27 HќќѠіђџȱ юћјђџ ѢљѦ 2014 The major reduction in the availability of credit card credit over the last few years appears to ȱȱěȱȱȱȱ stabilize, according to the second quarter edition of the American Bankers Association’s Credit Card Market Monitor. “The relative stability of key industry metrics indicates that card issuers and consumers are adapting to market dynamics that have shifted due to both regulatory and economic factors,” observes Kenneth J. Clayton, executive director of ABA’s Card Policy Council. “More and more consumers are using their credit cards as a transactional tool, ȱȱ¢ȱ¢ȱ¢ȱěȱ or paying down their balances each month.” ȱ ȱ¢ǰȱĚȱȱȱ fourth quarter 2013, found that credit lines are contracting at their slowest rate in a year, with average credit lines for sub-prime and prime accounts (down 1.2 percent and 1.4 percent respectively) continuing to contract at a faster rate than superprime accounts (down 0.3 percent). 5HGXFWLRQ LQ &UHGLW $YDLODELOLW\ /HYHOLQJ 2II DV 0DUNHW '\QDPLFV 6KLIW 7KLV LQIRUPDWLRQ LV SURYLGHG IRU JHQHUDO HGXFDWLRQ SXUSRVHV DQG LV QRW LQWHQGHG WR EH OHJDO DGYLFH 3OHDVH FRQVXOW OHJDO FRXQVHO IRU VSHFLÀF JXLGDQFH DV WR KRZ WKLV LQIRUPDWLRQ DSSOLHV WR \RXU LQVWLWXWLRQ·V FLUFXPVWDQFHV RU VLWXDWLRQ Addendum to the Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure, 79 Fed. Reg. 35228 (June 19, 2014). Id. at 35230 n.7. 3 Id. at 35230. See id. 5 Id. 6 Id. Robert Wright has been named chairman of the board of ȱ ǰȱ . Wright is president of Wright Motors Inc. He previously served on the board of National City Bank and was a founder and board member of Commerce Bank. He serves on the board of directors of ěȱ ȱ ȱȱ ¢ȱ ȱ of America. Wright is a graduate of Purdue University. Robert D. ȱhas been named chairman of the board of Mu- ȱ ȱ ǰȱ . Schafstall is a longtime attorney who served as Franklin City judge and is currently of counsel with Schafstall and Admire LLP. He is the treasurer of Franklin College’s board of trustees, a life member of the American Federation of Musicians and a member of the American, Indiana and Johnson County bar associations. He is a graduate of Franklin College and of the Indiana University School of Law. ¢ȱ ȱhas joined the board of ȱ ȱ ǰȱ . Kasting was the former political director for House Speaker Brian Bosma before starting Midwest Communications Group in 2007. ȱĴȱ ȱ ¢ǯ ȱ ȱ ȱannounced the addition of three new board members. ȱ ȱis the owner and operator of Jane Klenke Tax in Brookville. She is involved with the Franklin County Chamber, Community Foundation and 4-H. Jonathan White is a pharmacist at George’s Pharmacy in Brookville and is active in White’s Farm family ȱȱȱĚȱǯȱ He assists in 4-H and K-12 career days. ě¢ȱ is a manager of Green Prairie Turf, Inc. in College Corner, Ohio. He volunteers at the College Corner Community Club, Challenge Unlimited and Talawanda FFA. FROM THE BOARD ROOM tax refund from a taxing authority, these funds are obtained as agent for the Institution. Any tax refund Ĵȱȱȱǰȱ taxes paid, and losses incurred by the Institution is the property of and owned by the Institution, and shall be held in trust by the ǽȱ¢Ǿȱȱȱęȱ of the Institution. The [holding company] shall forward promptly the amounts held in trust to the Institution. Nothing in this agreement is intended to be or should be construed to provide the [holdContinued from facing page. ing company] with an ownership interest in a tax refund that is attributable to income earned, taxes paid, and losses incurred by the Institution. The [holding company] hereby agrees that this tax sharing agreement does not give it an ownership interest in a tax refund ȱ¢ȱȱ¡ȱĴȱȱ the Institution.5 Use of the model language is not Dzȱ ǰȱȃȱ ȱ generally will deem tax allocation agreements that contain this or similar language to acknowledge that an agency relationship exists for purposes of the Interagency Policy Statement, [the] Addendum, and sections 23A and 23B of the [Federal Reserve Act].”6
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