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Welcome From Bob Jett, General Counsel for eDocs-Express.
Welcome to the seventh issue of the eDocs-Express Dispatch!
Happy New Year - Observations on the Past Year. At this time of year, many of us look back on our past year's performances. It was a tough year for a lot of folks. Here at eDoc-Express we are now celebrating our one-year anniversary and can say that we have no unhappy customers. We plan to keep it that way in 2006 - our New Year's Resolution.
In preparing this article, I 'Googled' on the "Year 2005 in Review." I quickly was flooded with vivid images and memories of 2005. As expected, most of the news stories of 2005 were negative, led by cataclysmic natural disasters; inhuman acts of terrorism; continuing struggles in Iraq; starvation, poverty and AIDS throughout the world; and the undeterrable deaths of important world and national figures.
In trying to balance these negative impressions, I looked for 2005's accomplishments. They were difficult to find; but I started a list anyway.
Despite our problems at home and abroad, the US economy proved to be strong and growing during 2005 and as headed into 2006. Read the US Chamber of Commerce's "The State of American Business 2006".
Perhaps most importantly, whether by deterrence, luck or both, no major act of terrorism occurred on US soil in 2005.
Further, and something we take too much for granted, our federal government continued to function as designed by our founding fathers. President Bush took the oath for a second term in office and John Roberts took his seat as the new Chief Justice of the Supreme Court, both without riot or revolution.
As I am drafting this article, the United States Senate Judiciary Committee is now in its fourth day of hearings on the nomination of Judge Samuel Alito to the Supreme Court. As they did in 2005, our Senatorial pettifoggers pontificate upon politically conjured legal foundations reminiscent of New Orleans levees. For goodness sakes, the Republicans won the election! President Bush should be able to appoint whomever he wants, subject to reasonable qualifications. Judge Alito clearly has those. Unfortunately we know that most Senators will simply vote along party lines. So why hold the hearings? When the next Democratic President is elected, she should be able to appoint her own nominees, subject to the same requirements of reasonable qualifications. Who needs to be subjected to this humiliation? Wouldn't it be fun to see these Senators subjected to this same public scrutiny? The Senate would be vacant.
We trust you'll find these articles to be informative and valuable in your day-to-day operations.
So enjoy the Dispatch and if there are any subjects you'd like us to cover, simply recommend a subject for a future issue of the Dispatch.
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News and Solutions from eDocs-Express
Understanding Guaranties. As a lender, you probably think the concept of a guaranty is relatively simple. Well I ask you, what is the proper way to spell it? Is it "guaranty" or "guarantee?" Do these words mean the same thing?
Learn the answers to these exciting questions by reading Bob Jett's article on
"Understanding Guaranties."
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Our Web Site of the Month. Each month we suggest you visit a web site that we think may be of value to you in your business or personal life.
If you work for a large credit union, you may have your own economist. If you don't, you probably have developed your own resources for keeping up with the direction of the US economy.
Whatever your situation, you may find it interesting to review from time to time the US Department of Commerce's "Bureau of Economic Analysis ("BEA")web site".
The BEA produces economic accounts statistics that enable government and business decision-makers, researchers, and the American public to follow and understand the performance of the Nation's economy.
Did You Miss the First Six Issues of the Dispatch? If you did, you can visit the eDocs-Express Lending Center on our web site to view past issues.
eDocs-Express Lending Center
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News from the Lending World
OFAC Sanctions Enforcement Procedures
On January 12, 2006 the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) published guidelines in the Federal Register titled "Economic Sanctions Enforcement Procedures for Banking Institutions Regulated by FFIEC-member Supervisory Agencies."
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"As the administrator of U.S. economic sanctions, OFAC emphasizes in these internal procedures that the primary goal of enforcement actions is to promote more effective compliance within the particular institution, as well as throughout the industry," said OFAC Director Robert Werner.
The guidelines complement and expand upon OFAC's contribution to the Bank Secrecy Act Anti-Money Laundering Examination Manual published by the Federal Financial Institutions Examination Council on June 30, 2005.
You can read the guidelines in the January 12, 2006 "Federal Register".
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eDocs-Express LLC
5666 La Ribera Street
Livermore, CA 94550-2501
925-245-4880
www.edocs-express.com ¤ sales@edocs-express.com
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