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  A Publication of the Texas Chapter of The Risk Management Association   Winter 2012 Newsletter

RMA Mission Statement RMA is a member-driven professional association whose sole purpose is to advance sound risk principles in the financial services industry. RMA helps our members use sound risk principles to improve institutional performance and financial stability, and enhance the risk competency of individuals through information, education, peer sharing, and networking.

A Message From Your Chapter President Randy Majek, VP, Wells Fargo Bank The saying is “if you need something done, ask a busy person”. This says a lot about the leadership of RMA T e x a s a nd o u r l o c a l chapters as well. A lot of busy people helped accomplish stellar results in 2011- 2012. As Texas Chapter President last year, Tony Ross raised the bar higher for me and our team. The 10 RMA Texas Initiatives for 2011 were met “head on” by Tony and the leadership of RMA Texas. The past year’s successes included: •

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Te x a s M a t t e r s

Largest attendance ever for the RMA Texas Spring Conference Recipient of the Gold Circle Award and positioning the Texas Chapter to take home the Platinum STAR Award as the best Regional Chapter in the Southeast Region Revitalized local chapter leadership, increased local event attendance across all four regions, and increased treasuries to fund education events and training. Texas representation on RMA national committees, including Community Banking and Young Professionals. Reenergized and growing young professional groups in our four major regions.

This is just a small sample of the great achievements garnered in 2011-2012. However these results would not have taken place without a lot of “busy people” lending a hand. That includes you! We’ve got big plans for 2012-2013 and we need your help to get things done.

RMA Texas Chapter

This year we were fortunate to have RMA’s Annual Risk Management Conference in Dallas back on October 28-30, 2012.

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We will also be back in Dallas for this year’s RMA Texas Spring Conference on April 11-12, 2013. Matt Bryant is putting together what I am certain will be one of the greatest RMA Texas events ever. The line up of speakers to date is outstanding. Stay tuned for more communication. On the topic of communication, one of our central charges this year is to communicate quickly and easily. We are going to put together social communication tools that will make it easier to get information to you and from you quickly. Look forward to more blogging, tweeting, and website access as part of the RMA Texas communication toolbox. Continued on page 3

In This Edition… Message From the President………….1 Local Chapter News…………………...2-6 Overview…..……………………….2 Texas Chapter....…………………..3 Central Chapter..…………………..4 San Antonio Chapter……….........4 North Texas Chapter……………...5 Rio Grande Valley Chapter…......5 Gulf Coast Chapter…….………….6 News Articles……………………….......7-14 Post-Election Politics & Policies: Opportunities & Challenges for C&I Lending…………………………7-9 Credit Risk Management: Lessons for Success ….……..........10-12 Evaluations for Commercial Real Estate …………………............13-14 RMA Chapter’s Leader’s Conference…………………………..14 Volunteer Spotlight…………………….15-16 Jeff Shillings…………………..…….15 Jaclyn Smith………......................16 About RMA………………………………17


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… Local Matters Texas Chapter

Central Texas Chapter (Austin)

Gulf Coast Chapter (Houston)

The Texas Chapter of RMA is a member-driven professional association that provides educational, networking, and leadership opportunities and support to our local RMA chapters and outlying membership for the purpose of advancing the use of sound risk principles in the financial industry.

Board Members: - President: Mike Shaw, R Bank - VP: open - Secretary: Mike McConnell, Texas Capital - Treasurer: Phil Nybro, Wells Fargo - Immediate Past President: Tommy Clark

Board Members: - President: Lisa Wood, Iberia Bank - First VP: Debbie McSpadden, Whitney Bank - Second VP: Jaclyn Smith, Texas Capital Bank - Secretary: Open - Treasurer: Michael Williams, Frost Bank - Immediate Past President: Daryl Bohls, Allegiance

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The 5 local chapters include: Central Texas (Austin), Gulf Cost (Houston), North Texas (Dallas), San Antonio, and Rio Grande (El Paso). Board Members: - President: Randy G. Majek, Wells Fargo Bank - First VP: Matt Bryant, Frost Bank - Second VP: Dave Linaburg, TIB - Secretary: Jaclyn Smith, Texas Capital - Treasurer: Jeff Tarr, Frost Bank McAllen - Immediate Past President: Tony Ross, Iberia Bank

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Dallas

Austin Harlingen  

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North Texas Chapter (Dallas) Board Members: - President: Jeff Williams, American National Bank of Texas - VP: Jeff Stutes, Capital One - Secretary: Bill Moorse, Oncor Electric Delivery Company - Treasurer: Pam Burdine, North Dallas Bank & Trust - Immediate Past President: Charles Fell, Comerica Bank

San Antonio

Rio Grande Valley Chapter (McAllen/Harlingen)

San Antonio Chapter

Board Members:     - President: Joel Castaneda, Inter National Bank - VP: Carol Hawkins, Rio Bank - Secretary: Open - Treasurer: Steve Shimotsu, Steven H. Shimotsu CPA, CFSA

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Houston

              Texas Chapter Blog

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Board Members: - President: A. Brannon Kroll, Frost Bank - First VP: Crystal Zamora, Fisher, Herbst, & Kimble P.C. - Second VP: Michael Bitter, Hayden & Cunningham PC - Secretary: Marlene Konnerth, First Community Bank - Treasurer: Reid Cain, First Community Bank Continued on page 4

RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… Local Matters Awards & Recognitions Platinum Award Winning Chapters: - Texas Chapter - Gulf Coast Chapter

Continued from page 1… A Message From Your Chapter President

Continued from page 2… Texas Chapter Board Members

Finally, I am hopeful that this year will be one in which we continue to “stay busy” at the local level. Our local chapter leadership has never been stronger. At the Texas Chapter, let us know how we can help you achieve the goals you’ve set. The success bar was set high last year by local chapters, and I’m confident we can surpass local meeting attendance numbers, class enrollment, and regional roundtable attendance as well. Thank you for your active involvement in making these things happen. We could not have had this success without you. If for some reason you’re not engaged in RMA, we need more “busy people” to help us succeed. Please raise your hand to help.

