Wednesday’s News Edition
Due to Heavy San Francisco Bay Area Storm

(photo courtesy of SF Chronicle)

If you were watching the 49er - Colt game on Sunday night, you really didn't see or hear the furious rain pounding on television. The serious storm came down very fast and heavy here. Local neighborhoods had trees come down, power outages; in lower areas flooding, including streets and freeways.

Leasing News is written where we live. The situation was not as serious for us as we are at the base of the Santa Cruz Mountain, but in the PG&E power grid alert area. We have DirectTV so we could watch the 49er game; however, no internet from Sunday morning until Monday afternoon. Otherwise, we were quite lucky.

Thank you Comcast Business for coming and repairing the node connection so quickly compared to all who were affected.

- Kit Menkin, Editor

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Merchant Cash Agreements: Connecticut and North Carolina
By Kenneth C. Greene, Leasing News Legal Editor

CONNECTICUT: In January of 2021, the New Jersey General Assembly introduced Committee Bill No. 745 (SB745), an act which, if passed, will require certain financing disclosures in commercial transactions. New Jersey has had a Truth in Lending Act for consumer transactions since 1969 (CSG §36a-675 et seq). Following closely the recent steps taken by its neighbor state New York, Connecticut appears poised to expand its disclosure requirements to the commercial space. The act was referred to the Joint Committee on Banking with a target enactment date of October 1, 2021 but, to the best of my knowledge, has not yet become law.

I think we can safely assume the law will pass, given the national trend. At the moment, the act is a mere 14 pages long, but we’ve seen California and New York add modifications to their laws which are as long as 50 pages or more. For now, we will address the law as written as it pertains to Merchant Cash Advances.

Connecticut includes “sales-based financing” within the definition of “Commercial Financing.” SB745, §1(2). As in the other states we have discussed, an MCA provider is entitled to rely upon the representations of the recipient that the transaction is for business purposes, not family, household or personal use.

"Sales-based financing" means a transaction that is repaid by the recipient to the provider over time as (A) a percentage of sales or revenue, in which the payment amount may increase or decrease according to the volume of sales made or revenue received by the recipient, or (B) according to a fixed payment mechanism that provides for a reconciliation process that adjusts the payment to an amount that is a percentage of sales or revenue. SB745, §1(10).

The disclosure requirements can be found at Section 3 of the Act:

https://www.cga.ct.gov/2021/TOB/S/PDF/2021SB-00745-R01-SB.PDF       (2021). If this seems familiar, it is because it follows the New York model very closely.

NORTH CAROLINA: The latest state to jump on the commercial disclosure bandwagon, North Carolina introduced its “Small Business Truth in Financing Act” in May 2021. If it becomes law, is will take effect on May 1, 2022. The bill (House Bill DRH10488-MUf-27A) is only ten pages long, for now at least. It resembles those in other states, particularly New York and Connecticut.

The disclosure requirements for MCA’s are at Section 53-443 of the statute, which can be found here:

https://webservices.ncleg.gov/ViewBillDocument/2021/51680/0/DRH10488-MUf-27A (2021)

Note that, unlike Connecticut, “covered lenders” must register with the State. See, Section 53.450 of the statute (above link).

Ken Greene
Law Office of Kenneth Charles Greene
5743 Corsa Avenue Suite 208
Westlake Village, California 91362
Tel: 818.575.9095
Fax: 805.435.7464
ken@kengreenelaw.com

Ken Greene Leasing & Finance Observations
https://leasingnews.org/Pages/greene_observations.html

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Chesswood Closes Marketed Securitization for
Pawnee Leasing at US$356 Million

TORONTO, /CNW/ - Chesswood Group Limited ("Chesswood") (TSX: CHW) is pleased to announce that its subsidiary Pawnee Leasing Corporation ("Pawnee") has closed its marketed U.S. securitization of receivables. Proceeds from this securitization totaled US$356 million and will be used to repay Pawnee's warehouse facility and more than US$140 million of Chesswood's corporate revolving credit facility.

Ryan Marr, Chesswood's President and CEO, said, “This transaction substantially improves Chesswood's financial position by increasing liquidity and providing us with an approximate 100bps improvement in our cost-of-funds.  The success of this asset-backed securitization is evidence of Pawnee's high quality portfolio and further demonstrates Chesswood's ability to manage treasury and funding resources, allowing us to continue to grow the business" said.

About Chesswood Group Limited

Through two wholly-owned subsidiaries in the United States and two subsidiaries in Canada, Chesswood Group Limited is North America's only publicly traded commercial equipment finance company focused on small and medium-sized businesses. Colorado-based Pawnee Leasing Corporation, founded in 1982, finances a highly diversified portfolio of commercial equipment leases and loans through relationships with over 600 independent brokers in the United States. Tandem Finance Inc. provides financing in the U.S. through the equipment vendor channel. In Canada, Blue Chip Leasing Corporation has been originating and servicing commercial equipment leases and loans since 1996 and today operates through a nationwide network of more than 50 independent brokers. Vault Credit Corporation specializes in equipment leases and commercial loans across Canada, allowing for customizable financing solutions while catering to a wide spectrum of credit tiers, equipment types and sectors by offering industry-leading service levels, experienced underwriters and account administrators.

Based in Toronto, Canada, Chesswood Group Limited's shares trade on the TSX under the symbol CHW.

The websites of Chesswood Group Limited's operating businesses are:
www.PawneeLeasing.com   www.BlueChipLeasing.com
www.TandemFinance.com   www.VaultCredit.com

 

Helping Entrepreneurs Achieve the American Dream

Michael Kianmahd, Executive Vice President, Maxim. said, "By originators submitting to Maxim during Q3 2021, we helped borrowers in 32 states get the financing they need to grow their businesses.

"Our borrowers’ demand for financing provides a good barometer for the post-pandemic recovery. They are securing strong contracts, adding employees, and investing in additional equipment to grow their businesses. We are very optimistic for a stable Q4 and busy 2022.

"We saw increased demand across all lending programs during Q3 2021, especially due to:

• "Contractors nationwide purchasing heavy equipment in response to a surge in infrastructure projects and the active construction industry.
• “Entrepreneurs owning residential, commercial and industrial real estate leveraging properties to fund immediate business opportunities.
• "Owner-operators of Class 8 trucks upgrading and adding equipment to fulfill strong contracts."

RECENT TRANSACTIONS

2015 Peterbilt 365 Dump Truck w/New Body
for Prior Borrower with Excess Collateral

An experienced contractor who had paid off his Maxim loan on a 2010 Peterbilt 365 Dump Truck wanted to buy a second dump truck for his son to operate once out of the USMC. But the father's past charge offs and his son's light credit limited their financing options. The father's 15-year operating experience, "good payer" classification on his prior Maxim loan, current-pay on autos and strong contracts made this a Maxim deal.

Maxim Funded: $103,258, 48-month term loan
Purchase Price: $135,257
Collateral: Newly-purchased 2015 Peterbilt 365 Dump Truck with new body and owned 2010 Peterbilt 365 Dump Truck as additional collateral

2014 Hitachi ZX350 LC5 Excavator
for a Busy Contractor

A Colorado-based contractor primarily serving the residential industry needed a new excavator to fulfill strong demand. However, his credit score was poor due to several medical collections after having open heart surgery. The buyer is current on his revolving accounts and mortgage and the 2014 Hitachi ZX350 LCS Excavator he purchased is excellent collateral, making this a Maxim deal.

