capture known terrorists. In an attempt to block the flow of terrorists, the legislature included a number of provisions designed to detect and interdict large currency transactions.
   

• A Spirit Of Cooperation  (Click here for full story) 
  The events of September 11 exposed the vulnerability of one of the world's greatest: powers, presenting the United States with the challenges of recovering emotionally and physically. America suffered cataclysmic human loss while the bedrock of the U.S. financial system was shaken. The bravery, courage, quick thinking, and genuine concern for others exhibited by each by each person whose life this disaster touched helped prevent even greater tragedy.

• AFP Seeks Members for Government Relations Committee
  The AFP’s Government Relations Committee is currently seeking candidates for openings on the Committee for 2002 and beyond. The GRC seeks senior AFP practitioner members who are interested in influencing legislative and regulatory actions that impact the treasury and finance functions of our profession.
  

• If you might be interested in becoming a candidate for membership in the AFP’s Government Relations Committee, please contact Dick Bort at rbort@earthlink.net or (818) 892-2093..

Legislative Update (Reprinted from www.afponline.org) (Click here for full stories)

• 107th Congress
  On October 26, President Bush signed into law the "Uniting and Strengthening America Act by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot) Act of 2001"(H.R. 3162).  Title III of this bill adds enhanced money laundering provisions which primarily impact financial institutions, but also requires non-banks to report certain transactions.  The Congress is working aggressively on other legislation stemming from the September 11 attacks.  This legislation includes an economic stimulus package, federal coverage for insurance losses due to terrorist acts, and aviation security.

• Money Laundering
  The President signed the International Money Laundering Abatement and Anti-Terrorism Financing Act of 2001 into law on October 26, 2001.  The Act is included as Title III in the broader anti-terrorism legislation enacted by Congress.  The legislation has a complex array of effective dates and mandates for new rules which largely represent a significant increase in requirements associated with international finance.  Important for AFP members is a new requirement (Section 365) for any business, whether it is a financial institution or not, to file a Currency Transaction Report (CTR) if it receives cash of $10,000 or more in one transaction or in structured transactions.
   
• Mail Disruptions — Late Fees
  On October 29, Rep. Chris Smith (R-NJ) introduced the "Late Fee Emergency Relief Act of 2001" (H.R. 3175).  The bill prohibits creditors from imposing late fees, increasing interest rates, or submitting adverse credit information on a consumer whose mail service has been disrupted by bio-chemical attacks.
   
• Deposit Insurance Reform
  Nolan North of T. Rowe Price Associates and AFP's chairman of the Financial Markets Task Force testified for the Association at the October 17 deposit insurance reform hearings of the House Financial Services Committee.  Donald E. Powell, chairman of the Federal Deposit Insurance Corporation, also testified.
   
• Internet Tax Ban
  A two-year extension of a moratorium on new and discriminatory taxes on Internet commerce was passed by the Senate November 15.  The House-passed bill (H.R. 1552) extends the recently expired moratorium on the taxation of Internet sales.
  
• Payments System Risk Policy
  AFP has advised the Federal Reserve against a policy that would require all financial institutions to prefund ACH credits at the time the ACH files are processed by the Federal Reserve.  In a November 16 comment letter, AFP pointed out that the requirement to prefund ACH credits would 1) increase costs to financial institutions and corporate originators; and 2) reduce payment system accuracy and reliability, especially for direct deposit of payroll.  As a result, businesses might convert many electronic payments back to checks, counter to the Fed's long-term policy.
   
• AICPA Property, Plant, and Equipment
  AFP has recommended that the American Institute of CPAs (AICPA) withdraw its proposed Statement of Position (SOP) on new accounting requirements for property, plant and equipment (PP&E).  AFP strongly believes that the proposed SOP runs counter to Congressional stimulus initiatives and will hurt industries that are most in need of support; i.e., manufacturing, hospitality, airlines, and retailing.
  
• SEC Under Harvey Pitt
  In his first policy address as U.S. Securities and Exchange Commission (SEC) chairman, Harvey Pitt indicated that pro forma reporting needed reform because it was not within generally accepted accounting principles.  He also explored a new concept, "current disclosure," whereby companies would be required to disclose "unquestionably material" information when it arises.  He also mentioned that new initiatives would encourage companies to report trend information and replace jargon in reports.
  
  
• T+1 Settlement
  The Securities Industry Association (SIA) announced on October 12 that it has delayed until June 2005 the implementation date for next-day (T+1) settlement processing.  SIA cited "member-firms' needs to develop plans for 2002 that better address their individual priorities, including business continuity" as the reason for the one-year delay.
   
• Federal Reserve Payment Pricing
  The Federal Reserve Board announced October 31 that its fees for electronic services will decline 5 percent in 2002, reflecting lower prices for Fedwire funds and book-entry securities transactions.  Automated clearing house (ACH) prices, which were lowered in October 2001, will remain unchanged.  Check service fees will increase, on average, approximately 4 percent, in part because of investments in check automation and electronic check technologies.
  
  
• Corporate check conversion to ACH debits
  NACHA decided in November to delay action on changes to the NACHA rules that would force the conversion of corporate checks to ACH debits at point-of-purchase and lockbox locations.
  
  
• Consumer check conversion at lockbox locations
  NACHA has approved rules that will permit the conversion of consumer checks to ACH debits at remittance and lockbox locations.  The rules, which establish a new Standard Entry Class Code, ARC, become effective March 15, 2002.