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March 15, 2013
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Daily news for the equipment finance sector

  Industry News 
  • SBA is seeing loan growth in fiscal 2013
    The Small Business Administration is continuing with a multiyear push to expand loan availability and streamline its loan-guarantee approval process, says Jeanne Hulit, associate administrator for capital access. This fiscal year, government-guaranteed loans have increased 6% compared with fiscal 2012. However, it's not clear whether that growth will continue because the effect of the sequester is not yet known. Bloomberg Businessweek (3/14) LinkedInFacebookTwitterEmail this Story
  Market Trends 
  • U.S. current-account gap thins to 2.8% of GDP
    The dollar might firm up after the U.S. reported a fourth-quarter current-account deficit that tied for the second narrowest as a percentage of gross domestic product in the past 3½ years. The gap, at 2.8% of GDP, has come down from a high of 6.5% in Q4 of 2005. The current account measures the flow of goods, services and investments into and out of the country. Reuters (3/14) LinkedInFacebookTwitterEmail this Story
  • Higher building-material prices challenge contractors
    An analysis of federal data by the Associated General Contractors of America shows that the cost of building materials rose in February and was up for 2013 compared with 2012. "For the second month in a row, contractors endured outsized price hikes ... In addition, soaring diesel prices mean contractors are paying more for fuel they buy and, via fuel surcharges, for the thousands of deliveries of materials and equipment required for construction projects," Chief Economist Ken Simonson said. American City Business Journals/Albuquerque, N.M. (3/14) LinkedInFacebookTwitterEmail this Story
  Government & Regulatory 
  • Congress works on tax-code overhaul
    Bipartisan work on a comprehensive overhaul of U.S. tax law got under way in the Senate Finance Committee with Democrats and Republicans agreeing on one issue: The economy would benefit from eliminating tax breaks worth tens of billions of dollars, they said. They disagree, however, on what to do with the money saved. The Washington Post (3/14) LinkedInFacebookTwitterEmail this Story
  • FINRA's Ketchum calls for harmonization of rules
    Financial Industry Regulatory Authority Chairman and CEO Richard Ketchum has called for investment advisers and brokers to be governed by the same set of rules, as he highlighted shortcomings of the Securities and Exchange Commission. "If investors are to be protected, investment advisers need to be examined regularly and vigorously. It's as simple as that, and it is not happening under our current system," Ketchum said, hinting at FINRA's effort to take over supervision of investment advisers. The Wall Street Journal (3/14) LinkedInFacebookTwitterEmail this Story
  • CFTC's swaps deadline for overseas banks is in question
    The Commodity Futures Trading Commission has not reached a decision on whether to give foreign banks more time to comply with swaps rules if the issue is not settled by a July deadline. Commissioners Scott O'Malia and Mark Wetjen both said the deadline probably will be extended, while Chairman Gary Gensler and Commissioner Bart Chilton both said that they have given foreign regulators ample time. The fifth commissioner, Jill Sommers, has announced her plans to leave the CFTC. The July deadline is the result of a six-month extension intended to give regulators time to agree on how to govern international trades. Fox Business/Dow Jones Newswires (3/14) LinkedInFacebookTwitterEmail this Story
  ELFA Member News 
  • Survey: CFOs see 33% chance of U.S. recession
    Chief financial officers remain concerned about the economy, according to the Duke University/CFO Magazine Global Business Outlook quarterly survey. CFOs say there's a 33% chance the U.S. will dip into recession during the next year. Read more. LinkedInFacebookTwitterEmail this Story
  ELFA News 
  • Get involved in policy debate that affects your business
    Register for Capitol Connections, scheduled May 15 and 16. This annual event brings ELFA leaders to Washington, D.C., for a series of public-policy meetings with Congress and the presidential administration. With the regulatory process for financial reform under way and changes in tax policy on the horizon, ELFA member participation in the political process is critical to ensure policymakers understand the impact on the equipment-finance industry. ELFA will schedule personal meetings on Capitol Hill and at a select group of federal agencies.

    Bonus: There is no conference fee to attend!

    Register online, and check the ELFA Advocacy website for information on policy issues to prepare for your meetings. Be sure to tweet about the event once you have registered using hashtag #ELFACapCon. For questions, contact Richard Shanahan at rshanahan@elfaonline.org. LinkedInFacebookTwitterEmail this Story
  • Looking to recruit?
    Are you looking for top-quality candidates to join your organization? The secret to running a successful company is hiring great people. Set up your organization for success with the ELFA Career Center, the equipment-leasing and -finance industry's premier online employment resource. To post a job opening, visit the ELFA Career Center, create an account and post your job. You'll see results: In 2012, our job postings received an average of 603 views per job and 15 "Apply" button clicks. Questions? Visit the ELFA Career Center or contact postings@boxwoodtech.com or 866-964-2765. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Adventure is not outside man; it is within."
--George Eliot,
British writer


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