Maxim Funded: $39,414, 30-month term loan
Purchase Price: $67,914
Collateral: 2014 Hitachi ZX350 LC5 Excavator

*NEW* 2022 Kenworth T800 Dump Truck for
Start Up Trucking and Hauling Company

A rapidly growing residential landscape company in Florida was paying over $3,000 per week to rent dump trucks. It decided it would be more economical to start up a subsidiary trucking and hauling company with company-owned dump trucks, but traditional lenders would not provide purchase financing to the start up. The strong down payment, collateral, contracts and a corporate guarantee on the loan made this a Maxim deal.

Maxim Funded: $105,311, 54-month term loan
Purchase Price: $205,311
Collateral: 2022 Kenworth T800 Tri-Axle Dump Truck and corporate guarantee from parent company

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Help Wanted Ads

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Advancing Your Career

Sales Makes it Happen by Scott Wheeler, CLFP

Originators in the commercial equipment finance and leasing industry are experiencing a terrific 2021. Business is strong and top originators are advancing their careers. They are capitalizing on lessons learned and positioning themselves for sustainable growth. I often ask the following questions to originators:

1) What were your daily activities this time last year?
2) How have your daily activities changed?
3) What makes you more productive today compared to a year
ago?

The commercial equipment finance and leasing industry is constantly changing. The most productive originators learn from those changes. The most productive originators capitalize on those changes. The most productive originators embrace those changes and lead the industry forward.

Careers are enhanced when originators internalize lessons learned and positively react to new opportunities from a position of knowledge, experience, and curiosity. If you continue to do the same daily activities of a year ago - your career is stagnated. If you are embracing new opportunities, working smarter and more efficiently, and your daily activities are stronger - your career is moving forward.

One of the greatest attributes of the commercial equipment finance and leasing industry is its ability to enhance personal careers. The industry offers well above average incomes for those professionals willing to be engulfed by the possibilities of success. As a successful originator, your career and your success depend upon your ability to learn, react, and maximize the unlimited possibilities that are available every day in the commercial equipment finance and leasing industry. Make every day count.

Order via Amazon:  https://www.amazon.com/Call-Action

Scott A. Wheeler, CLFP
Wheeler Business Consulting
1314 Marquis Ct.
Fallston, Maryland 21047
Phone: 410 877 0428
Fax: 410 877 8161
Email: scott@wheelerbusinessconsulting.com
Web: www.wheelerbusinessconsulting.com

Sales Makes it Happen articles:
http://www.leasingnews.org/Legacy/index.htm

Top Ten Leasing News Read by Readers
October 18 to October 22

(1) Leasing/Finance Icon Oren Hall
Passed Away
https://leasingnews.org/archives/Oct2021/10_18.htm#hall

(2) New Disclosure Laws - When will They Take Effect
By Ken Greene, Leasing News Legal Editor
https://leasingnews.org/archives/Oct2021/10_22.htm#disclosure

(3) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Oct2021/10_22.htm#hires

(4)  NMLS Transition for California Financing Law
Licensees: December 31, 2021 Deadline
https://leasingnews.org/archives/Oct2021/10_20.htm#nmls

(5) How Long $1 Million for Retirement Would Last
in America's Largest Cities
https://leasingnews.org/archives/Oct2021/10_22.htm#how

(6) Why Powell’s COVID-19 vaccine “breakthrough”
infection was deadly
https://www.eastbaytimes.com/2021/10/18/why-powells-covid-19-vaccine-breakthroug

(7) The List - September 2021
The Good, the Bad, and the Ugly
https://leasingnews.org/archives/Oct2021/10_20.htm#list_sept

(8) Two Pick-Up Trucks Top Most Stolen Vehicles List
Charts - National Insurance Crime Bureau (NICB)
https://leasingnews.org/archives/Oct2021/10_18.htm#two

(9)  Merchant Cash Advance Agreements
  New York and New Jersey
By Ken Greene, Leasing News Legal Editor
https://leasingnews.org/archives/Oct2021/10_18.htm#mca

(10) Capital Markets Review at the ELFA Conference
Dynamic Panel Discussion
https://leasingnews.org/archives/Oct2021/10_18.htm#capital 

 
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FDIC Chairman Jelena McWilliams at the
2021 Community Bankers Symposium

Thank you for your participation in this symposium.  Though I wish we could have held this event in person, I am grateful to everyone who helped to organize and who participated in this event.  Especially in times like these, it is critical for us to come together to celebrate the successes of our community banks and address the challenges they face.

At the FDIC, we observe in our daily work the vital role that community banks play in their local communities and in the U.S. economy overall.  Based on the results of our Community Bank Study, we know community banks held 36 percent of the banking sector’s small business loans as of year-end 2019, despite holding only 12 percent of banking sector assets.

Along these lines, community banks held almost one-third of commercial real estate (CRE) loans in 2019, and held a whopping 70 percent of farm loans at commercial banks. We also saw that among the banks participating in the Paycheck Protection Program (PPP), community banks in particular had an outsized impact on their customers and communities.

To say that community banks are often the financial lifeblood of minority, rural, and low- and moderate-income communities is not an exaggeration.  Today, there are 608 counties in the United States where one or more community banks are the only FDIC-insured institutions physically present in the community.

Despite their notable lending strengths and presence through our country, we know that many community banks struggle to remain competitive given technological changes and the demands of increasingly tech-savvy consumers.  At the same time, many disadvantaged communities continue to struggle economically, including as a result of the disproportionate impact of the pandemic.  And despite much improvement over the past decade, we continue to have 7 million unbanked households in the United States, translating into many more individuals who do not have a basic banking relationship.

Earlier in my tenure as Chairman, I spoke about how important recognizing, and adapting to, changes in technology and evolving consumer demands would be to our community banks’ survival and their ability to thrive. Today, as we think about the regulatory system we want to build coming out of the pandemic, innovation will be even more critical to fostering financial inclusion and the competitiveness of our community banks . . . challenges that I believe are intertwined. 

Let me describe how we are addressing these dual challenges head on.

Achieving inclusion

The FDIC is taking a multi-pronged approach to supporting financial inclusion, in ways I hope will make clear that this is not your grandmother’s FDIC.

Mission-Driven Bank Fund

I was thrilled to announce last month the launch of the Mission-Driven Bank Fund.  Based on my conversations with many MDIs and CDFIs early in my tenure, I learned that what these institutions need most is capital. 

So I challenged the FDIC to come up with a framework that would match these banks with investors interested in the particular challenges and opportunities facing those banks and their communities.  We are pleased that Microsoft and Truist Financial Corporation are the anchor investors in this new fund, and Discovery, Inc. will become a founding investor.  Combined, these investors are pledging $120 million to support mission-driven banks and the communities they serve, with additional investments expected in the coming months.

The fund will support MDIs and CDFIs to build size, scale, and capacity that will in turn allow them to provide affordable financial products and services to individuals and businesses.  The FDIC will not manage the fund, contribute capital to the fund, or be involved in the fund’s investment decisions. 