2012 – 2015 Directors: - Brian Foley, Comerica Bank - Charlie Dean, BB&T - Charlie Fell, Comerica Bank - Donald Perschbacher, Green Bank - John Matey, Broadway National Bank - Laura McKethan, Citizens National Bank - Melanie Edmundson, Phase Engineering - Mike Gunnels, Amer. National Bank of TX - Sean Delehanty, OmniBank 2011 – 2014 Directors: - Annette Sylvester, Amegy Bank - Billie J. Galvin, First Community Bank - Brenda Wilkins, Amarillo National Bank - Elizabeth Mead, Broadway National Bank - Kathy Johnson, JP Morgan Chase - Marna Yerigan, First National Bank - Mike Marshall, American State Bank - Robert Messer, American National Bank of Texas - Sonny Lyles, Ascentium Capital, LLC - Terry Gunter

Upcoming Events 60th RMA Annual Spring Conference: “Banking on the Future” - When: April 11-12, 2013 - Where: Dallas, TX @ the W Hotel - Featured Topics: ~Healthcare ~Social Networking ~Economy ~Future of Banking ~Transportation ~Regulatory ~Commercial Real Estate ~Residential Real Estate ~CEO Panel *TO REGISTER, CLICK HERE Early bird registration ends 3/1/13* National Article Writing Competition: - Open to anyone - Submission Deadline: 2/22/13 - CRCs: Earn up to as many as 12 CEU credits! - Cash prizes at the local and national level for winners! Texas Ch. Prizes: $1,500, $750 and $500 for the top 3 finishers & free admission to the Texas Chapter Spring Conference - Winning submissions entered into the National competition *Obtain the KIT from rmatexaschapter@gmail.com*

2010 – 2013 Directors: - Andrew Reid, The Bank of San Antonio - Doug Streater, Extraco Bank - Eddie Parise, Patriot Bank - J. Lane Nalley, Third Coast Bank - James Neill, Texas Capital Bank - Joe Carroll, JP Morgan Chase - Mark Worthen, Trustmark National Bank - Michael Pearson, Amegy Bank - Mike Garland, Citizens State Bank - Will Ingram, Frost Bank

Great things are ahead!

ABOVE: Bill Githens (RMA CEO), Tony Ross (Immediate Past President of Texas State Chapter), & Bob Rose (RMA Chairman) Tony Ross accepting the Platinum STAR Award for 2011-2012

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National Article Writing Winner: - Third Place: “Capitalizing Operating Leases – A Banker's Perspective” By Jonathan Hall & Clayton Hundley, Frost Bank (Dallas - North Texas Ch.)

Others: - Chapter Admin.: Kelly Graham, Texas Capital Bank - SE Regional Manager: Cindee Munro, RMA HQ 

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Contact the Texas Chapter: http://community.rmahq.org/texas Email: rmatexaschapter@gmail.com

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… Local Matters Upcoming Co-Sponsored Educational Events Continued - February 6, 2013 Analyzing Personal Financial Statements and Tax Returns Continued from page 2… Central Texas Board Members Continued - Education Chair: Joseph P. Carroll, JP Morgan Chase - Membership Chair: Sean Delehanty, Omni Bank - Programs Chair: Mike McConnell, Texas Capital - Communications Chair: D.J. Lewis, Business Bank of TX - Young Professionals Group Chair: Jack Chapman, Frost Bank Directors: - Brian Anderson, BancVue - Doug Kuenstler, Lone Star Bank - Garrett Morgan, Green Bank - Lee Doughtie, Frost Bank - Mark Hodges, Horizon Bank - Pat Brandenburg, BB&T - Robin Ingari, Regions Bank - Susan Coulter, Wells Fargo Bank - Thomas Braasch, Capital CDC - Will Ingram, Frost Bank Others: - Chapter Administrator: Kelly Graham, Texas Capital Bank - Southeast Regional Manager: Cindee Munro, RMA HQ Contact the Central Texas Chapter: http://community.rmahq.org/centraltexas Email: rmacentraltexaschapter@gmail.com

Upcoming Meetings - February 13, 2013 (General Membership): TBD Upcoming Co-Sponsored Educational Events

- April 23 - 24, 2013 Cash Flow Analysis I: UCA Fundamentals - May 7, 2013 Construction Loan Management: Administering the Construction Loan Process

- February 5, 2013 Analyzing Business Tax Returns

               Continued from page 2… San Antonio Board Members Continued - Education Chair: Michael Garland, Citizen’s State Bank - Membership Chair: Steven Brown, Frost Bank - Communications Chair: Debbie Lopez, Frost Bank - Young Professionals Group Chair:      Allen A. Cockrell, Wells Fargo

  Others: - Chapter Administrator: Kelly Graham, Texas Capital Bank - Southeast Regional Manager: Cindee Munro, RMA HQ Upcoming Co-Sponsored Educational Events - February 25, 2013 Lending to Medical & Dental Practices

- April 29 - May 3, 2013 The RMA Lending Academy® I Directors: - Billie Galvin, First Community Bank - Gary Gavegan, Frost Bank - Matt Newman, Broadway National Bank Contact the San Antonio Chapter: - Randy Majek, Wells Fargo http://community.rmahq.org/sanantonio

Email: rmasanantonio@gmail.com 

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… Local Matters Upcoming Co-Sponsored Educational Events - February 5, 2013 Structuring Commercial Loans I        

 

Continued from page 2… North Texas Board Members Continued - Education Chair: Jennifer Wilkins, Capital One Bank - Membership Chair: Michael Jarrett, Worthington National Bank - Programs Chair: Chace Whittington, Comerica Bank - Communications Chair: Patrick Reilly, Lane Gorman Trubitt, PLLC

Upcoming Meetings - February 13, 2013 (General Membership): TBD

Contact the North Texas Chapter: http://community.rmahq.org/northtexas Email: rmanorthtexas@gmail.com

Others: - Chapter Administrator: Kelly Graham, Texas Capital Bank - Southeast Regional Manager: Cindee Munro, RMA HQ

- March 26, 2013 Structuring Commercial Loans II - April 23, 2013 Lending to the Long-Term Care Industry - May 22, 2013 Lending to Medical and Dental Practices

