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February 14, 2013
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Daily news for the equipment finance sector

  Industry News 
  • GE sells remaining NBCU stake and moves closer to roots
    General Electric CEO Jeff Immelt wants the company to return to its industrial roots. Selling its remaining stake in NBCUniversal, a year earlier than expected, is a large step in that strategy. The sale will allow GE to buy back $10 billion in shares issued during the financial crisis. Reuters (2/13) LinkedInFacebookTwitterEmail this Story
  • Crowdfunding becomes option for small-business loans
    While many traditional lending sources remain tightfisted, small businesses are finding an alternative in crowdfunding. This article looks at SoMoLend and how it is navigating the legislative and market environment to help small businesses get capital. Some banks have climbed onboard. KeyBank says it will lend $1 million to $50 million using SoMoLend. Forbes (2/13) LinkedInFacebookTwitterEmail this Story
  • Deere posts 22% increase in fiscal Q1 profit
    Deere reported a 22% increase in fiscal first-quarter earnings, posting $649.7 million in the period that ended Jan. 31, compared with $532.9 million a year earlier. The company says gains in the turf- and agricultural-equipment segment helped offset weakness in the forestry and construction division. For the fiscal year, Deere expects sales of equipment to increase 6% and predicts $3.3 billion in net income. Reuters (2/13), Bloomberg (2/13), The Wall Street Journal (2/13) LinkedInFacebookTwitterEmail this Story
  Market Trends 
  • 88% of U.S. cities saw housing gains in Q4
    The median home price increased in the fourth quarter in 133 of 152 metro areas measured by the National Association of Realtors, according to a report, indicating further recovery in the housing market. The national median home price of $178,900 was up 10% compared with Q4 of 2011, marking the biggest year-over-year gain since 2005. Bloomberg (2/12) LinkedInFacebookTwitterEmail this Story
  • Retail sales kept rising in January
    U.S. retail sales increased 0.1% in January despite an increase in the federal payroll tax, the Commerce Department said. Strong gains were cited by department stores and online merchants. Bloomberg (2/13) LinkedInFacebookTwitterEmail this Story
  Government & Regulatory 
  • More states challenge constitutionality of Dodd-Frank, CFPB
    Eight states are joining three others already participating in a lawsuit to challenge the Dodd-Frank Act and the Consumer Financial Protection Bureau. Alabama, Georgia, Kansas, Montana, Nebraska, Ohio, Texas and West Virginia allege that Dodd-Frank burdens community banks and gives unelected people too much power. Oklahoma, South Carolina and Michigan in September joined a lawsuit filed by the 60 Plus Association, the Competitive Enterprise Institute and a Texas bank. MarketWatch (2/13), (free registration) (2/13) LinkedInFacebookTwitterEmail this Story
  • U.S. and European regulators work on plans for bank failures
    Regulators from the U.S. and Europe are poised to explain to U.S. lawmakers their plans for dealing with the failure of a global financial institution. Martin Gruenberg, chairman of the Federal Deposit Insurance Corp., will tell lawmakers that an international working group is set to meet soon to discuss winding down large banks. Reuters (2/14) LinkedInFacebookTwitterEmail this Story
  • Bank exec expects CFPB to be reasonable about auto lending
    The Consumer Financial Protection Bureau is being "prudent and reasonable" regarding mortgages, and the same is expected for automotive finance, says Paul Wible, senior executive vice president for national finance at Bank of the West. In an interview, Wible says Bank of the West is growing eastward, and the industry's delinquencies and losses are at pre-recession levels. Automotive News (2/11) LinkedInFacebookTwitterEmail this Story
  ELFA Member News 
  • United Leasing closes on $195M credit facility
    United Leasing has secured a $195 million senior revolving credit facility, with an accordion feature to $300 million, from JPMorgan Chase and a syndication of other banks. United Leasing will use the money to fund growth. Read more. LinkedInFacebookTwitterEmail this Story
  ELFA News 
  • Network with executives at annual Investors' Conference
    On March 21, ELFA and the Information Management Network will host the 12th annual Investors' Conference on Equipment Finance in New York City. Last year's program was a resounding success, with the support of 14 corporate sponsors and more than 300 delegates. Nearly half of these delegates represented investors and equipment-finance companies that came to network and learn about industry trends and developments. This one-day conference attracts decision-makers at the highest levels. The conference program will highlight many professional speakers, allowing for timely and thorough coverage of topics of interest to the industry. Learn more or register. LinkedInFacebookTwitterEmail this Story
  • Foundation Forecast highlights research and upcoming studies
    In case you missed it, the Equipment Leasing & Finance Foundation has released our bimonthly newsletter, the Foundation Forecast.

    The January/February issue includes a report on the most recent Monthly Confidence Index for the Equipment Finance Industry; highlights two studies, Predictive Analytics and Business Aircraft, as well as the upcoming 2013 Industry Future Council Report; provides information on how to apply for grants for two requests for proposal; and features an interactive poll. Subscribe to the Forecast and get the latest news and updates from the Foundation! LinkedInFacebookTwitterEmail this Story
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Mistakes are part of the dues that one pays for a full life."
--Sophia Loren,
Italian actress

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