Inclusion tech sprint

The FDIC is also using tech sprints run by our Office of Innovation, FDITECH, as a novel tool to tackle the gap in financial inclusion.  A tech sprint brings together a diverse set of stakeholders in collaborative settings for a short period of time to focus intensely on specific challenges with implications for the FDIC or its regulated entities. 

In June, we announced a tech sprint that was designed as a public challenge to banks, non-profits, private companies, and others to help us identify ways community banks can meet the needs of the unbanked in a cost-effective manner.

Eight teams came together for a demonstration day on September 10, 2021; three winning teams were selected.

Reexamining our impediments to employment

Thinking outside the box to support financial inclusion also requires us to assess where our rules may cause impediments in other ways.  Section 19 of the Federal Deposit Insurance Act (FDI Act), for example, prohibits any person who has been convicted of certain types of crimes from working at a bank. 

Banks can apply for the prior written consent of the FDIC, but doing so, of course, can be a significant impediment for the individuals who would otherwise be barred from employment.

Therefore, we took a fresh look at our policy implementing Section 19, to see where we should narrow the scope of the restrictions.  In 2020, the FDIC issued a final rule that made several changes to narrow the scope of crimes subject to Section 19, enabling more individuals to work for banks without going through the Section 19 application process. 

For example, the final rule excluded all offenses that have been expunged or sealed – rather than only certain types of expungements – from the scope of Section 19. The final rule also eliminated the five-year waiting period following a first “de minimis” offense, meaning individuals convicted of one minor offense no longer need to wait five years to work at a bank without an application to the FDIC.

The changes themselves are not major, but nonetheless will have a major impact on individuals who no longer need to obtain written consent from the FDIC in order to work for a bank.

Fostering competitiveness

To say that the COVID-19 pandemic and the related personal and professional challenges have been unprecedented is to understate the momentous shift that many societies around the world have experienced over the past year.  Those challenges have forced us to remember that old idiom that necessity is the mother of invention.  We had to adjust everyday activities – from how we work to how we procure food – to protect ourselves and those around us.  That rapid transformation amplified how critical innovation is, and showed us that when we must turn on a dime, we can.

I want to instill the same sense of urgency for adopting innovation to support the ability of community banks to compete and to thrive in the modern banking sector.  As I have mentioned before, innovation for our community banks – and our financial system more broadly – is no longer a question of “shall we; shall we not” but “how can we do it because we must.”

Let me give you a sampling of how the FDIC is trying to do its part.

Modernizing Engagement

We are challenging external parties to develop tools for providing more timely and granular financial data to the FDIC on the health of the banking sector than what we get from the current Call Reports, all while making such reporting less burdensome for banks.  Although Call Reports provide critical data to the FDIC, they do so with several months’ delay, thereby reducing the utility of the reporting to the FDIC.

To engage technology firms to help us solve this problem, we used a “rapid phased prototyping competition.”  More than 30 technology firms were invited to participate in this competition.  Last month, we asked four participants to propose a proof of concept for their technologies. 

Our goal is to conduct a pilot program with up to nine FDIC-supervised institutions of various sizes and technological maturity to test the reporting technologies and determine their potential to scale.  Tools like those developed in this competition will help pave the way for more seamless and timely reporting of more granular data for banks that voluntarily choose to adopt the technology.   

Partnerships with Fintechs

We have also been working on several initiatives to facilitate partnerships between fintechs and banks that can allow banks to reach new customers and offer new products. 

At the end of 2020, we updated our brokered deposits regulations, the first substantial update in approximately 30 years, which removed regulatory hurdles to certain types of innovative partnerships between banks and fintechs.

In addition, last year we asked stakeholders to comment on a groundbreaking approach to facilitate technology partnerships.  The on-boarding and due diligence process can be costly and time consuming for both banks and their potential technology vendors.  Our request for information proposed a public/private standard-setting organization to establish standards for due diligence of vendors and for the technologies they develop.

Standardizing the due diligence process could fundamentally improve the ability of banks to partner with technology firms, while allowing the FDIC greater ability to engage in a horizontal review of different products, services, and risk management practices of third-party service providers. 

We received many supportive comments in response to the request for information and continue to pursue the concept actively.

Conclusion

It has been my goal as Chairman that the FDIC lay the foundation for the next chapter of banking by encouraging innovation that meets consumer demand, promotes community banking, reduces compliance burdens, and modernizes our supervision while increasing access to banking services.  The importance of these goals has only been underscored by the upheaval caused by the pandemic. 

Thank you all for joining us here, and thank you for taking part in these important conversations about the future of our community banks.  I hope you can see that we at the FDIC are facing these issues head on.  Our community banks and the Americans they serve across the country are counting on us to do so, and I hope to reiterate that they have a partner in the FDIC.

 

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ELFA New Board of Directors Announced
Including new Board Chair 

Michael DiCecco, Executive Managing Director
of Huntington Asset Finance, will serve as ELFA Board Chair

SAN ANTONIO, TEXAS - The 60th Annual Convention of the Equipment Leasing and Finance Association (ELFA), the association announced its new Board of Directors and Officers who will serve during the next 12 months. Michael DiCecco, Executive Managing Director of Huntington Asset Finance, is the new ELFA Board Chair and Robert Neagle, President and CEO of Finova Capital, LLC, is now Chair-Elect. The Chair-Elect and new Board members were recommended by ELFA’s Nominating Committee and approved by a vote of the general membership.

“I am honored to serve as the Board Chair of ELFA and to represent the Board, staff members and our member organizations—all of whom serve the interests of the businesses that depend on the equipment financing industry to grow and thrive,” DiCecco said. “Equipment finance is critical to our recovering economy and ELFA’s role as an advocate and partner is becoming even more important in these rapidly changing times.”

ELFA President and CEO Ralph Petta, said, “We are extremely fortunate to have Mike DiCecco as Chairman of the Board of Directors for 2022. Mike has been a valued member volunteer for many years, and his industry knowledge and commitment to our association will be tremendous assets to the ELFA membership and the industry at large in the coming year.”

DiCecco has more than three decades of experience in equipment finance and commercial banking and a long history of ELFA leadership. He joined Huntington in 2001 and led the development of the bank’s equipment finance business, which now has assets of more than $12 billion. He also served as the commercial bank leader in Huntington’s Northeast Ohio region and led the commercial bank’s specialized lending businesses.

DiCecco has served ELFA as a member of the Board of Directors and Executive Committee from 2014-2017, returning to the Board in 2018. He is a member of the Board’s Executive and Nominating Committees. He has also served as Board Liaison to ELFA’s Emerging Talent Advisory Council, contributing to the Council’s “ELFA Emergence” leadership development conference, regional emerging talent networking events and leadership articles and podcasts from 2018 to 2021. Previously, he served as a member of ELFA’s Membership Committee and Financial Institutions Business Council Steering Committee. DiCecco has also supported the work of the Equipment Leasing & Finance Foundation as a participant in the Foundation’s Industry Future Council and a contributor to various “State of the Equipment Finance Industry” reports.

At Huntington, DiCecco is responsible for all aspects of asset finance, including asset-based lending, equipment, technology and healthcare finance, vendor and inventory finance, public capital, renewable energy, premium finance and lender finance.

