Hi,

The world economic meltdown has been a massive wake-up call for everyone.  Here is a deeper and strangely more positive look at the Transitions we are experiencing.

I want you to take a look at: A World in Transition by Edmund Bourne 

FRB: Highlights of Proposed Rules Regarding Credit Cards and Overdraft Services

Highlights of Proposed Rules Regarding Credit Cards and Overdraft Services
Regulation AA (Unfair Acts or Practices)
The proposal would amend Regulation AA to prohibit unfair or deceptive acts or practices by banks in connection with credit card accounts and overdraft services for deposit accounts.

Credit Cards

* Time to Make Payments. The proposal would prohibit banks from treating a payment as late unless the consumer has been provided a reasonable amount of time to make that payment. There would be a safe harbor for banks that send periodic statements at least 21 days prior to the payment due date.

* Allocation of Payments. When different annual percentage rates (APRs) apply to different balances on a credit card account (for example, purchases and cash advances), banks would have to allocate payments exceeding the minimum payment using one of three methods or a method equally beneficial to consumers. They could not allocate the entire amount to the balance with the lowest rate. A bank could, for example, split the amount equally between two balances. In addition, to enable consumers to receive the full benefit of discounted promotional rates (for example, on balance transfers), during the promotional period payments in excess of the minimum would have to be allocated first to balances on which the rate is not discounted.

* Applying Rate Increases to Existing Balances. The proposal would prohibit banks from increasing the interest rate on outstanding balances unless the increase is due to: (i) the operation of an index (in other words, the rate is a variable rate); (ii) the expiration or loss of a promotional rate (provided the rate is not increased to a penalty rate); or (iii) the minimum payment not being received within 30 days of the due date.

* Two-Cycle Billing. The proposal would prohibit banks from imposing finance charges based on balances on days in billing cycles preceding the most recent billing cycle, a practice that is sometimes referred to as two-cycle billing.

* Financing of Security Deposits and Fees. The proposal would address concerns regarding subprime credit cards by prohibiting banks from financing security deposits and fees for credit availability (such as account-opening fees or membership fees) if charges assessed during the first twelve months would exceed 50 percent of the initial credit limit. The proposal would also require financed security deposits and fees exceeding 25 percent of the initial credit limit to be spread over the first year.

* Credit Card Holds. The proposal would prohibit banks from imposing a fee when the credit limit is exceeded solely because a hold was placed on available credit. This can occur where the final dollar amount of a transaction was not known in advance (for example, when a consumer checks into a hotel, a hold is placed for the expected cost of the stay).

* Firm Offers of Credit. The proposal would require banks making firm offers of credit advertising multiple APRs or credit limits to disclose the factors that determine whether a consumer will qualify for the lowest APR and highest credit limit advertised (for example, the consumer’s credit history, income, and debts). A safe harbor disclosure is provided.

Overdraft Services

* Right to Opt Out. The proposal would prohibit banks from imposing a fee for paying an overdraft unless the bank has provided the consumer with an opportunity to opt out of the payment of overdrafts and the consumer has not done so. The opt-out right would apply to all transaction types. Banks also would be required to provide consumers a partial opt-out for overdrafts resulting from ATM and point-of-sale transactions.

* Debit Holds. The proposal would prohibit banks from imposing a fee when the account is overdrawn solely because a hold was placed on funds in the consumer’s deposit account.This can occur where the final dollar amount of the transaction was not known in advance (for example, when a consumer purchases fuel at the pump, a hold is placed for the estimated amount of fuel that will be purchased).

Regulation Z (Truth in Lending)
The proposal would also amend Regulation Z to complement the proposed amendments to Regulation AA, including the following:

* Due Dates for Mailed Payments. The proposal would provide that mailed credit card payments received by 5 p.m. on the due date must be considered timely. In addition, if a creditor does not receive or accept mailed payments on the due date (for example, when the due date falls on a Sunday or holiday), a payment received by mail on the next business day would be considered timely.

Regulation DD (Truth in Savings)
The proposal would also amend Regulation DD to complement the proposed amendments to Regulation AA, including the following:

* Disclosure of Aggregate Overdraft Fees. The proposal would extend to all banks and savings associations the requirement to disclose on periodic statements the aggregate dollar amounts charged for overdraft fees and for returned item fees (for the month and the year-to-date). Currently, only institutions that promote or advertise the payment of overdrafts must disclose aggregate amounts.

* Disclosure of Balance Information. The proposal would require banks and savings associations that provide account balance information through an automated system to disclose the amount of the consumer’s funds available for immediate use or withdrawal, without including additional funds the institution may provide to cover overdrafts.

