CFA update CFA’s 66th Annual Convention, 20-22 October 2010 O
ver 1,000 ABL and factoring professionals and service providers came together
in Chicago for the CFA’s 66th Annual Convention, 20-22 October. The atmosphere was one of optimism and opportunity and the momentum building in our industry was apparent to all in attendance. Those who were able to make it to Chicago spent three days learning, meeting new people and growing their businesses. The opening reception at The Crystal Gardens at Navy Pier was a great success. Attendees enjoyed Chicago-themed food and drinks while networking under the sparkling lights of Navy Pier and the Chicago skyline. The opening general session with George W Bush provided an interesting and entertaining start to Thursday. He discussed the challenges and highlights of his time as president as well as life after the presidency. With over 60 exhibit booths, the CFA exhibit hall was a happening place during networking breaks, breakfast and the networking reception. Attendees connected with a variety of industry partners including field examiners, software companies, appraisers and more. Thursday and Friday offered attendees the chance to learn about developments in the industry with 11 panel sessions featuring top-notch panellists. A popular panel, Continental Divide: Where Economists Meet, featured three economists from the US, Europe and Asia. Trevor Williams, chief economist, Economic Research, Corporate Markets, Lloyds Banking Group, said: “Growth is occurring in the world economy, but it’s occurring in emerging markets. Growth in developed economies has not gone back to where it was prior to when the recession
CFA’s chief executive officer, Andrej Suskavcevic, greets keynote speaker, George W Bush, 43rd President of the United States
started in 2008…so in the vast economies it doesn’t feel too good because the recovery has barely started.” He went on to explain that in the emerging markets growth is at 6-10% while the developed economies are only experiencing 1.5-3% growth. Jay H Bryson, managing director, Global Economist, Wells Fargo & Company, said: “When you cut through all the noise, the US economy is probably growing at 2, maybe 3%.” He blamed the slow growth on consumer spending which is two-thirds of GDP in the US. “2011 is going to feel a lot like 2010, 2012 may feel a lot like 2010 and 2011. Recovery is just stuck in the mud.” In the Emerging Technology Trends in the Finance Industry panel, the five topics discussed included web 2.0, cloud computing, mobility and telecommuting, project collaboration and business process change. Panellists pointed out that lenders should be asking their IT departments: “Where will you bring value to the company?” Howard Newman, president, LOEB, advised attendees to have no more than seven steps to our process in their office. He said if a
Business Money
business process involves more than seven steps, examine it closely and ask why. Many companies continue to do things a certain way because that’s how it’s always been done, but there is usually a much more efficient way to do them.
Mark your calendar now for the 67th Annual Convention, 16-18 November 2011 in New York City.
About the CFA Founded in 1944, the Commercial Finance Association is the trade group of the asset- based financial services industry, with nearly 300 member organisations throughout the US, Canada and around the world. Members include the asset-based lending arms of domestic and foreign commercial banks, small and large independent finance companies, floor plan financing organisations, factoring organisations and financing subsidiaries of major industrial corporations. For more information about the CFA, please visit the website.
www.cfa.com November/December 2010 37
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