Thursday Nov. 5, 2015 Vol. 3, No. 35
The Weekly Post
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Federal regulations impacting small banks By BILL KNIGHT
When the federal Dodd–Frank Wall Street Reform and Consumer Protection Act went into effect in 2010, it was supposed to end the need for bailing out “too big to fail” banks and improve ways to guard customers and taxpayers. While supporters say consumers are better protected now than five years ago, critics say those huge banks are actually 30 percent larger than they before the law and smaller banks nationwide are vanishing due to more regulations. “Hardest hit are the community banks, said attorney Ellen Brown, a public banking advocate and author of “Web of For The Weekly Post
Debt.” “Today there are 1,524 fewer banks with assets under $1 billion than there were in June 2010,” she continued. Bank of Farmington president Joe Higgs says, “Dodd-Frank has been very challenging for all banks, especially small community banks that don’t typically have the same resources as larger banks to apply to the compliance burden. The cost of compliance is significant and is one of the primary reasons smaller banks (under $50 million) have been selling to a larger bank or merging with a partner.” Brimfield Bank CEO John Bean says, “Dodd Frank and all regulations affect
Billtown water woes nearly over
our industry, but more to the point are the number and magnitude of recent regulations and how they impact smaller community banks.” Jennifer Beard, president of Farmers State Bank in Elmwood, says, “Dodd Frank, along with other recently enacted regulations, has forced us to look at banking differently. Regulatory burden and all of the uncertainty of upcoming rules and regulations has caused an increase in expenses. The bank hired a compliance officer two years ago, and she is deemed with the task of keeping us in compliance.” Last month, new rules tied to the
ALL SAINTS DAY Last Friday, students at St. Mary's School in Kickapoo dressed up as saints for the annual Parade of Saints to celebrate All Saints Day. They assembled in the school gym for prayer, photo opportunities, games and snacks.
By BILL KNIGHT
WILLIAMSFIELD – After weeks of necessary inconvenience, a local boil order was lifted on Monday, a signal that Phase 1 of the water-system upgrade is nearing completion, the Village Board discussed that night. Work on the water tower is finished except for replacing one minor part, and improvements to the system are proceeding, reported engineer Andy Logsdon of Bruner, Cooper and Zuck of Galesburg. An emergency repair of a fire hydrant was done last week to restore service, a plugged-up overflow pipe is being addressed, and a metal pipe corroded beneath the surface is planned for replacement in the spring. Although fixing the hydrant was unforeseen, Williamsfield was lucky the problem happened before winter, Logsdon said. “It was fortunate it came up now,” he said. A pre-construction meeting on a new generator also is set for For The Weekly Post
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Home Mortgage Disclosure Act (HMDA) took effect. Created by the U.S. Consumer Financial Protection Bureau, the new rules and forms are supposed to make it easier to understand complex mortgage terms, and its Loan Estimate feature easier to compare loan offers from different lenders. “Realtors, lenders and title companies have been aware of the impending changes for several months; the most significant changes to the closing process that we can remember in many years,” said Becky Peterson, president of the Peoria Area Association of Realtors. “Our association required all members to
Farmington home caters to veterans By CHERYL HARLOW
FARMINGTON – While Veteran’s Day is a big deal at Farmington Country Manor, veterans are a focus of the nursing home year-round. In operation since 1978, the Farmington care facility has added several new programs in the past year to better serve veterans. Administrator Jennifer Baker said she is passionate For The Weekly Post
about serving her patients and residents, and especially veterans. Baker’s husband, Bryan Baker, is a veteran, and military ties run strong and deep in her family. So Baker was thrilled when the nursing home was awarded a federal government contract in July to provide community long-term care services to veterans. In order to qualify for contract services, you must be service connected at a level of
60 percent or higher. Eligibility is determined based on injuries, illnesses and diagnoses; in other words, things that you can trace back to your time of military service. For example, a World War II veteran at the nursing home can trace his current conditions back to injuries sustained during the Battle of the Bulge. This Purple Heart recipient has Continued on Page 10
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Elmwood finalizes Streetscape By BILL KNIGHT
ELMWOOD – The City of Elmwood on Tuesday officially ended Phase I of its ITEP [Illinois Transportation Enhancement Program] Streetscape grant, as Mayor J.D. Hulslander Inside signed the final report • The Farmington wrapping up City Council apthe $686,000 proves a 10 percent increase in project. its tax levy. See In all, the Page 13 Illinois Department of Transportation awarded Elmwood $471,685.31 for most of the costs for preliminary engineering, construction engineering, and construction itself, completed by Laverdiere Construction of Macomb, according to the report. In other financial news, more than 90 percent of property-tax revenues from the County for the year has been received, City Treasurer Harold Jehle reported. “That means we’ll be operating with cash on hand, sales taxes and income taxes,” Jehle said, “and we didn’t receive any income-tax revFor The Weekly Post
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