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NMBA's 31st ANNUAL CONFERENCE
SAN DIEGO, CA
NOVEMBER 6-9, 2010
Click here for registration details
NEW! A Fresh Look at Marine Lending
Comprehensive review of marine lending assesses impact of the 2007-2009 recession, provides latest data, and focuses on the need to replace funding.
To view, click HERE
Marine Lending White Paper
Outlining unique opportunities in today's marine finance landscape.
To view, click HERE
WEBINAR: Finding New Funding Sources and Building Lender Relationships
Guiding marine businesses to find loan sources and selling them on serving the boating industry is the subject of this new tutorial developed by the NMBA. It’s a 15-minute review of basics of uncovering prospective lenders on a local or regional basis, how to approach and what to request to encourage them to extend credit services to consumers and businesses. To view the program, click here.
CURRENTS Newsletter
NMMA weekly e-newsletter developed to keep members and industry stakeholders up to date on association activities, legislative and regulatory updates, economic reports, as well as general news that impacts the boating business.
Click here for the latest edition
NMMA BOAT SHOW INFORMATION
Visit: www.boatshows.com
Newsroom
New President and Director for Marine Bankers
Plan outreach campaign to community banks to spread benefits of boat lending
CHICAGO, January 19, 2010 -- Karen Trostle of Sterling Acceptance Corp. has been elected President and Chris Renn of U.S. Bank a new Director by the National Marine Bankers Association (NMBA) during elections held at the close of 2009. Peggy Bodenreider of Maritime Capital Group was reelected as a Director and assumes the role of Vice President. Bill Otto of Lake Effect Financial Services and Mike Ryan of M&T Bank continue as Treasurer and Secretary, respectively. Jim Coburn of Flagstar Bank moves to the Immediate Past President post.
Trostle, president of her financial service firm based in Annapolis, MD, earlier served as NMBA Vice President and has been a Director for five years. One of her main goals for the organization in 2010 will be to reach out to consumer lending banks not currently engaged in the marine finance business to highlight benefits of boat loans and encourage diversification in their portfolios.
“With dealers and brokers reporting Internet listing activity up 30 to 40 percent in recent months compared to last year, we plan to promote lending for boats by marketing our pertinent facts to community banks, regional players and credit unions.” She adds that NMBA will work to increase public awareness of the availability of boat loans and join with other lending organizations on legislative initiatives to improve the climate for the marine banking industry.
Renn, based in Cincinnati, OH, is the Senior Vice President with overall profit responsibility for U.S. Bank Recreation Finance. He launched the National Marine and RV indirect lending program for the bank in 2001 and correspondent lending programs in 2003. Earlier, Renn worked for Bank of America for 14 years. He is also a member of the RVIA Finance Committee. Term for directors is three years.
Mike Smith, president of Global Marine Insurance of Traverse City, MI was also reelected as a Director. The NMBA Board requested Mike Bryant of Trident Funding Corp. to continue in his role as Membership Chair and Golf Co-Director.
Rounding out the NMBA Board are Directors Don Parkhurst of SunTrust Bank, Matt Amata of National Liquidators, Jayme Yates of Caterpillar Financial Services and Emeritus Directors Don Mattocks and Jackie Forese.
Membership in the NMBA includes financial institutions such as commercial banks, private financing firms, savings and loan companies, and credit unions. Associate members are those which provide services to the marine lending community. Members extend or originate credit to consumers, retailers/dealers and manufacturers of recreational boats and equipment. The organization produces two major educational initiatives annually: an annual Lending Conference held in the fall and Marine Lending Workshop in December. For details, visit www.marinebankers.org or call 312/946-6260.
April 1, 2009
New Web-based Tutorial Aims to Stimulate Marine Financing
The National Marine Bankers Association (NMBA) launched today a new web-based tutorial to help boating industry stakeholders find and develop loan sources. The 15-minute, free webinar reviews the basics of uncovering prospective lenders on a local and regional basis and identifies ways to approach and encourage them to extend credit services to consumers and businesses. While the webinar recognizes the current economic environment, it illustrates how marine dealers and manufacturers are in a positive position to effect change in their trading areas.
Read More Here «
Mad Mariner Offers Free One-Year Subscription to - Mad Mariner
Mad Mariner, an online daily boating magazine and web-based boating resource, is offering a free one-year subscription to NMBA members. If you are interested, simply click the link below and fill in the short form. You will receive an email confirming your subscription.
Please be assured that this subscription offer is a professional courtesy from Mad Mariner, and NOT a sales call. No personal information is required, and there is no obligation whatsoever on your part. Your privacy is also protected.
Mad Mariner offers new stories every single day, covering recreational boating -- including power and sail -- in all its forms. Your free subscription grants you uninhibited access to the website, where you will find marine news, feature stories, 10 different bloggers (including NMMA President Thom Dammrich and Greg Proteau), forums, boat reviews, video podcasts and more.LINK TO SUBSCRIPTION: http://www.madmariner.com/nmba
USCG New Rule regarding Vessel Documentation
USCG New Rule regarding Vessel Documentation Goes Into Effect on October 31. The U.S. Coast Guard published a notice on Oct. 17, 2007 alerting the public that its earlier direct final rule which eliminates the requirement to provide certain original documents to the USCG National Vessel Documentation Center (NVDC) for recording will come into effect on October 31, as planned. The additional fee for filing documents via facsimile will also be eliminated on that date. No one objected to the direct final rule.