Directors: - David Temple, TIB - Graham DeLuca, Frost Bank - Kathryn Johnson, JP Morgan Chase - Keith Youngblood, Amegy Bank - Ken Luttmer, American National Bank of TX - Marna Yerigan, First Financial Bankshares State Advisors/Former Bd. Presidents - David Linaburg, TIB - Matt Bryant, Frost Bank - Mike Gunnels, American National Bank of TX

- February 26, 2013 Construction Loan Management: Administering the Construction Loan Process

Continued from page 2… Rio Grande Valley Board Members Continued - Education Chair: Arden Peterson, Lone Star National Bank - Audit Chair: Mark Ramirez, Texas Regional Bank Directors: - Mario Ysaguirre, Border Capital Bank - Paul Rodriguez, Valley Land Title Company - Norma Gamez, First National Bank  

Contact the Rio Grande Valley Chapter: http://community.rmahq.org/RioGrandeValley Email: JCastaneda@inbweb.com 

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… Local Matters Upcoming Women in Finance Meetings - January 31, 2013: Self-Defense Sally Kick A$$ Course Future Upcoming Credit Professional Meetings

Upcoming General Membership Meetings

Continued from page 2… Gulf Coast Board Members Continued

- February 2013 - Business Etiquette Lunch and Learn

- February 20, 2013: Executive Panel (featuring Bank CEOs)

- Education Chair: Tony Ross, Iberia Bank - Membership Chair: Melanie Edmundson, Phase Engineering - Programs Co-Chair: Suzanne Colmenero, Wells Fargo Bank - Roundtable Chair: Eddie Parise, Patriot Bank - Sponsorship Chair: Debbie McSpadden, Whitney Bank - Upcoming Credit Professionals Chair: Jaclyn Smith, Texas Capital - Communications Chair: Angela Durrett, Green Bank - Women in Finance Co-Chair: Marina Mantovani, Comerica Bank

- March 2013 - Poker Night

- March 20, 2013: Economic Update with Bill Gilmer - April 17, 2013: Business CEO “What I wish my Banker knew” - May 15, 2013: Real Estate Update Panel

Directors: - Annette Sylvester, Amegy Bank - Buzz Stagg, Green Bank - David Keene, Patriot Bank - Jeff Shillings, Haginas & Shillings - J. Lane Nalley, Third Coast Bank - Mark Worthen, Trustmark National Bank - Michael Pearson, Amegy Bank - Nelson Block, Winstead Sechrest & Minick, P.C. - Trey Rice, Frost Bank

Contact the Gulf Coast Chapter: http://community.rmahq.org/GulfCoast/ Email: rmagulfcoast@gmail.com

ABOVE: Bill Githens (RMA CEO), Daryl Bohls (Immediate Past President of Gulf Coast Chapter), & Bob Rose (RMA Chairman) Daryl Bohls, accepts the chapter’s 2011-2012 Platinum STAR Award for the 2nd straight year!

Others: - Chapter Administrator: Kelly Graham, Texas Capital Bank - Southeast Regional Manager: Cindee Munro, RMA HQ

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… News Matters (The following article has been edited to fit the Texas Chapter’s newsletter. For the full length article, go to www.rmahq.org and conduct a “RMA Journal Article Search”. Post-Election Politics & Policies Opportunities & Challenges for C&I Lending by Rick Buczynski and Dev Strischek As of this writing in early September, no one can predict whether the results or ramifications of the November elections will be what you may want or need. Nevertheless, wants and needs drive the political power struggle for control of Capitol Hill and the outcome of the presidential election. Remember that nowadays presidents cajole while Capitol Hill legislates. Going forward, we believe that it makes sense to assume more of the same: gridlock and uncertainty—or, at best, marginal compromises that probably won’t change the status quo much for the rest of this year and into 2013. Therefore, as Bob Rose, RMA chair and chief credit officer, Brookline Bank, said in an RMA Journal interview back in September: “…embrace problems. Often, you learn the most when you’ve been the most uncomfortable….” We concur with this sentiment and see opportunities amid the challenges and uncertainties that lie ahead. Fiscal Cliff or Fiscal Drift? Bank on Government Austerity There’s been much ado regarding the pending “fiscal cliff” as part of America’s debt-wary, deficit-reduction mantra. Fiscal cliff portends the perils associated with a variety of automatic tax hikes and spending cuts that take effect January 1, 2013, barring a resolution or temporary compromise of the current budget impasse on Capitol Hill by the end of 2012. Several organizations have analyzed the details behind fiscal cliff scenarios and m

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estimated their impact on macroeconomic variables. By the time this article is published, some semblance of a compromise may be in the offing, although we’re not betting on a future that optimistic. We believe the most likely outcome is a “kick the can forward” scenario in which a tenuous shortterm solution is reached by year-end. No “fiscal cliff,” but rather a “fiscal rift,” softening into fiscal policy “adrift.” Whether the Dodd-Frank Act will continue in its current state or be pulled back is yet another consideration in the banking industry’s responsiveness to post-election economic opportunities. Democrats see the election as their opportunity to fully implement the 2010 legislation, but the Republicans have declared their intent to scale it back if they gain power next year. Dodd-Frank has been criticized for its loaninhibiting, growth-restricting impact on the industry, so any easing of it would improve banks’ ability to take advantage of postelection lending opportunities. Regardless of the election outcomes, the recent trend of fiscal austerity is likely to continue; it’s simply a matter of degree. Total government spending added threequarters of a percentage point to real GDP growth in 2009, but more recently has taken away a half percent over the last 12 months, a trend that is likely to persist. Likewise, state and local governments that account for roughly 60% of total public spending are facing their own fiscal woes akin to budget-setters inside the Beltway. On the other hand, the bond market’s aversion to local government financing has opened a window for short-term financing in the form of tax anticipation notes. Since these notes are typically tied to a dedicated tax or fee revenue source, they are also relatively safe. Bankers are likely to see more opportunities in this arena. Industries most vulnerable to spending cuts include defense-related manufacturers and contractors, public works projects, hello

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medical service industries that are overly dependent on Medicare and Medicaid, and publically funded education. Among the hardest-hit sectors are arts, entertainment, and recreation, and accommodation and food services, since these industries ride the winds of discretionary spending. As that spending plummets over the fiscal cliff, the risk is high that those industries will fall along with it. Despite the prospects of ongoing fiscal belt-tightening, gridlock, and uncertainty on the future course of economic policy, there are attractive lending opportunities that merit investigation. Health Care: Look for Opportunities as the Industry Consolidates Regardless of whether the postelection Congress repeals the Patient Protection and Affordable Care Act (PPACA) or Medicare’s open entitlement is supplanted by the voucher system proposed by Republican vice president candidate Paul Ryan, one element is blatantly clear. As Don Foster wrote in his June RMA Journal article: “The linchpin of health care reform is cost reduction….” With cost reduction becoming a greater priority, improved efficiency and the elimination of redundant cost centers are the new norms. In the September issue of The RMA Journal, Sophia Snyder and Deborah Stampfli of IBISWorld analyzed the impact of the PPACA on medical device manufacturers and pharmaceutical manufacturers, health care insurance providers, pharmacies, physicians, and hospitals. Other required reading includes a recent study by the Congressional Budget Office.

