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THE APP SPECTRUM TECHNOLOGY ON-THE-GO COMMENTATORS MEASURE PROGRESS FIVE YEARS AFTER CRASH My ICBA Available for: Members of Independent Community Bankers of America (ICBA) can now stay connected to the association anywhere, anytime. The free My ICBA app gives users easy access to the organization's extensive library of membership resources, including the ICBA Compliance Toolkit, the digital version of Independent Banker magazine, research and advocacy materials, and ICBA's social media communities. Genworth Rate Express Available for: Genworth has made its mortgage insurance rate and comparison tool accessible on-the-go with a free mobile version of Rate Express. Quickly obtain a rate quote, compare Genworth and FHA insurance rates or compare between other MI products, and connect directly with a local Genworth rep. User profiles can be customized and loan scenarios saved so content is presented in the most productive manner. Box Available for: Secure content-sharing at your fingertips. Access files, images, even videos from your phone or tablet; make edits to a presentation; leave comments for your colleagues; e-sign documents; and view updates instantly. Stay connected to the rest of your team from anywhere with the free Box app. On Windows and Blackberry devices, 5 GB available at no cost; 10 GB free on iOS and Android. 14 President Obama spoke to the nation on September 16—one day after the five-year anniversary of the Lehman Brothers collapse that inflamed the financial crisis. The president used the platform to tout the progress the country has made to date and to urge lawmakers to take action as a potential government shutdown loomed. In his speech, the president recapped the losses that followed the 2008 crash and highlighted indicators of recovery the nation has seen since then, pointing to improvements in employment and housing trends. The president wasn't the only person to mark the occasion—many current and former government officials as well as market analysts offered their own commentary on the country's circumstances, and not all of it was as charitable. Speaking at an event in Texas, FDIC Vice Chair Thomas Hoenig pointed out that conditions on Wall Street still resemble those before the crash. "Now, five years after the crisis, we should not ignore that many of the conditions that undermined the economy then still remain in our financial system," Hoenig said. "These conditions include a few dominant financial firms—those that are too big to fail—controlling an ever greater portion of financial assets within the U.S.; continued government protections and related subsidies; and the continued reliance on a business model with its heavy use of debt over equity and increased risk in the pursuit of higher, subsidized returns on equity." While the Dodd-Frank Act does include many regulations designed to create greater oversight, Hoenig noted that the laws mostly reiterate authorities that have long been available to super- visors while failing to address industry structure and incentives that govern firms' behavior. "Thus, in comparing today's financial system to that of 2008, I worry that the industry is more concentrated, that the system remains vulnerable to shock, and that the economy remains vulnerable to crisis," he said. On the industry side, NewOak Capital's president and co-founder, James Frischling, echoed that concern, offering statistics showing the six largest banks now have 67 percent of all assets in the U.S. financial system. Size, however, isn't the only safety issue at play. "Money flows are also incredibly important, so the plumbing in the financial system or what is referred to as 'repo market' can't be disrupted," Frischling explained. "The disruption of the funding market contributed mightily to bringing Wall Street's problems to Main Street, and there's concern that little has been done to regulate or make meaningful changes in that area of finance," Frischling said. "For our system to truly be considered safer, more focus needs to be paid to the pipes that keep the capital flowing," he finished. STAT INSIGHT 21,000 Average completed foreclosures per month nationwide between 2000 and 2006, prior to the housing crash. Source: CoreLogic

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