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A recent American Banker article by Richard Parsons makes the case for establishing professional standards for banks’ C-level managers and directors. He’s got a point. While he was referring to the establishment of new banks, which often fail because of inexperienced leadership, his article cinched something I have been thinking about for a bit: Why do so many of our banks (size doesn’t matter here) have credit product managers with no clue as to the most important federal or state credit regulations even as they happily develop and promote new or enhanced products? Sometimes I think that this lack of credit knowledge slams full tilt into the vendor space as well.
Although the insurance industry is basically regulated at the state level, the outcome of today’s federal election will impact the industry more than has any previous election. For some insight into what outcome the insurance industry prefers, just follow the money. For the 2007/2008 campaign, the industry contributed almost US$50 million to federal parties and candidates, of which 55% went to the Republican party -- this year, we can expect both the total and the Republican share to have grown.