Magazine article Business Credit


Magazine article Business Credit


Article excerpt

In my September 2004 article, I talked about Change being the sixth "C" of credit. In writing my last article as your National Chairman, I look back over the past few months and recall the many changes that have taken place ... from changes in credit practices and how they affect our jobs as credit professionals, changes in federal laws and how they affect us in our work place, changes in the world markets and how our industries are affected, to changes in the structure of NACM.

Last September, NACM held its Annual Legislative Conference in Washington, DC. Although attendance was not as high as hoped for, the collective voice of the attendees was mighty. Our voices were heard! This year, after many disappointments, Congress and the Senate approved Bankruptcy Bill S.256; and on April 20, 2005 President Bush signed the bill into law. This bill contains the most significant changes to the federal bankruptcy law since the enactment of the Bankruptcy Code in 1978. If you go to the NACM website, you can read an excellent article on this bill written by Wanda Barges, Esq. and Bruce Nathan, Esq. Change.

The Check Clearing for the 21st Century Act, commonly known as "Check 21", became effective October 28, 2004. It was designed to foster innovation in the check clearing process and to improve the overall efficiency of the payment system. As federal legislation affecting all states, Check 21 has changed the method by which checks are processed and also the technology of check payment and acceptance. Change.

Third World, emerging markets affect us daily. U.S. companies that have traditionally been industry leaders find themselves struggling for market share. Revenue loss forces companies to look for cost-saving practices. Technology and reduced labor rates have driven many traditional in-house credit processes to India, Jamaica or the old eastern bloc countries. The May issue of Business Credit has an excellent article on India and it's emerging economic strength. Change.

Your National Association is also evolving and changing to meet the changing needs of the credit professional. Last year NACM launched the Resource Library. A goldmine of information to the credit professional--and updated continuously--it is a huge success. If you haven't used the Resource Library yet, I highly recommend you give it a try. You will not be disappointed.

This year, NACM obtained 501(c)(3) status. You may have noticed a box regarding NACM Scholarship Program contributions on this years Credit Congress registration form. Once NACM obtained 501(c)(3) status, a scholarship application was developed, as well as guidelines for selecting winning applicants. Your contribution and your company's contribution to the Scholarship Fund are now tax deductible. As well a silent auction being held during Credit Congress will raise money for the Scholarship Fund, as well. Some of the items donated to the Silent Auction to date range from weekend getaways to golf clubs, DVD players, digital cameras, NACM Regional Conference Registrations, FCIB's Online International Credit & Risk Management course, CRF Library of Books, NACM teleconferences, and much more. I hope you will participate in this auction, helping to insure the success of the Scholarship Fund. …

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