Last update: June 26, 2008

Ron Paul gets DFW excited

Here is a link to Ron Paul’s speech in Texas on September 5th. If you have not heard him speak yet, I urge you to take the time and Listen to what he has to say. These ideas may initially sound radical to you, however, they are what our Founding Fathers intended from the beginning. It will take time, patience, and persistence to change things. Now is our opportunity to change the tide!

Section 11: A Message to individuals seeking Freedom, The Great Voting Hoax!

Someone can summarize a year, or ten years, or an entire lifetime
of valuable experiences, wisdom, research, etc., in a book which may
take you only a few hours to read. The books, reports, and articles
which you’ll find here could be considered as the essence of condensed time.
From your small investment of time in reading, you can gain so much;
and the more you read, the more you can gain.

“Human beings, who are almost unique in having the
ability to learn from the experience of others, are also remarkable for
their apparent disinclination to do so.” – Douglas Adams

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Creating Passionate Users

From Jason Fried:

“Hire curious people. Even if they don’t have the exact skill set you want, curious, passionate people can learn anything.”

 And from Jacques Hadamard:

” Logic merely sanctions the conquests of the intuition.”

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What’s Next: The Dashboard Dilemma – Data – Metrics

Einstein kept a sign in his office that read, “Not everything that counts can be counted, and not everything that can be counted counts.”

Why Learning is a Leader’s Most Important Skill

Ask anyone to give you a list of skills that describe a highly effective leader and I’m guessing they’€™ll give you a pretty extensive list. (Go ahead, make a quick mental list right now.)

Since I’ve done this many times in groups I am accustomed to what I will hear or read. These lists typically include: Leaders must have vision, they must be compassionate, they must be good communicators, they must build relationships, they must work well in teams, they must be powerful persuaders, and many other similar sentiments. All are excellent observations.

Rarely though do I find someone listing the most basic, underlying skill of all.

Learning.

Highly effective, remarkable leaders must be continuous, lifelong learners.

There are at least four reasons why I believe this is true: the complexity of leadership, the nature of change, the role of leaders to model for others and the overall source of leadership. Let me explain.

Leadership is a complex endeavor. Humans are complex, and a leader is dealing with more than just his or her own complexities. They are tasked with understanding the complexity of human behavior and interactions across many people. When we put it this way, the role can seem daunting. Something this complex won’t be mastered quickly. Remarkable leaders know that the mastery of these complexities is a lifelong journey with no defined endpoint. The result? The need and desire to be in a continuously learning mindset.

The status quo requires no leadership. Think about it. If everything in the current situation was great ‘€“ if there was no need for change ‘ how much leadership would be needed? Leadership is required because we want to move somewhere. In other words, the need for leadership is predicated on change, and so leaders must be prepared to work under changing conditions. If conditions change, then learning is required to continually adapt to and work under the changing conditions. Remarkable leaders know their job is to move people through status quo. Therefore they know that they must continue to grow themselves to meet the needs of the situations and the people they are leading.

We must model it for others. While the needs and forces for learning are great, leaders aren’€™t just learning for themselves. Sure they are learning for their own competency and confidence as well as to better serve those they are leading, but they also are setting a tone and modeling for those that are following them. When you are a leader, whether by position or reputation, people are looking to you, whether you like it or not, you are a role model. How then, can leaders expect their teams to continue to grow and develop if they aren’t doing it themselves?

Better leader = better human. The best leaders are learners for all of the reasons above (and their own other reasons), but they also know something else. They know that in the end, the skills that make them better leaders also make them more highly functioning human beings. Remarkable leaders are learners because they want to be better leaders and because they want to be better people. For example, learning how to communicate more effectively makes you more effective in more than in just your role as a leader,€“ that skill development, that growth, spills out into every part of your life. If none of the other reasons above are compelling enough for you, this one should be!

So, if learning is such an important skill, why don’t people notice it and/or add it to the list of traits of great leaders?

Precisely because it is the underlying skill.

People can become exceptional at the other skills on the list because they are willing to learn, grow, improve and change. They know that to become more effective they must continue to improve. They know that effective leadership is a journey, so they remain focused on becoming more effective, not on arriving and maintaining.

The mindset of being on the path, of constantly being a learner, is the path of the truly remarkable leader.

The good news is that you can choose that path everyday. You can choose to be a more effective leader,€“ and your first choice is to become a learner.

You can make that choice anytime. Today’€™s the day to start.

by Kevin Eikenberry, Chief Potential Officer of The Kevin Eikenberry Group. You can read more of Kevin’s thoughts on Leadership and Learning on Kevin’s Blog. You can also subscribe to his weekly newsletter, Unleash Your Potential here.

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