Urge Your Senators To Co-Sponsor S. 2766, The Clean Boating Act of 2008
The Threat to Recreational Boating. Unless Congress acts soon, every recreational boater in the country will have to obtain a federal or state permit in order to operate their boat. This means yearly fees, bureaucratic red tape, confusing and potentially state-by-state regulations, citizen suits and $32,000 per day penalties for non-compliance. These permits would apply to deck run-off, bilge water, engine cooling water and any other water-based, operational discharge from a recreational boat. The Environmental Protection Agency, due to a sweeping court order, is already writing this unprecedented new regulation on boaters.
The Clean Boating Act of 2008. Senators Barbara Boxer (D-Calif.) and Bill Nelson (D-Fla.) introduced S. 2766, the Clean Boating Act of 2008. S. 2766 would fully and permanently restore a 35-year permit exemption for recreational boat incidental discharges, such as weather deck run-off and engine coolant water, and works to protect the health of the nation's waterways by pursuing whether or not reasonable and practicable best management practices need to be put into place for some incidental discharges. The National Marine Manufacturers Association (NMMA) recently announced that a further group of 17 bi-partisan, and geographically diverse U.S. Senators have co-sponsored the Clean Boating Act of 2008. This important bill preserves recreational boating and the boating industry, taking a balanced approached that recognizes that pleasure boat discharges are completely different from land-based industrial facilities and commercial ships.
What You Can Do Today to Protect Boating. NMBA strongly urges all its members and all boating industry employees to contact their Senators and tell them to co-sponsor S. 2766, the Clean Boating Act of 2008. You can quickly and easily send a letter to your Senators by visiting www.boatblue.org. Once there, simply type in your zip code and click send. This is the most significant threat facing the boating industry today, and we need your help to solve it. Take 5 minutes to tell Congress to support S. 2766.
VISIT www.boatblue.org TODAY
National Marine Bankers Association Welcomes Associate Membership
NMMA becomes first organization to join NMBA at Associate level
CHICAGO, April 17, 2007 � The National Marine Bankers Association (NMBA) recently approved a change to its by-laws allowing Associate Membership in the organization, and the National Marine Manufacturers Association (NMMA) has signed on to become NMBA's first Associate Member.
Read More Here «
National Marine Bankers Association Elects 2007 Board of Directors
New president, three new Board members elected to serve
CHICAGO, January 25, 2007 - At its most recent meeting in December 2006, the National Marine Bankers Association (NMBA) elected three new members to serve on the NMBA Board of Directors, in addition to naming a new slate of officers for the 2007-2008 season.
Read More Here «
FIRST AMERICAN STUDY REVEALS ONE IN THREE MARITIME VESSEL TRANSACTIONS IS SUBJECT TO TITLE RISK
Title Issues in Boat Ownership Records Present Heightened Risks for Lenders and Buyers of Pre-owned Recreational and Commercial Vessels
NEW ORLEANS, Nov. 27, 2006 - A recent study conducted by First American Transportation Title Insurance Company, a subsidiary of First American Title Insurance Company, finds that more than 35 percent of recorded maritime vessel ownership records contain potential title issues. The October study evaluated more than 100 randomly selected commercial and recreational vessels listed on the U.S. Coast Guard's National Vessel Documentation Center (NVDC) registry.
[ PDF 29kb ] Read PDF News Release «
Yacht's not home sweet homestead, court says
Ruling says only land-based residences qualify for exemption
By EMILY RAMSHAW / The Dallas Morning News
Read the Article from www.dallasnews.com «
MARINE BANKERS HOLD TAX POLICY MEETING
Ruling says only land-based residences qualify for exemption
On May 2nd, at the American Boating Congress in Washington DC, leading marine lenders of the National Marine Bankers Association Jim Coburn, (National City Bank), Robin Cottmeyer (Old Line Bank), Jim Foley (Trident Funding), John Fulmer (Bank of America), Don Parkhurst (Sun Trust Bank), Karen Trostle (Sterling Acceptance), and Cindy Squires, NMMA's Regulatory Counsel received the latest information from the Hill about tax reform and the deductibility of boat loan interest as a second home. Lenders urged Congress to oppose the presidential Tax Advisory Panel's recommendation and any subsequent legislation that would lower the mortgage interest deduction cap or eliminate the second home provision.
Read More Here «
FL Gov. Signs Non-judicial sale of vessels bill into law 4/24/2006
Florida Governor Jeb Bush signed into law this week a bill that broadens the responsibility of marinas and others who plan a non-judicial sale of a marine vessel to recoup mechanic's liens and other debts. Under the new law, the seller will have to search the U.S. Coast Guard Vessel Documentation database and notify any recorded lien holders of the pending sale. The seller also must make a reasonable effort to discover and notify any lien holders registered against a foreign-flagged vessel. The new law resolves an oversight created three years ago when the state revised the notification process and failed to include a notice requirement for documented vessels and foreign vessels. National Marine Bankers Association officers were key participants in the negotiations that preceded passage of the bill. The new law will go into effect on July 1.
Click here to read the entire bill as enacted. «
Compliance Update - USA PATRIOT Act and Terrorist Financing Regulations
In response to the increased interest and confusion about anti-money laundering requirements under the USA PATRIOT Act and the Presidential Order blocking transactions with terrorists, NMMA has prepared a fact sheet for our members.
Read More Here «
LOAN APPLICATIONS OFF, CREDIT QUALITY UP SAY MARINE BANKERS
Quality, and not quantity, is the emerging theme for marine lenders that have provided snapshots of their business following the winter boat shows this year. Marine lender members of the National Marine Bankers Association (NMBA) are reporting an increase in credit quality, which has the beneficial result of stronger funding ratios and creation of greater operational efficiencies. Lenders are also pointing to increased size of average loans, some up significantly, that generate a better profit return compared with a high volume of smaller loans.
Read More Here «