In the community, DiCecco serves on the Cuyahoga County Regional Advisory Board for the Boys & Girls Club of Northeast Ohio and is an active fundraiser for cancer research through Pelotonia, an annual bike ride to support research at The Ohio State Comprehensive Cancer Center.  
DiCecco earned a bachelor’s degree in finance from the Mount St. Joseph University.

2022 ELFA Board of Directors

The newly elected members of the ELFA Board of Directors include:
•   Jon Biorkman, President, Healthcare Financial Services, GE Healthcare
•   Kathleen Canum, Vice President, Administration, Canon Financial Services, Inc.
•   Debra Devassy Babu, Shareholder, Darcy & Devassy PC
•   Eric Gross, Chief Operating Officer, Dext Capital
•   Kirk Phillips, President & CEO, Wintrust Commercial Finance
•   Michael Romanowski, President, Farm Credit Leasing
•   Robert Wax, Co-President, Kingsbury Wax Bova, LLC
•   Bruce Winter, President, FSG Capital, Inc.

The following individuals were elected by the membership to serve as ELFA Vice Chairs: Robert Boyer, President, First Commonwealth Equipment Finance, and James Cress, Vice President & General Manager, Stryker, Flex Financial. Daniel Krajewski, President & CEO, Sertant Capital, LLC, will serve as Treasurer.

Paul Stilp, ELFA’s Chief Financial and Operating Officer, will serve as Secretary and Ralph Petta, ELFA President and CEO, is an Ex-Officio Officer.

Kris Snow, President, Cisco Systems Capital Corporation, is Immediate Past Chair. Other members of the Board are:

•   Deborah Baker, Head of Worldwide Leasing and Financing, HP Inc.
•   Maureen Carr, Managing Director, Pacific Western Bank
•   Mark Duncan, EVP and Chief Operating Officer, Mitsubishi HC Capital America
•   David Farrell, Managing Director - Head of Capital Markets, Bank of America Global Leasing
•   Nathan Gibbons, COO, QuickFi by Innovation Finance USA LLC
•   R.J. Grimshaw, President & CEO, UniFi Equipment Finance
•   Amy Gross, EVP, Key Government Finance, Key Equipment Finance
•   Ricardo A. Rios, President & CEO, Commercial Equipment Finance, Inc.
•   Barry Ripes, SVP, Financial Services Leader, Equifax    
•   Thomas Rutherford, President, Crestmark Equipment Finance, a division of MetaBank
•   David Verkinderen, SVP, Office Equipment & Manufacturing Vendor Services, U.S. Bank Equipment Finance

About ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the nearly $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 575 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. In 2021, ELFA is celebrating 60 years of equipping business for success. For more information, please visit www.elfaonline.org.

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ELFA Announces 2021 Winner
of Advocacy Champions Award

Bank Business Council Steering Committee
recognized at ELFA Annual Convention

The Bank BCSC Chair Ernest Tsorvas accepted the Advocacy Champions cup on behalf of the committee at the general session during the 60th ELFA Annual Convention in San Antonio, Texas.

SAN ANTONIO, TX – The Equipment Leasing and Finance Association (ELFA) has announced that the winner of its Advocacy Champions Award for 2021 is the Bank Business Council Steering Committee. The award recognizes the Business Council Steering Committee (BCSC) that is most engaged with ELFA advocacy initiatives throughout the year.

ELFA’s Federal Advocacy team created the Advocacy Champions Award to encourage member participation in the association’s advocacy programming. The award is a competition among the association’s five BCSCs, which represent the various segments of membership: Bank, Captive and Vendor Finance, Independent, Service Providers and Small Ticket. ELFA members earn points for their respective Business Council when they participate in the association’s annual Capitol Connections event, when their company hosts an in-district visit with a member of Congress, and when they reach their prior authorization goal for LeasePAC, ELFA’s political action committee.

The Bank BCSC was recognized for having the highest level of participation in 2021. They had more than 40 members participate in Capitol Connections, where they met virtually with elected officials and brought important industry issues to the forefront. In addition, the committee reached its prior authorization goal for LeasePAC.

ELFA President and CEO Ralph Petta, said, “Advocacy is a cornerstone of ELFA’s mission, and we are excited to celebrate members’ contributions to our advocacy program.

“The Bank BCSC’s award-winning participation is a testament to their commitment to educating policymakers about the importance of the equipment finance industry and the role it plays in the U.S. economy. We are excited to see this program grow over time as we encourage even more members to get involved.”

About ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 575 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. In 2021, ELFA is celebrating 60 years of equipping business for success. For more information, please visit www.elfaonline.org

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ELFA Inducts John C. Deane
into Equipment Finance Hall of Fame

SAN ANTONIO, TX – The Equipment Leasing and Finance Association (ELFA) has named John C. Deane to the 2021 Class of the Equipment Finance Hall of Fame. ELFA President and CEO Ralph Petta made the announcement this morning at the General Session of the 60th ELFA Annual Convention in San Antonio, Texas. The official induction ceremony took place on Oct. 23 at the Chair Dinner preceding the ELFA Annual Convention. Deane, who accepted the honor in person, was recognized as a leader of successful equipment finance businesses and a respected senior advisor to the equipment finance industry.

ELFA President and CEO Ralph Petta announced, “We congratulate John for being inducted to the 2021 Class of the Equipment Finance Hall of Fame,” said. “Over the past five decades, John has played an outsized role in development and success our industry as a distinguished leader, educator and advisor.”

Deane had a long and distinguished career in the equipment finance industry that spanned more than five decades. In 1971 he co-founded Marinebanc Leasing Company. He then founded and was President of Nevada National Leasing Company in 1974 until it was sold in 1983 to Great Western Financial Corporation and became Great Western Leasing. When Great Western Leasing was sold in 1987 to Citicorp, Deane became President of BancOne Leasing Company. Starting in 1992, he served as a principal in the firm of Amembal, Deane & Associates, a provider of training, educational and consulting services for the equipment finance industry.

In 1997, Deane co-founded The Alta Group with equipment finance industry pioneers Norm Chapman, John Giddens and Bill Montgomery. Alta grew to become a preeminent advisory firm to the industry. With more than 70 professionals located around the world including parts of Asia, Europe and Latin America where leasing was less known, Alta advisors helped introduce best-business practices and industry standards. Deane retired as CEO of The Alta Group in December 2020 but remains active in the equipment finance industry as an outside director of GreatAmerica Financial Services Corporation in Cedar Rapids, Iowa.

Deane’s ties with ELFA stretch back nearly five decades. In 1973 ELFA (then the Association of Equipment Lessors) asked him to present at its Annual Convention on the new topic of bank holding company leasing subsidiaries. Deane recalled it was a dry topic and—at the young age of 26—an intimidating audience, but the experience led to a professional life-long commitment to the association and many more presentations along with governance positions. These included serving as a member of the Executive Committee (1981-1985), Chair of the Public Policy Education Committee (1985-1988), Vice Chair (1987-1991) and Chair of the ELFA Board of Directors (1991-1993). Deane never missed an ELFA Annual Convention and travelled on behalf of the association or clients to 57 countries during his career.

In addition, Deane contributed to the work of the Equipment Leasing & Finance Foundation over the years as a visionary leader who developed relevant industry research and as a member of the Foundation’s Industry Future Council. The Alta Group served as a researcher for many Foundation studies over the years and lent its support as a corporate donor.

