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Friday, November 13, 2009
Around N.M.
Journal Staff and Wire
Award Recognizes Law Professor
The board of directors of the Business Law Section awarded UNM School of Law Professor Alfred D. Mathewson its 2009 Business Lawyer of the Year Award.
Mathewson was recognized for his pivotal role in developing the UNM School of Law's Business and Tax Clinic and for his related scholarship, teaching and service.
The clinic provides legal assistance to many low to mid-level income entrepreneurs and other community members who are seeking to create new business opportunities, plan their estates, settle disputes with the IRS or obtain assistance during a financial crisis.
SBIR Schedules Training Workshop
The SBIR Resource Center will present a training workshop, “SBIR: Survival in a Difficult Economy,” from 8:30 a.m. to 4:30 p.m. Tuesday at Technology Ventures Corp., 1155 University SE in Albuquerque.
It will cover basic information about the SBIR program's Phase I ($100,000) and SBIR Phase II ($750,000). The speaker will be SBIR expert Mark Henry, CEO of GROW LLC in Denver.
Registration costs $50. Visit www.techventures.org/events. For questions, call 843-4143.
Fed Issues Rules On Overdraft Fees
WASHINGTON — The Federal Reserve has issued a new rule that will prohibit banks from charging overdraft fees on ATM and debit card transactions unless a customer allows it.
Many banks allow consumers to spend more on debit cards than they have in their accounts, but then charge overdraft fees of $25 to $35, even on small transactions that cost much less.
The Fed's rule, which will take effect July 1, requires that customers agree to have their overdrafts covered before the fees can be levied. Otherwise, purchases for more than a customer has in an account will be denied.
The rule comes after growing criticism of the high overdraft fees from consumer groups, other regulators and members of Congress.
Banks To Replenish Deposit Insurance
WASHINGTON — U.S. banks will prepay about $45 billion in premiums to replenish a federal deposit insurance fund now in the red, under a plan adopted by federal regulators.
The Federal Deposit Insurance Corp. board voted to mandate the early payments of premiums for 2010 through 2012. Amid the struggling economy and rising loan defaults, 120 banks have failed so far this year costing the insurance fund more than $28 billion.
To address concerns of small banks, the FDIC also set up an exemption process for banks that prove the prepaid fees would be a financial hardship.
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