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… News Matters Continued from page 7… Post-Election Politics & Policies Opportunities & Challenges for C&I Lending What are some of the basic attributes for solid lending prospects? For starters, Snyder suggests identifying industries that rely more heavily on private health insurance as a source of revenue, in order to take advantage of health insurance exchange rules. Other choice possibilities that will likely fare well, even in an economic downturn, include the following: • Blood and organ banks • Optometrists • Physical therapists • Retirement communities • Elderly and disabled services • Chiropractors Another opportunity for banks may be in funding the education of doctors. As tens of millions of previously uninsured individuals start looking for primary care physicians, they are going to encounter shortages of physicians, nurses, and other health-care professionals. On the other hand, several industries must be handled with caution because they are vulnerable to deficit reduction policies: • Mental retardation facilities • Family planning and abortion clinics • Mental health &substance abuse clinics • Specialty and psychiatric hospitals • Home care providers Add to that list the most exposed industries, according to our calculations, in a downside scenario involving a leap off a fiscal cliff or a double-dip recession: • Orphanages and group homes • Adoption and child welfare services • Nursing care facilities; Day care • Psychologists, social workers, and marriage counselors • Natural disaster/emergency relief services • Residential intellectual disability facilities • Alternative health-care providers

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Education: A Palpable Shift from Public to thus, they focus on renewable energy Private? sources. A recent IBISWorld special report highSo far, the Obama administration has lights the stark philosophical differences invested about $40 billion in clean-energy between President Obama and Republican programs, including the ill-fated $535 milpresidential candidate Mitt Romney on edu- lion loan guarantee to the solar company cation policy: “Regarding higher education, Solyndra, which went bankrupt two years President Obama stands by the Democratic after the loan was made. The Obama adParty’s belief that access is best granted by ministration has faced scrutiny over the the federal govfinancing and the ernment company’s failure. Others vulnerable to a downside scenario providing Nevertheless, i t ’ s im include business certification and IT student portant to schools, fine arts academies, and tutoring loans. distinguish between and driving schools, so lenders should be A shift toAmerican solar panel wary of these as well.  ward a m o r e manufacturers like “ m a r k e t oriSolyndra that face ented” system would obviously favor prii nt e ns e ove rs eas competition and vate versus public schools. Therefore, prifirms like NextEra Energy Inc. that own vate school financing is a plausible play for and operate solar power generating facilicommercial bank lending in the education ties. sector; the best bets are private schools and Regardless of politics and competing trade and technical schools. In contrast, fisideologies, we remain sanguine about cal stress is currently the greatest for the prospects for the U.S. energy industry. following educational institutions: Both domestic and international demand • Public schools. will continue to bolster prices and, despite • Job training and career counseling. development of alternative energy re• Junior colleges. sources, fossil-fuel-related industries will • Public colleges and universities. remain dominant players. • Testing and educational support. Another industry presenting exciting prospects is oil drilling, as IBISWorld Energy and the Environment: Points of pointed out in its July/August 2011 RMA Journal report on natural gas extraction Light in the Haze and distribution. The prominent end uses In a forthcoming paper, IBISWorld will describe the fundamental of gas are in electricity generation, an area promising s t r o n g differences between growth over the political parties in the next 10 their approach to enyears. ergy and environmenAnd finally, tal policies and what another sweet spot to effect potential bias investigate is the oil may have on industry and gas field service performance. Historically, Democrats have industry, which The favored developing Economist called “the natural resources unsung workhorses of while investing in the oil industry.” production of wind and solar power, in Continued on page 9 addition to tax breaks for consumers who purchase clean-energy

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… News Matters Continued from page 8… Post-Election Politics & Policies Opportunities & Challenges for C&I Lending Infrastructure: Steering Toward Private Funding of Transportation? Few would deny that America is in dire need of improving its infrastructure, particularly in transportation. Government funding for roads, bridges, public building and other infrastructure has been on the decline. The stimulus money doled out in the American Recovery and Reinvestment Act of 2009 did little to stem the tide, since there was a dearth of “shovel ready” projects available at the time. A forthcoming IBISWorld report (available upon request) will outline the differences along party lines and estimate how the following downstream industries would be affected under varying scenarios: • Public transportation • Rail transportation • Road and highway construction • Road and highway maintenance • Road and highway services • Bridge and tunnel construction • Toll roads and weigh stations • Rail maintenance services The study notes that, under the Republicans’ control, all Department of Transportation (DOT) programs that are not user-fee funded could be eliminated. Further, ground transportation spending would be funded strictly by revenues generated from fuel taxes, which Romney vows would not increase. Overall, DOT outlays would decline from $95 billion overall in 2011 to a low of $66 billion by 2016, rising to only $72 billion by 2020. House Republicans would likely endorse the removal of the mass-transit account from the Highway