A native of Grand Rapids, Michigan, Deane holds a B.A. degree in history from Denison University and an MBA from the University of Michigan. Outside of his professional career, he was a devoted board member of the Nevada Museum of Art for 20 years.

About ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the nearly $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 575 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. In 2021, ELFA is celebrating 60 years of equipping business for success. For more information, please visit www.elfaonline.org.

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#### Press Release #############################

Identifies Six Key Trends Expected to Impact
Equipment Finance Firms Over the Next Five Years

Washington, DC, October 25, 2021 – The Equipment Leasing & Finance Foundation (Foundation) releases the 2021 Industry Future Council (IFC) report, “Looking Ahead to the Post-Pandemic Economy: A Strategic Assessment of the Equipment Finance Industry,” which identifies six key inter-related trends in technology, workforce, and economics & policy that are predicted to impact the equipment finance industry during the coming five years. The findings and detailed recommendations in the report are based upon input from IFC members, external research, and Keybridge, an economics research firm selected to facilitate the 2021 IFC. The IFC is comprised of a cross-section of selected industry executives who convened throughout the year to develop the trends.

The IFC explored over 20 possible developments through a combined approach of analysis. The trends below were identified as those six which have the greatest potential to impact the equipment finance sector in a pandemic-recovering and changing economy. Additional research on each of the drivers of change are included in the report.

Technology-Related Trends:
•  Increased Role of Technology in Sales and Business Operations
•  Increased Emphasis on Cyber/Data Security

Workforce-Related Trends:
•  Challenges Recruiting the Next Generation of Equipment Finance Workers
•  Expanding Focus on Promoting Diversity, Equity, and Inclusion

Economic and Policy Trends:
•  Pandemic-Driven Changes to Equipment Demand
•  Increased Regulatory Pressures on the Equipment Finance Sector

Scott Thacker, Foundation Chair and Chief Executive Officer of Ivory Consulting Corporation, said, “Profound changes have occurred in the business world and the broader economy over the last 18 months that will shape the equipment finance industry in the years ahead. This year’s IFC report provides a robust examination of those conditions and the resultant trends that the sector is expected to face, as well as detailed examples and applications to help navigate them. Equipment finance firms that do not consider these changes in their strategic planning and adjust accordingly risk falling behind the competitive curve.”

The 2021 IFC was co-sponsored by Equifax and Solifi, and is available for free download at https://bit.ly/ELFFIFC. All Foundation studies are available for free download from the Foundation’s online library at http://store.leasefoundation.org/.

ABOUT THE FOUNDATION
The Equipment Leasing & Finance Foundation is a 501c3 non-profit organization that propels the equipment finance sector—and its people—forward through industry-specific knowledge, intelligence, and programs that contribute to industry innovation, individual careers, and the overall betterment of the equipment leasing and finance industry. The Foundation is funded through individual and corporate donations. Learn more at www.leasefoundation.org.

#### Press Release #############################

Labrador Retriever/Mixed
San Antonio, Texas  Adopt-a-Dog

Barry

ID #A44284348
Male
3 Years, 5 months
50 lbs.
Main Campus, Bdg.7
Adoption Fee: $60
The pet adoption fee includes:

Spay/neuter surgery, age appropriate vaccinations, microchip, internal and external parasite treatment, heartworm prevention, 30 days of 24PetWatch Pet Insurance, a starter bag of Heritage Ranch by H-E-B pet food and more! Fees may be different during adoption specials. Call 210-655-1481 for details or view our Calendar of Events for current specials!

To request further information about Barry #44284348
https://adltexas.org/pets/barry/#inquiry

Animal Defense League of Texas
11300 Nacogdoches RD
San Antonio, TX 78217

ADL is open 7 days a week
Excluding Major Holidays
HOURS: 11:00am – 7:00pm

(Adoption applications are accepted until 6:30 pm daily)

PHONE: 210-655-1481
FAX: 210-655-4498
Contact Form:
https://adltexas.org/contact-us/

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Can’t Attend. Register to Join Us Online

Our Convention is next week and 800 of your secured finance colleagues have registered. It's time for you to get your virtual pass and join them.

To sign up your organization for unlimited virtual registration, contact James Kravitz at 917-881-1247 or jkravitz@sfnet.com.

This is your chance to connect, learn, and move your business forward. Don't miss it.

Agenda  Venue Registration
https://www.sfnet.com/home/77th-annual-convention

 

News Briefs---

CIT Net Income 3rd Quarter $173 million
    Operating Expenses Up $17 Million to $268 Million
https://s2.q4cdn.com/496078316/files/doc_financials/2021/q3/new/3Q21-Earnings-Release-Final.pdf

Microsoft revenue jumps 22% to $45 Billion
   in big quarter for cloud
https://www.geekwire.com/2021/microsoft-profits-jump-48-20b-big-quarter-cloud-business/?mc_cid=8123fb9dd0&mc_eid=551deb6d8f

As climate concerns threaten air travel,
    aviation industry banks on technology solutions
https://www.seattletimes.com/business/boeing-aerospace/as-climate-concerns-threaten-air-travel-aviation-industry-banks-on-technology-solutions/

Tesla Value Tops $1 Trillion
    After Hertz Orders 100,000 Cars
https://www.nytimes.com/2021/10/25/business/hertz-tesla-electric-vehicles.html

General Motors wants to help build
    40,000 electric vehicle chargers in the US
https://www.theverge.com/2021/10/26/22745575/gm-ev-charging-dealers-ultium-360-charge

U.S. 5G Smartphone Forecast Update
    2021–2025
https://www.idc.com/getdoc.jsp?containerId=US48244821

Intel Core i5-12600K CPU Up To 50% Faster Than Ryzen 5    
  5600X, Blows Away The Rocket Lake Core i9-11900K
     Flagship In Leaked Benchmarks
https://wccftech.com/intel-core-i5-12600k-cpu-faster-than-ryzen-5-5600x-blows-away-rocket-lake-core-i9-11900k-leaked-benchmarks/

3-D Printed Houses Are Sprouting Near Austin
    as Demand for Homes Grows
https://www.wsj.com/articles/3-d-printed-houses-are-sprouting-near-austin-as-demand-for-homes-grows-11635240601?st=lp7aqq1vhi9w947&reflink=desktopwebshare_permalink

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You May Have Missed---

Pet Ownership Soars Among Home Buyers, Influencing Purchase Decisions
https://www.prnewswire.com/news-releases/pet-ownership-soars-among-home-buyers-influencing-purchase-decisions-301408422.html


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Sports Briefs---

2021 World Series predictions, Braves-Astros picks:
     Experts split on evenly matched Fall Classic
https://www.cbssports.com/mlb/news/2021-world-series-predictions-braves-astros-picks-experts-split-on-evenly-matched-fall-classic/

Tampa Bay Buccaneers fan rewarded for
    giving up Tom Brady's 600th TD ball
https://www.espn.com/nfl/story/_/id/32474384/tampa-bay-buccaneers-fan-rewarded-giving-tom-brady-600th-td-ball

