FIRST AND FOREMOST: The Tampa Bay Chapter welcomes it's newest CMA, Peter Temko!
MARCH MADNESS!! - IMA STYLE
The chapter kicked off March in style. Here are some pictures of chapter members and guests enjoying corned beef and cabbage. Don't let the cookies with the green sugar fool you. They were chocolate chip oatmeal cookies!
Here incoming chapter president, Mark Reithmaier greets Patty Gamble, past national president of the American Society of Women Accountants. In the background, immediate past chapter president, Bob Phillips is enjoying retirement!
Speaker Marcus Greene's presentation focused on what challenges and opportunities Tampa Bay Businesses may be presented with over the next 18 to 24 months, from the perspective of a former banker and business owner.
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The technical session was very lively with lots of questions from the audience. One of the reasons it was so interesting is that he could not only explain what is and will be going on in the banking industry, but also issues that he has faced and expects to face as a business owner working with his own bank.
Some of the key points are that because most banks' headquarters are out of state. No one locally is willing to make decisions about line of credit, loans to purchase equipment, etc. Plan for exceptionally long lead times for any financing decisions. His personal experience was a 14 month approval for financing an equipment purchase. The current discount rate set by the Federal Reserve is so low that banks can't realistically make money on the spread between what they are able to pay for the money they use to make loans. He gave the dates of the upcoming Federal Open Market Committee meetings and forecasts that the Fed will start gradually raising interest rates, starting with their August meeting. Banks will have to find other ways to enhance their profitability. Expect new fees, increases in existing fees. Carefully read any correspondence from your financial institution. Don't assume that services which have been free in the past will continue to be free in the future. Thanks for the heads up, Marcus!