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One of the president’s proposals is for Trust Fund and eliminate aid for bicycle a federally controlled National Infrastrucand pedestrian projects. On the surface, these transportation proposals appear to ture Bank that would build a partnership between Washington and the private secadd up to a “roads only” policy. In contrast, President Obama’s pro- tor, enticing investors though subsidies posed budget would expand transportation such as cheap long-term loans or loan expenditures substantially over the next six guarantees. It would tie surface infrastrucyears, with a considerable focus on inter- ture projects to cost-benefit analysis with city rail and public dedicated revenue streams such as tolls to transportation. Un- repay loans. der his budget, federal expenditures Conclusion President Herbert Hoover once going to transit and praised the youth of America by saying, rail would increase from 22.9% of “Blessed are the young, for they shall intransportation fund- herit the national debt.” In the 40 years ing in 2013 to since 1971, when the 26th Amendment 35.7% by 2018. lowered the voting age to 18, the youth of Republican vice America have watched their national debt presidential candi- inheritance steadily increase to levels date Paul Ryan’s Hoover could never have imagined. The national debt is certainly a major program would virtually eliminate issue this year. Neutral observers figure this type of spending because mass transit the new Congress is likely to reflect the status quo: Democrats in the White House cannot pay for itself with only user fees. So are there any opportunities for and holding on to the Senate, while Rebanks going forward? It’s all a matter of publicans maintain control of the House. financing. A Congressional Budget Office Under this division of the spoils, there are report states: “Private financing of highway still some opportunities in health care, projects, which is currently only a small education, energy, and transportation, part of total financing, requires pledging especially on the private side of these secfuture revenues to the private entities tors. The reluctance of the bond markets providing the funds. Whether private fi- to finance state and local debt may give bankers the chance to nancing takes the form of bid on tax anticipadebt or equity, private Democrat or Republican, tion notes in their spending will typically local communities. win or lose, one or the othbe repaid—with a posiP.T. Barnum tive rate of return— er will have to confront the once observed, through tolls, tax revefiscal rift by December 31. “Every crowd has a nues, or both. silver lining.” Despite Linking private companies’ opportunities for profits with their the turbulent economic weather of the responsibility for tasks, such as construc- past several years and the cloudy political tion or operations, profits with their respon- climate this autumn, we believe there are sibility for tasks, such as construction or some good business opportunities regardoperations, may provide additional incen- less of the electoral outcome. tives to meet cost and schedule targets. Those additional incentives result from reallocating risk from the government to the private sector…”

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… News Matters (The following article has been edited to fit the Texas Chapter’s newsletter. For the full length article, go to www.rmahq.org and conduct a “RMA Journal Article Search”. The article, below, first appeared in the August 1993 issue of The Journal of Commercial Lending, forefunner of the RMA Journal. It was reprinted in the November 2012 issue of The RMA Journal. the full length article can also be found at www.rmahq.org). Credit Risk Management Lessons for Success by David H. Wesley Benjamin Franklin once observed, “An ounce of prevention is worth a pound of cure.” And so it is with credit risk management. Both borrowers and bankers have been affected by the changing regulatory environment, the economy, and credit difficulties, and the pace of change seems to be accelerating. Given the rapidness with which asset quality can deteriorate, it is important to conduct intensive, thorough, and frequent reviews of borrowers as well as the overall loan. In the banking industry, it seems as if we really have not consistently understood our borrowers or their industries as well as we should. We have not been as aware of the vulnerabilities of the various business segments and their linkages. Inevitably, this fundamental failure has produced

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significant credit problems. As a rule, nothing can be taken for granted. Asset quality problems are the consequence of ignoring the fundamentals of credit risk management. In retrospect, we are guilty, as an industry, of lending excesses and exuberances that subsequently soured and turned into credit problems. What we have seen is a disquieting transition in the fundamental economics of lending, precipitated by poor credit risk management habits and an obvious decline in credit underwriting standards. Herding behavior and a disregard for the fundamentals—such as proper loan structuring, strong loan documentation, and diligent monitoring and servicing of credits in robust economic times—more often than not result in prominent credit losses in a credit-cycle downturn, making the high interest rates and fees accompanying the poor-quality deals made of little value. Given the credit cycles over the past 30 years and the resulting aftermath in the financial and credit markets, I am confident that the days of booms and busts in the financial industry have not been repealed and will continue. I am equally confident that credit cycles will continue to turn on you at the most inopportune times, especially for those financial institutions lacking a well-developed and balanced risk-taking culture. Credit cycles will likely be far less traumatic and damaging to your bank if you develop and maintain a balanced risktaking approach to credit risk management. Banks have repeatedly been burned by lending too freely and too loosely as a result of over-optimism and over-confidence during good economic times. Few banks have been left untouched by the painful consequences of poor lending practices and lending mistakes precipitated by rationalizing exceptions to sound credit underwriting

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techniques. The high- performing banks have been no exception, but they minimized their losses by preserving credit risk controls. We can learn from those few select institutions that have maintained balance sheet quality through exceptional credit risk management. It is a truism that poorly underwritten credits will haunt us regardless of when they were made. Trouble also comes from failing to identify problem credits on a timely basis. Weakness in focusing on credit fundamentals is at the core of poor performance and increased credit risk. Some suggestions for building loan volume in this climate include the following: • Be forward thinking—not reactionary— concerning credit risk management. • Guard against pitfalls, and capitalize on sound lending opportunities. (Otherwise, some bankable credits will be turned down, while less bankable ones are approved.) • Aggressively seek and develop quality credits. Do not be content to accept merely the loans offered by customers. • Thoughtfully and consistently weigh credit opportunities and the associated intrinsic risk on an individual credit as well as portfolio basis. • Avoid deal creep.

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… News Matters Continued from page 10… Credit Risk

Management Lessons for Success

Credit Culture The importance of a bank’s culture must also be emphasized. Both credit cultures and banks can fail. One’s respective credit culture should consistently balance the bank’s revenue generation initiatives against risk-focused rationale and logic. Creating the proper credit culture requires an active as well as proactive credit administration function, particularly if asset quality is a priority. The order of importance that a financial institution’s management assigns to asset quality, profitability, and loan volume has a tremendous influence on the bank’s credit culture. Role of Credit Administration While the credit culture of an institution is dictated by executive management, credit administration has an important and influential role in building and maintaining a credit culture. Credit administration personnel affect an institution’s credit culture through overall behavior, day-to-day interaction with their line partners, and responsiveness to credit requests. The credit administration area can play a vital role in the success of a financial institution. To receive the maximum benefit from credit administration, the necessary resources must be devoted to it, and the credentials and quality of credit administration personnel must be impeccable. There is no magic to building a successful credit administration area. Recommendations include: • A commitment to lending excellence. • A dynamic partnership—not a dynamic tension— with line partners. • Consistency and persistence.