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California Nuts Briefs---

Contra Costa County shuts down In-N-Out
    over failure to follow vaccine rules
https://www.eastbaytimes.com/2021/10/26/contra-costa-county-shuts-down-in-n-out-over-failure-to-follow-vaccine-rules/

California’s unemployment fraud
    reaches at least $20 billion
https://www.mercurynews.com/2021/10/26/californias-unemployment-fraud-reaches-at-least-20-billion/

Federal officials say BART’s San Jose extension
     could now cost $9.1 billion
https://www.mercurynews.com/2021/10/25/federal-government-awards-2-3-billion-for-barts-san-jose-extension/

Tesla Value Tops $1 Trillion
      After Hertz Orders 100,000 Cars
https://www.nytimes.com/2021/10/25/business/hertz-tesla-electric-vehicles.html

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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

Wine Star: Cristie Kerr
https://www.winespectator.com/articles/2021-new-york-wine-experience-wine-star-cristie-kerr

Meet Carmel Greenberg, the first Israeli
   woman to be a head winemaker in Napa
https://www.jweekly.com/2021/10/25/meet-carmel-greenberg-the-first-israeli-woman-winemaker-in-napa/

Winemaker Tara Gomez Uses Grapes to
   Connect with her Roots
https://vinepair.com/articles/next-wave-tara-gomez/

Mixable port to target younger drinkers
https://www.thedrinksbusiness.com/2021/10/mixable-port-to-target-younger-drinkers/

