Magazine article Business Credit

Here's to the New Leadership Year

Magazine article Business Credit

Here's to the New Leadership Year

Article excerpt

I am honored to assume the role as your National Chairman for the upcoming leadership year. The Seattle Credit Congress was exciting and packed with great educational offerings--as you will see from the pages included in this issue.

I would be remiss to not inform you that NACM has obtained additional information regarding the Gramm-Leach-Bliley--or Financial Services Modernization Act. NACM's initial position on the impact of that legislation came from discussions with the counsel to the Senate Banking Committee and other Hill staffers. Sources on Capitol Hill were unable to provide any clear guidance to NACM as to whether the new regulations applied to business and trade credit grantors. After reading through the implementation regulations published by several Federal Agencies, NACM can now state with confidence that the Financial Services Modemization Act does not apply to commercial credit. A more detailed explanation follows this commentary.

I look forward to continuing to build our NACM organization in the coming year. We've made so much progress in the past few months that I want to affirm my commitment to you that we will continue to work to strengthen our organization. …

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