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The focus of credit administration should be on whether the loan fits the bank’s risk profile, not whether the loan is bankable. That decision should have already been made. Relationship Manager Responsibility From a credit culture standpoint, the

keys to success may be the relationship managers. The lending process begins with the relationship manager ascertaining the initial “bankability” of a credit. He or she needs to manage the credit process from start to finish. And the credit environment needs to be supportive and balanced to accentuate asset quality, profitability, and volume (in this order).

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Ultimately, it is the responsibility of the relationship manager to ensure the soundness and propriety of a credit request. The relationship manager must generate credits of acceptable quality and then manage them effectively. “Book and forget” must be a practice of the past. Monitoring and servicing a credit are important because they give early warning of potential credit weaknesses and minimize potential losses. If we wait until a credit problem is a reality, it is probably too late to institute effective remedial action. The probability of full collection will have diminished, too. Hope has never been either an effective solution or resolution to remediating a problem loan; you need to act quickly, prudently, and decisively. Otherwise, both the bank and the borrower are in trouble. Cash Flow versus Funds Flow Net profits are not cash, yet some account officers still subscribe to the funds flow concept of net income plus noncash charges when they consider cash flow. Funds flow does not take into consideration actual net cash changes and may be misleading and inaccurate because funds flow is not cash based. Our focus should be on aggregate cash inflow and cash outflow and their sources and timing. A borrower’s cash flow should be evaluated for how stable, repetitious, and noncyclical it is. Cash flow projections are essential, but overreliance on historical cash flow performance is foolhardy. Continued on page 12

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… News Matters

Continued from page 11… Credit Risk

Management Lessons for Success

Ongoing cash flow may be transitory, and it can evaporate if business cycles change or if the borrower’s ability to generate cash diminishes. Relationship managers must know how to identify, discern, and interpret a borrower’s cash flow. Understanding cash flow helps assess a borrower’s debt service capabilities, both now and in the future. Every effort must be made to identify factors that can impinge on a borrower’s capacity to repay a loan. Credit Basics to Remember The following fundamentals should be learned and applied: • Credit risk cannot be totally avoided, but it can be mitigated. • Straying from credit basics increases risk. • Poorly underwritten credits do not disappear. • Overreliance on collateral creates problems. • Frequent exceptions to loan policy increase credit risk. • Guarantor-dependent credits carry higher -than-normal risk.

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• Lack of a credit agreement with appropriate financial covenants can weaken loans. • Borrower investigations are mandatory. • Mutual account revisions with the client’s other primary financial institutions are essential. Credit reports and inquiries to customers and competitors of the borrower can provide information about reputation, products, and competitiveness. The higher the leverage, the greater the financial risk. A strong balance sheet may be the best defense in uncertain economic times. • Margins matter in every business. • There is no substitute for common sense in lending. • Cash flow is king. • People, not projections, repay loans. • A deficiency in one of the three C’s of credit— character, collateral and cash flow—cannot be overcome by an abundance of the other two. Credit Concentrations By their very nature, undue concentrations make a bank more vulnerable to economic downturns. As an industry, banking has been slow to consistently recognize the credit risk beyond the immediate transaction or relationship. This slowness has come at considerable expense in the form of prominent charge-offs, nonperforming assets, and hefty reserve requirements. Our credit risk awareness has expanded because we realized spillover credit risk leaves our institutions vulnerable to future adverse economic conditions. The following steps may help in managing the credit risk profile of our loan portfolios: • Focus on the risk embedded in your loan portfolio. Scrutinize and identify concentrations by loan type, industry, market area, or other relevant criteria.

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• Evaluate the dispersion of loan risk grades. Consider current economic conditions, historical experience, and future expectations. Stress test and shock your loan portfolio routinely. • Incorporate acceptable, targeted levels of risk diversification that are in line with the institution’s profitability objectives. • Establish maximum hold levels on credits by risk grades and then stick to them. The key to minimizing credit risk and the potential detrimental effects of credit concentrations is good, thorough credit underwriting, careful and relentless loan monitoring, risk diversification, and appropriate risk pricing. Learn from Mistakes One thing that would help the banking industry overcome its asset quality problems is to spend more time analyzing past mistakes. Performing a postmortem to examine what went wrong on significant credit losses can be invaluable. The loans we make today are the exact same loans that will have to carry us through the next economic downdraft. Now and in the future, it is important not to avoid risk but to effectively manage and mitigate it. Effective balancing of risk and reward are essential components of a successful riskbased credit culture. Risk management should be everyone’s shared responsibility and accountability. We can benefit from asking two questions: • Are we good judges of credit d risk? • Can we manage credit risks d successfully? Both answers should be an emphatic yes.

RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… News Matters Evaluations for Commercial Real Estate by Jeff A. Shillings, MAI President, Haginas & Shillings The following are a few comments relating to the development and review of evaluations. I am not going to get into the mechanics of evaluation development and review, but simply attempt to clear up a few areas where there may be confusion or ambiguity. The Interagency Guidelines were revised in Dec. 2011 to state that every loan transaction requires either an Appraisal or an Evaluation. If you find yourself in a situation where an evaluation will suffice then you need to be aware of a few regulatory requirements. Per the regulations, evaluations must present an opinion of market value, and tax records, broker value opinions, and Automatic Valuation Models, or AVM‘s, cannot be used as the sole basis of value. In other words, the valuer can look at the assessed values and other resources, but they must use these as data points in developing their own opinion of value – they cannot simply be adopted as the value conclusion. Also, evaluations must be performed by a person independent of loan production (loan officers or their assistants cannot perform evaluations) and those who perform evaluations must possess the necessary experience and training to provide evaluations. That last part is the high-hurdle to cross if you have bank personnel performing the evaluations. It also states that all evaluations must be reviewed by a person with the requisite training and experience to perform such a review (again, a potentially high-hurdle), and that person must also be independent of loan production. Per the above, each evaluation must be performed by a qualified person independent of the loan and there must be a review of the evaluation also performed by a person independent of the loan. For each duty, the one performing the

duty and must possess the requisite experience and training. Due to those requirements many banks that previously performed their own internal evaluations have begun to outsource the performance and review of evaluations to state certified appraisal professionals. When a state certified real estate appraiser accepts a valuation assign-

ment they must perform the assignment in conformity with the Uniform Standards of Professional Appraisal Practice, or USPAP. USPAP allows appraisers to provide three acceptable report formats; Self Contained, Summary, and Restricted Use. The Restricted Use format is the least, or skinniest, report format allowed and this format comports best to the requirements for Evaluations as defined in the Interagency Guidelines. Consequently, an appraiser will prepare his report and call it a Restricted Use Appraisal, but this is essentially an Evaluation, with the main difference being terminology used to identify the report. The Lender calls it an

