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March 5, 2013
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Daily news for the equipment finance sector

  Industry News 
  • PayNet loan index shows businesses are cautious, slowly mending
    The Thomson Reuters/PayNet Small Business Lending Index dropped to 113.1 in January, from an upwardly revised 115.8 in December, because of ongoing cautiousness by businesses, PayNet says. Accounts overdue by 30 days decreased slightly, as did longer-term delinquency. "It's a play-it-safe kind of economy for small businesses," PayNet co-founder and President William Phelan said. Reuters (3/5) LinkedInFacebookTwitterEmail this Story
  • SBA plans to continue lending under sequestration
    The Small Business Administration will lose the ability to guarantee 1,928 loans, totaling $902 million, because of the sequester. However, the agency says it expects to meet loan demand because another program, the 504, has been retired and the SBA hasn't hit its legislative cap. Entrepreneur online (3/4) LinkedInFacebookTwitterEmail this Story
  Market Trends 
  • CFPB worries student-loan debt will hurt housing
    Student-loan debt is a threat to Americans' ability to buy a home, possibly dragging down prices, says Mark Kantrowitz, publisher of FinAid.com. The Consumer Financial Protection Bureau is soliciting public feedback on how to deal with such debt. CNBC (3/4) LinkedInFacebookTwitterEmail this Story
  Government & Regulatory 
  • FSA is set to issue report about benchmark-rate warnings
    The U.K. Financial Services Authority is under fire from lawmakers for missing warning signs about manipulation of benchmark interest rates, including the London Interbank Offered Rate. After an internal audit, the regulator is poised to issue a report in which it is expected to defend its position. "There are some issues for which you just cannot have a police force big enough ever to spot all these problems," Chairman Adair Turner recently told lawmakers. "We could not have got at it by intensive supervision." Bloomberg (3/4) LinkedInFacebookTwitterEmail this Story
  • Treasury wants single version of Volcker rule, Miller says
    Mary John Miller, Treasury undersecretary for domestic finance, said at an industry conference that the five regulators working on the Volcker rule should produce a single version. "We think a joint rule is optimal," she said. "To have a different rule developed by a banking regulator and a securities regulator would not be helpful to the market. ... That requires a significant amount of coordination and discussion to think about how they can all work together. And that process takes time -- it has taken time." Former Federal Reserve Chairman Paul Volcker says progress on the rule has been hindered by a fragmented regulatory landscape and other obstacles. Risk.net (subscription required) (3/4), Reuters (3/4) LinkedInFacebookTwitterEmail this Story
  • U.S. regulators prosecute financial crime worldwide
    In recent months, HSBC Holdings, Standard Chartered and Royal Bank of Scotland have admitted criminal wrongdoing in agreements with U.S. regulators, despite being European entities. Legal experts cite better resources and a system more conducive to prosecuting corporate criminal liability for the far reach of the U.S. justice system. "The U.S. will assert jurisdiction aggressively, even if there's only a minimal link," said Judith Seddon of law firm Clifford Chance. Financial News Online (U.K.) (subscription required) (3/5) LinkedInFacebookTwitterEmail this Story
  ELFA Member News 
  • 300 attend ELFA Equipment Management Conference
    In late February, close to 300 equipment managers, appraisers and remarketers found their way to the 25th annual ELFA Equipment Management Conference in Tampa, Fla. The event included informative sessions, an on-site vehicle showcase, a sold-out exhibit and off-site facility tours. Read more. LinkedInFacebookTwitterEmail this Story
  ELFA News 
  • Is your company represented at the ELFA Captives Best Practices Roundtable?
    The ELFA Captives Best Practices Roundtable, scheduled April 9 at the Fairmont Chicago hotel, is designed to gather leaders of captive organizations for a day of information sharing about strategic business issues and learning from one another how each is addressing such issues.

    These captive organizations were represented by senior executives at past round tables.
    • ADP Credit
    • Altec Capital Services
    • Canon Financial Services
    • Caterpillar Financial Services
    • Cisco Systems Capital
    • Crossroads Equipment Lease & Finance
    • Doosan Infrastructure Financial Solutions
    • First Data Global Leasing
    • GE Healthcare Financial Services
    • IBM Global Financing
    • Komatsu Financial
    • Philips Medical Capital
    • Siemens Financial Services
    • Terex Financial Services
    • Toro
    • Xerox Financial Services
    Is your captive company represented? View details about the 2013 ELFA Captives Best Practices Roundtable. For questions, contact Alexa Carnibella at acarnibella@elfaonline.org. LinkedInFacebookTwitterEmail this Story
  • March 15 deadline: Complete the 2013 Survey of Equipment Finance Activity
    The questionnaire for ELFA's 2013 Survey of Equipment Finance Activity has been mailed to all members, and we're looking for your response. March 15 is the deadline for submitting your response, and ELFA is encouraging you to respond as soon as possible.

    Every member company that responds to the survey will receive a complimentary copy of the survey report, a $1,295 value, as well as confidential individual company data sheets, which compare and rank respondents' data with those of other participants.

    Don't miss out on this key ELFA member benefit -- complete the questionnaire. The survey is a must-have for equipment-financing professionals who are serious about competing in this dynamic economic and business climate. You may download the SEFA from the Research section of the ELFA website. For more information, contact Bill Choi at 202-238-3413 or bchoi@elfaonline.org. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus."
--Alexander Graham Bell,
Scottish-born American inventor


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