The U.S. has just bounced back from one of the most turbulent economic periods in recent memory. The financial industry teetered on the brink of catastrophe and needed a massive bailout from the federal government. This resulted in consolidation of many weaker financial institutions, which continues today.
The resulting disruptions created significant turnover in loan officers in bank credit departments and, in many cases, organizations were left with the choice of establishing a new lending relationship or developing a relationship with a new loan officer. Deciding what to do in many cases was based on the complexity of moving disbursement, treasury management and other functions to a different financial institution and may or may not have required drafting new loan documents.
Currently, the economy is more stable, and relationships with lenders may be less stressed, despite more scrutiny and oversight by regulators. It is clear that organizations that had good relationships with their lenders prior to the financial collapse generally fared better.
In the November 9, 2016 print edition of Maryland’s Daily Record, Carl Kampel, Director in charge of Professional Standards at Ellin & Tucker, provides a commentary piece regarding the ongoing process of how businesses can build better relationships with lenders.
To view the complete digital edition of the commentary, please visit the November 9, 2016 edition in The Daily Record Digital Edition Archive (subscription required) on The Daily Record website. For more information or questions, please contact email@example.com.
Carl Kampel, CPA is the director in charge of professional standards at Ellin & Tucker, an advisory role that ensures all aspects of client accounting, regardless of the complexity, are conducted with the highest level of service and accuracy. His rich career spanning more than 30 years and personal contributions to financial and special reporting services standards of the audit and accounting profession have rippled internationally. He is a member of the FASB Emerging Issues Task Force and past vice chair of the AICPA Financial Reporting Executive Committee.