Evaluation (because that is what the Interagency Guidelines calls it) and the Appraiser calls it a Restricted Use Report (because that is what USPAP calls it). We could argue about some fine details that differentiate the two, but as a practical matter it is simply a matter of semantics and the terms are virtually interchangeable in this context. The Interagency Guidelines requires the evaluation to be reviewed to ensure it complies with the Agencies’ evaluation regulations and are consistent with supervisory guidance and your own internal policies. Please refer to your always handy desk copy of the Interagency Guidelines for the evaluation content requirements. As a professional reviewer, we provide two types of appraisal reviews: 1. Technical Reviews for all Self Contained and Summary appraisals, and 2. Administrative Reviews on all Evaluations/Restricted Use reports. The difference in the two types of reviews is that a Technical Review is a review that scrutinizes the reports not only for regulatory compliance, but also reasonableness of the value and adequacy of the report to support the value. The Administrative Review simply checks the report to make sure that all the regulatory items are in compliance but does not scrutinize the value conclusion or the reasoning, data or methods used to support the value opinion. The reason for the Administrative Review to exclude itself from those items is that in an Evaluation/ Restricted Use report those items usually are not presented due to the highly abbreviated nature of the report! It is not that we are not concerned with accuracy; it is just that the report is usually written in such a way that a Technical Review is not possible or practical. The Administrative Review is usually a simple checklist that notes whether or not the mandatory content of the Evaluation (or mandatory content of a Restricted Use report under USPAP) have been met. Continued on page 14

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              Texas Chapter Blog

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… News Matters Continued from page 13… Evaluations for

Commercial Real Estate

The use of Evaluations/Restricted Use reports when performed by state certified appraisers provides a high-level and costefficient valuation document for your bank to rely upon. Costs in the market will vary depending on exactly what is to be valued and where the property is located. Not all appraisers recognize the need for these reports to be cost-conscious assignments and their fees may be abnormally high as a result. As a service to our client banks we provide these for typically $650 - $850, although some outliers will pop up from time to time that require higher fees. Probably 90% of the evaluations we provide are $800 or less, inclusive of review. As review and compliance specialists, we serve our client banks in the same way that an in-house appraisal department would serve a large bank. For instance, Large Bank has an in-house appraisal department that accepts appraisal orders from their lenders, bids those appraisals out to third-party appraisers, and performs appraisal reviews. Their in-house department will also provide internal valuations (evaluations) on loans less than $250k and loan renewals. Our company provides the same Appraisal Department service for our smaller client banks, including internal valuations. In other words, we operate as your in-house appraisal department. Hopefully this sheds some light on some aspects of Evaluations and ways they must be performed and reviewed for use in commercial real estate lending. For additional questions, regarding Appraisal & Compliance Services, Jeff can be reached at (281) 550-9200. Please also refer to our Volunteer Spotlight Section.

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The Risk Management Association Chapter’s Leader’s Conference - Third Time Is a Charm! by Jaclyn Smith Assistant Vice President Texas Capital Bank They always say that the third time is a charm and luckily for me, it was. I had been fortunate enough to be asked to attend the RMA Chapters Leaders Conference (CLC) 3 times- and finally, with the 2012 CLC in Oklahoma City, OK, I was able to attend. The 2012 Chapter Leaders Conference was a great experience for me. I was overwhelmed by all the volunteers that put this great conference together, the number of RMA Leaders from across the nation I have added to my network, and the knowledge I received that I have been able to use immediately and directly impact my chapter. Some of you may not know what CLC is or how to get to go or why you even want to go—I am hoping this article will answer all that for you and moreWhat is it? The RMA Chapter Leaders Conference is an annual conference sponsored by RMA that provides participants with ideas and strategies to better lead their chapters to unparalleled success. Through this conference, RMA continues to commit to providing local leaders with the tools to develop skills in critical areas including membership, programming, education, communication and leadership. Who is it? RMA leaders and volunteers! RMA has a national committee whose focus is to organize the conference and its content. Each chapter can send 3 board members, and RMA covers the cost of the conference and accommodations,

              Texas Chapter Blog

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attendees simply pay their own travel costs (small price to pay for a great conference). Additional board members can attend for a minimal fee. Many chapters see great benefit in sending at least the incoming chapter president, vice president, and a young professional member to the Chapters Leaders Conference, but I have seen membership, education, and programming chairs as well. Where is it? This is the best part--- just like the RMA Annual Conference, the CLC rotates to a new location each year. In 2012, it was in Oklahoma City, OK so participants were able to roam the Brickyard (their entertainment district), take a food trip down route 66 (chili cheese tots were a must!), and, yes, learned a little about the great state of Oklahoma. Next year the conference will be held in Scottsdale Arizona (Hyatt Regency, June 20-22)- so get your calendars out and let your board know if you would like to attend!. Why should you go? Having trouble with your membership? Need help starting a Young Professionals group? New to the RMA board and just need help understanding? Want to get more involved? CLC gives you the inside track to all you need to know to have a successful RMA Chapter. Not only will you have the opportunity to meet the Executive Team at RMA, you will learn what resources are available to you and your chapter, and you have the chance to interact with leaders from RMA chapters all around the world. These individuals also have a wealth of knowledge to share- anything from how to get those membership numbers up to what their last program included. I guarantee you will leave feeling inspired to step up your RMA game and armed with the knowledge of how to motivate your board!

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… About Us Volunteer Spotlights

Spotlight on Jeff Shillings:

Jeff Shillings, MAI Haginas & Shillings Appraisal & Compliance Services Houston, Texas 281-550-9200

I became aware of RMA through the Spring Conference, sponsored annually by the RMA Texas Chapter. Our company has been an annual vendor sponsor at the conference for at least the past 5 years. We saw the conference as a great way to expose ourselves to the issues that also concern our clients. As a service provider to the Credit professionals, understanding our clients’ concerns was a great way to improve our knowledge and improve our service.