Free Wine App
https://www.nataliemaclean.com/mobileapp/

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

This Day in History

     1659 - William Robinson and Marmadue Stevenson, English Quakers who had come to America in 1656, were executed for their religious beliefs, hanged from an elm tree on Boston Common, Boston MA. They were condemned by the Massachusetts General Court under a law passed on October 19, 1658 that banished Quakers from the colony under pain of death. Also condemned, but reprieved at the last moment, was Mary Dyer, who returned to Boston the following year and was hanged on June 1, 1660.
    1771 - Landing at Philadelphia, pioneer bishop Francis Asbury, 26, first arrived in America. He had been sent from England by John Wesley to oversee Methodism in the American colonies and stayed all of his remaining 45 years until his death in 1816.
http://www.cantonbaptist.org/halloffame/asbury.htm
http://www.victorshepherd.on.ca/Heritage/francis.htm
    1787 - The first of the 85 "Federalist" papers appeared in print in a New York City newspaper. These essays, written by Alexander Hamilton, James Madison and John Jay, argued in favor of adoption of the new Constitution and the new form of federal government. The last of the essays was completed Apr 4, 1788.
http://memory.loc.gov/ammem/today/oct27.html
    1795 - Pinckney's Treaty between Spain and the United States was signed. It established the former southern boundary of the United States at the 31st parallel and gave Americans the right to send goods down the Mississippi without paying duty to Spain.
    1810 - US annexes West Florida from Spain.  The West Florida Controversy included two border disputes between Spain and the US in relation to the region known as West Florida over a period of 37 years. The first dispute commenced immediately after Spain received the colonies of West and East Florida from Great Britain following the Revolutionary War.  Initial disagreements were settled with Pinckney’s Treaty of 1795.  The second dispute arose following the Louisiana Purchase in 1803. The controversy led to the secession of part of West Florida, known as the Republic of West Florida from Spanish control in 1810, and its subsequent annexation by the United States. In 1819, the United States and Spain negotiated the Adams-Otis Treaty, in which the United States purchased the remainder of Florida from Spain. The treaty was ratified in 1821.
    1811 - Isaac Merrit Singer (d. 1875) was born in Pittstown, NY. He made important improvements in the design of the sewing machine and was the founder of the Singer Sewing Machine Company. Many had patented sewing machines before Singer, but his success was based on the practicality of his machine, the ease with which it could be adapted to home use, and its availability on an installment payment basis.
    1812 - The first naval vessel to display the American flag around Cape Horn was the Essex, a frigate commanded by Captain David Porte which left the Delaware capes with a crew of 287 and 32 marines, and arrived at Valparasio, Chile, on March 14, 1813. The ship had been launched on September 30, 1799, by Enos Briggs, Salem, MA. The flag was presented to the United States and on December 17, 1799, accepted by Captain Edward Preble (my son Dash serves on the ship named after this American hero.) The flag was sold at public auction on June 6, 1837, according to naval records.  
    1858 - Birthday of Theodore Roosevelt (d. 1919), New York City.  Twenty-sixth president of the US, succeeded to the presidency on the assassination of William McKinley. His term of office: Sept 14, 1901-Mar 3, 1909. Roosevelt was the first president to ride in an automobile (1902), to submerge in a submarine (1905) and to fly in an airplane (1910). Although his best-remembered quote was perhaps, "Speak softly and carry a big stick," he also said: "The first requisite of a good citizen in this Republic of ours is that he shall be able and willing to pull his weight." His last words: "Put out the light."
    1858 - RH Macy and Co opens first store, at 6th Ave in NYC.  Gross receipts: $1106.
http://www.federated-fds.com/company/his_2_7.asp
http://www.haverhillusa.com/whereishaverhill.html
http://www.nycvisit.com/content/index.cfm?pagePkey=803
http://ads.smni.com/RequestImpression.aspx?po=1525499422
    1862 - In an attempt to reinforce and re-supply the besieged Union troops at Chattanooga, TN, General Ulysses S. Grant ordered that a river route to Bridgeport, AL be opened. In the early morning of Oct 27, Federal troops drifted down the Tennessee River on pontoons to Brown's Ferry. The troops reached their destination, and reinforcements and supplies crossed the bridge formed by the pontoons, opening "The Cracker Line," into Chattanooga, negating some of the Southern army's advantage in the siege. It was a very important battle as the Union Army had been living on hard tack, or what they were known in those days as “crackers” and this opened the supply lines to feed the troops and allowed them to continue their campaign.
http://ngeorgia.com/history/crackerline.html
http://www.civilwarhome.com/crackerline.htm
    1865 - It is estimated 65,000 Blacks served in the Confederate army, with an estimated 13,000 actually facing the Union Army in combat.
http://www.37thtexas.org/html/BlkHist.html
    1867 - Maimonides College, Philadelphia, PA became the first theological college for Jews. It was sponsored by the Hebrew Education Society of Philadelphia and the Board of Delegates of American Israelites. The founder and first president was Rabbi Isaac Leeser, who also served as professor of homiletics, belles letters, and comparative theology. It offered a five-year course leading to the Bachelor's and Doctor of Divinity degrees. Tuition was $100 and board and lodging $200 per year. Dr. Marcus Jastrow was provost. The college closed in 1873.
    1871 - Boss William Magear Tweed, Democratic leader of Tammany Hall, arrested after The New York Times exposed his corruption.  Tammany Hall was the Democratic Party political machine that played a major role in the politics of 19th century New York City and state. At the height of his influence, Tweed was the third-largest landowner in New York City, a director of the Erie Railroad, a director of the Tenth National bank, a director of the New-York Printing Company, the proprietor of the Metropolitan Hotel,  a significant stockholder in iron mines and gas companies, a board member of the Harlem Gas Light Company, a board member of the Third Avenue Railway Company, a board member of the Brooklyn Bridge Company, and the president of the Guardian Savings Bank.  Tweed was elected to the House in 1852 and the NYC Board of Supervisors, the year that he became the head of the Tammany Hall political machine. He was also elected to the New York Senate in 1867, but Tweed's greatest influence came from being an appointed member of several boards and commissions, his control over political patronage in New York City through Tammany, and his ability to ensure the loyalty of voters through jobs he could create and dispense on city-related projects.  Tweed was convicted for stealing an amount estimated by an aldermen's committee in 1877 at between $25 million and $45 million from New York City taxpayers from political corruption but later estimates ranged as high as $200 million.  Unable to make bail, he escaped from jail once but was returned to custody. He died in the Ludlow Street Jail in 1878. 
http://7-12educators.about.com/blabosstweed.htm
http://www.smithsonianmag.si.edu/smithsonian/issues02/feb02/boss.html
    1872 – Emily Post (d. 1960) was born in Baltimore, MD.  She was famous for writing about etiquette. She published her first etiquette book, “Etiquette in Society, in Business, in Politics, and at Home” (1922, frequently referenced as Etiquette) when she was 50.  It became a best-seller, with updated versions continuing to be popular for decades, and it made her career.
    1878 - Mabel Wheeler Daniels (d. 1971) was born in Swampscott, Massachusetts. She graduated from Radcliffe College, magna cum laude, in 1900. She studied composition with George Chadwick of Boston, and with Ludwig Thuille in Munich, where she was the first woman ever to enroll in the conservatory's score reading class. She wrote a lively memoir of her studies abroad, “An American Girl in Munich” (Boston: Little, Brown and Co., 1905), and was director of music at Simmons College from 1913 to 1918. Her larger choral and orchestral works were performed by the Harvard Glee Club and the Radcliffe Choral Society with the Boston Symphony, at the Worcester Festival, and by orchestras and choruses throughout the United States. American composer, specialized in choral music, the only American composer played at the Carnegie Hall Festival in 1939, the only woman to have three works played by the Boston Symphony 1929, 1934, and 1954.
http://www.harvardsquarelibrary.org/unitarians/daniels.html
    1904 - Running from City Hall to West 145th Street, the New York City subway began operation. It was privately operated by the Interborough Rapid Transit Company and later became part of the system operated by the New York City Transit Authority.
(second part: http://memory.loc.gov/ammem/today/oct27.html )
    1909 - Blues guitarist/pianist, Henry Townsend (d. 2006) born Shelby, MS. 
http://www.stlouiswalkoffame.org/inductees/henry-townsend.html
http://www.genesiscoffeehouse.com/celebrities/TU/HenryTownsend/
http://centerstage.net/music/whoswho/HenryTownsend.html
http://stl-music.com/henrytownsend/bindex.htm
    1913 - Last great bandleader of the era: Boyd Raeburn (d. 1966) born Faith, SD.
http://www.hepjazz.com/bios/boydr.html
http://www.musicweb.uk.net/encyclopaedia/r/R4.HTM
http://artists.spun.com/boyd_raeburn
http://launch.yahoo.com/artist/?artistID=1021919
http://www.pricegrabber.com/search_music2.php/music_id=381807/
ut=0cea047573c75653
    1917 - Jascha Heifetz made his debut at Carnegie Hall in New York City. Heifetz was a 16-year-old sensation who had played the violin since age 5.
    1918 - *PERKINS, MICHAEL J., Medal of Honor
Rank and organization: Private First Class, U.S. Army, Company D, 101st Infantry, 26th Division. Place and date: At Belieu Bois, France, 27 October 1918. Entered service at: Boston, Mass. Birth: Boston, Mass. G.O. No.: 34, W.D. 1919. Citation: He, voluntarily and alone, crawled to a German "pill box" machinegun emplacement, from which grenades were being thrown at his platoon. Awaiting his opportunity, when the door was again opened and another grenade thrown, he threw a bomb inside, bursting the door open, and then, drawing his trench knife, rushed into the emplacement. In a hand-to-hand struggle, he killed or wounded several of the occupants and captured about 25 prisoners, at the same time silencing 7 machineguns.