Spotlight on Haginas & Shillings: Haginas & Shillings serves as the “appraisal department” to many small and midsized banks. Our primary business is to manage the appraisal needs of these banks by ordering and reviewing appraisals in a way that satisfies all of their regulatory requirements. Although we are appraisers by trade, we have a review-only staff providing this service, and appraisal ordering/ review is our primary business. We have provided this service for over 15 years. We provide approximately 3,000 commercial appraisal reviews annually and we service our clients throughout the United States.

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              Texas Chapter Blog

Jeff, how did you first hear about RMA?

How long have you been a professional member?

What made you want to join the Gulf Coast Board rather than just be part of the general membership?

Our company membership dates back several years, and I believe I have personally been a member since 2009.

I saw an opportunity to contribute to the membership committee. I am not a banker, but our clients are, so membership is common ground on which I can contribute.

The quality of the membership and Board is tremendous and it allows interaction in an informal way. The monthly meeting have terrific speakers (and good food). Not being a banker, I find the programs and speakers probably more informative than many of the general members, as much of this is new and interesting information. Being an RMA member has improved my ability to serve our clients. What have you enjoyed the most being a general member and being on the Gulf Coast Board?

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… About Us Volunteer Spotlights Jaclyn Smith Assistant Vice President Texas Capital Bank I first heard about RMA when I accepted a job at Texas Capital Bank and moved to the great state of Texas! During my first week Texas Capital Bank invited me to attend an RMA lunch and learn and I was hooked on the spot. It was nice to get out of the office for a little bit to learn about something new and see and meet so many professionals from the banking world. I have been a member of RMA since 2007. David Fraser and Lauren Langton at Texas Capital Bank were on the RMA North Texas Chapter (Dallas) leadership team and within about a year of joining RMA asked me to help serve on the Young RMA (YRMA) board. I quickly jumped in and was selected as a YRMA Co-Chair of Events and worked my way up to Vice-Chair and later Chairman. I felt so honored to be chosen and continue to be honored to volunteer with this organization. How long have you been a member?

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              Texas Chapter Blog

I made the decision to move to Houston during the summer of 2011 and was welcomed with open arms. The RMA Gulf Coast Chapter (Houston) President at the time was Daryl Bohls and he emailed me before I even moved asking me to consider being an active member on their board, to which I immediately accepted. I had been nominated and voted in as a member of the Texas Chapter (state board) a few months before that and was excited to be able to help RMA in both roles. Currently my role with the Gulf Coast Chapter is Second Vice President. I am also happy to say that over the past year the Gulf Coast Chapter has successfully revived their young professional group (Upcoming Credit Professionals or UCP) which I have also helped with. Additionally, I currently serve as the Secretary for the Texas Chapter and serve on the RMA National YP Committee. What made you want to join the Gulf Coast Board rather than just be part of the general membership?

The one thing I have enjoyed the most about my involvement through RMA is the networking. I love meeting new people and seeing familiar faces at RMA events. This is especially true when you relocate and do not know anyone- RMA has been there for me. Additionally, I love being involved at the level I am now- 5 years active, and working on lots of different levels (local, state, and national). Through this involvement, I am able to share this group with a wide variety of people, but especially young professionals. I really like getting people involved and seeing them enjoy this group. Additionally, I am especially proud of the work that the Texas Chapter has done to integrate college students at Sam Houston State University through our mentorship program. RMA is an organization that provides you with the tools needed to excel in your current role, allows you to meet top players in your career, and provides you with the opportunity to obtain valuable leadership experience. If you have not done it already, I strong urge you to get involved in your local chapter today! What have you enjoyed the most being a general member and being on the Gulf Coast Board?

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RMA Texas Chapter


A Publication of the Texas Chapter of The Risk Management Association

Texas Matters… About Us About RMA The Risk Management Association (RMA) is a not-for-profit, member-driven professional association serving the financial services industry. Its sole purpose is to advance the use of sound risk principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, operational risk, securities lending, and regulatory issues. Founded in 1914, RMA was originally called the Robert Morris Associates, named after American patriot Robert Morris, a signer of the Declaration of Independence. Morris, the principal financier of the Revolutionary War, helped establish our country's banking system. Today, RMA has approximately 2,500 institutional members. These include banks of all sizes as well as nonbank financial institutions. RMA is proud of the leadership role its member institutions take in the financial services industry. Relationship managers, credit officers, risk managers, and other financial services professionals in these organizations with responsibilities related to the risk management function represent these institutions within RMA. Known as RMA Associates, these 16,000 individuals are located throughout North America and financial centers in Europe, Australia and Asia. Members actively participate in the RMA network of chapters. These chapters are run by RMA Associates on a volunteer basis and they provide our members with opportunities in their local communities for education, training, and networking throughout all stages of their financial services career. Chapters are located across the U.S. and Canada as well as in financial centers internationally. RMA welcomes all personnel involved in lending and risk management in member organizations to become RMA Associates.

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              Texas Chapter Blog

Member Benefits Why Being Especially Now...

a

Member

is

So

Important…

Benefits: - Exclusive regulatory updates from RMA’s own Washington DC insider. - Discounts on regulatory events like our Audioconference Series. - Discounts on all events, products, services, and training. - Access to over 16,000 Associate Members through our online Member Roster. - Subscription to The RMA Journal ® (published 10 times a year). - Updates on industry best practices. - Career development/leadership and networking opportunities. - Free downloads of articles and Industry Study Packs. Who Can Join RMA? The following entities are eligible for membership: banks, bank holding companies, savings banks, savings and loans, private banks, trust companies, investment banks, finance companies, economic development corporations, leasing companies, governmental agencies responsible for the supervision and regulation of RMA member institutions, and professional firms that provide services related to risk management to financial institutions. Individual membership is open to all personnel involved in lending and risk management in member organizations. Types of Membership - Institutional - Associate - Professional - Academic - Student Join Today! Contact the Texas Chapter today and get plugged in! rmatexaschapter@gmail.com

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RMA Texas Chapter


RMA Texas Chapter - Winter 2012 Newsletter