    1920 - Westinghouse received a license to broadcast its radio station.  While Marconi, Fessenden, and De Forest were the pioneers of this medium, it was an engineer for Westinghouse Electric who, in 1916, was broadcasting music from his garage (in Wilkinsburg, PA, a suburb of Pittsburgh) over a wireless -- amateur radio station 8XK -- that really got the whole thing started. A newspaper article about the broadcasts caused such interest that the head honchos at Westinghouse decided to build a real radio station. It took until this day in 1920 for the Westinghouse radio station to receive a license to broadcast. The license for KDKA, Pittsburgh, came from the U.S. Department of Commerce. KDKA did not start their broadcast operations for a week (they had to wait until the license was posted in the station). On November 2, 1920, the station aired the returns of the Harding/Cox election ... the first radio programming to reach an audience of any size ... approximately 1,000 people. We salute this day as the official birthday of mass appeal radio.
    1922 - Navy Day was first celebrated, the anniversary of the birth of President Roosevelt. Celebrations were held in various parts of the United States. The idea was suggested by Mrs. William Hamilton to the Secretary of the Navy.
http://www.defenselink.mil/afd/military/navy.html
    1923 - Roy Lichtenstein (d. 1997) was born at New York City.  Pop artist who used comic strips and other elements of pop culture in his paintings. http://www.spaz.org/gage/pages/roy%20lichenstien.html
http://www.artcyclopedia.com/artists/lichtenstein_roy.html
    1927 - Bix Biederbecke and Frankie Trumbauer join the Paul Whiteman Band in Indianapolis, IN.
    1932 - Only days after the debut of the short-lived 1932 musical, “Americana,” Bing Crosby was in a NY studio to record the show's outstanding song, "Brother, Can You Spare A Dime?" Two days later, rival crooner Rudy Vallee waxed his version and both 1932 recordings enjoyed considerable popularity in a year when few Americans were buying records.
    1932 - American poet Sylvia Plath (d. 1963) was born in Boston.
http://www.kirjasto.sci.fi/splath.htm
    1944 - October 27-30, 1944: The 442nd Regimental Combat Team (mostly Japanese-Americans from Hawaii) rescues an American battalion which had been cut off and surrounded by the enemy. Eight hundred casualties are suffered to rescue 211 men at Biffontaine against the German Army. After this rescue, the 442nd is ordered to keep advancing in the forest; they would push ahead without relief or rest until November 9. The Unit was the most decorated in US military history.  The 4,000 men, who initially made up the unit in April, 1943 had to be replaced nearly 2.5 times. In total, about 14,000 men served, earning 9,486 Purple Hearts. The unit was awarded eight Presidential Unit Citations (five earned in one month).  Twenty-one of its members were awarded Medals of Honor. http://library.thinkquest.org/CR0210341/442nd/splash442nd.htm
http://www.katonk.com/442nd/Bibli/morefacts.htm
http://www.homeofheroes.com/moh/nisei/index3_442nd.html
    1944 - COOLIDGE, CHARLES H., Medal of Honor
Rank and organization: Technical Sergeant, U.S. Army, Company M, 141st Infantry, 36th Infantry Division. Place and date: East of Belmont sur Buttant, France, 2427 October 1944. Entered service at: Signal Mountain, Tenn. Birth: Signal Mountain, Tenn. G.O. No.: 53, July 1945. Citation: Leading a section of heavy machineguns supported by 1 platoon of Company K, he took a position near Hill 623, east of Belmont sur Buttant, France, on 24 October 1944, with the mission of covering the right flank of the 3d Battalion and supporting its action. T/Sgt. Coolidge went forward with a sergeant of Company K to reconnoiter positions for coordinating the fires of the light and heavy machineguns. They ran into an enemy force in the woods estimated to be an infantry company. T/Sgt. Coolidge, attempting to bluff the Germans by a show of assurance and boldness called upon them to surrender, whereupon the enemy opened fire. With his carbine, T/Sgt. Coolidge wounded 2 of them. There being no officer present with the force, T/Sgt. Coolidge at once assumed command. Many of the men were replacements recently arrived; this was their first experience under fire. T/Sgt. Coolidge, unmindful of the enemy fire delivered at close range, walked along the position, calming and encouraging his men and directing their fire. The attack was thrown back. Through 25 and 26 October the enemy launched repeated attacks against the position of this combat group but each was repulsed due to T/Sgt. Coolidge's able leadership. On 27 October, German infantry, supported by 2 tanks, made a determined attack on the position. The area was swept by enemy small arms, machinegun, and tank fire. T/Sgt. Coolidge armed himself with a bazooka and advanced to within 25 yards of the tanks. His bazooka failed to function and he threw it aside. Securing all the hand grenades he could carry, he crawled forward and inflicted heavy casualties on the advancing enemy. Finally it became apparent that the enemy, in greatly superior force, supported by tanks, would overrun the position. T/Sgt. Coolidge, displaying great coolness and courage, directed and conducted an orderly withdrawal, being himself the last to leave the position. As a result of T/Sgt. Coolidge's heroic and superior leadership, the mission of this combat group was accomplished throughout 4 days of continuous fighting against numerically superior enemy troops in rain and cold and amid dense woods.
    1947 - On ABC radio, Groucho Marx made his first appearance as quizmaster on "You Bet Your Life" with George Fenneman as his eternal straight man. Fenneman stayed with Marx during both the program's run on radio from 1948 to 1959 and on television from 1950 to 1961.  The show is enjoying a revival with Jay Leno and Kevin Eubanks.
    1951 - Top Hits
“Because of You” - Tony Bennett
“I Get Ideas” - Tony Martin
“The World is Waiting for the Sunrise” - Les Paul and Mary Ford
“Always Late (With Your Kisses)” - Lefty Frizzell
    1954 - “The Walt Disney Show” premiered on TV. This highly successful and long-running show appeared on different networks under different names but was essentially the same show. It was the first ABC series to break the Nielsen's Top Twenty and the first prime-time anthology series for kids. "Walt Disney" was originally titled "Disneyland" to promote the park and upcoming Disney releases. Later the title was changed to "Walt Disney Presents."  When it switched networks, it was called "Walt Disney's Wonderful World of Color" to highlight its being broadcast in color. Later titles included "The Wonderful World of Disney," "Disney's Wonderful World," "The Disney Sunday Movie" and "The Magical World of Disney." Presentations included edited versions of previously released Disney films and original productions (including natural history documentaries, behind-the-scenes at Disney shows and dramatic shows, including the popular Davy Crockett segments that were the first TV.
    1954 - Benjamin Oliver, Davis, Jr., of Washington, DC, a pioneering military officer who was the leader of the fabled Tuskegee Airmen during World War II, who became director of operations and training of the Far East Air Force, was named brigadier general, becoming the first African-American US Air Force general. In 1970, after retiring from the Air Force, he supervised the federal sky marshal program that was designed to quell a rash of airliner hijackings. In 1971, he was named an assistant secretary of transportation. At the time he left the Air Force as a Lieutenant General, wearing three stars, he was the senior black officer in the armed forces. In 1998, President Bill Clinton awarded General Davis his fourth star, advancing him to full general. He was the son of Brigadier General Benjamin Oliver Davis of the US Army. Died July 4, 2002
http://www.hill.af.mil/museum/history/bodavis.htm
http://www.army.mil/cmh-pg/topics/afam/davis.htm
http://www.arlingtoncemetery.net/bodavisjr.htm
    1955 - Miles Davis Quintet cuts first session.    
    1955 - An R&B group called The Famous Flames, led by singer James Brown, cut their first demo of "Please, Please, Please" at a radio station in Macon Georgia. It will lead to their signing with King Records.    
    1956 - Clarence Henry's "Ain't Got No Home" is released by Argo Records. Because he sings like a frog on the record, further releases would be credited to Clarence "Frogman" Henry. This is one of my favorite songs from the 1950's that we used to sing all the time.
    1957 - Police in Oakland, CA inform Elvis Presley that he is not allowed to swivel his hips onstage in tonight's performance at the Oakland Auditorium; Elvis responds by sarcastically wiggling only his little finger while singing. The cops film the show anyway, just in case.
    1959 - Top Hits
“Mack the Knife” - Bobby Darin
“Mr. Blue” - The Fleetwoods
“Don't You Know” - Della Reese
“The Three Bells” - The Browns
    1960 - Ben E. King was at Atlantic Records, laying down his first solo efforts since leaving The Drifters. During the session, King recorded "Spanish Harlem" which would reach #10 in the US and "Stand By Me" which would go to #4.
    1962 - The Rolling Stones, consisting of Keith Richard, Mick Jagger, Brian Jones, pianist Ian Stewart and drummer Tony Chapman record their first demo tape at Curly Clayton Studios in Highbury, London. Although Charlie Watts is being courted, he chooses to remain at his Regent Street advertising job.
    1962 - An early season winter storm over New England blanketed northern Maine with 7 to 16 inches of snow, and southeastern New England with up to 3 inches of snow. Worcester, MA received a record 4.7 inches of snow.
    1963 - Peter, Paul and Mary, the folk singing trio who along with Joan Baez, have introduced songwriters like Bob Dylan to mainstream audiences, hold the top two positions on the pop album chart with "In the Wind" and "Don't Think Twice, It's Alright.
    1964 – 31-year-old Salvatore Philip Bono marries 18-year-old Cherilyn Sarkisian La Piere. For a time, they performed together as Caesar and Cleo before changing the name of their act to Sonny and Cher. Their union lasted 12 years.
    1966 - New San Francisco "alternative" weekly newspaper, "The Guardian," debuts. Edited and published by Bruce Brugman and his wife, Jean Dibble.  Editors at the Chronicle, Examiner and News-Call-Bulletin give it little chance for survival, Guess what? It still publishes. The paper was shut down on October 14, 2014.  It was relaunched in February 2016 as an online publication as the Bay Guardian.
http://www.sfbg.com/
    1967 - Top Hits
“To Sir with Love” - Lulu
“How Can I Be Sure” - The Young Rascals
“Expressway to Your Heart” - Soul Survivors
“I Don't Wanna Play House” - Tammy Wynette
    1973 - Although they enjoyed a long string of hit records, Gladys Knight and The Pips had their only US number one song when "Midnight Train to Georgia" hit the top.
    1975 - Top Hits
“Bad Blood” - Neil Sedaka
“Calypso/I'm Sorry” - John Denver
“Miracles” - Jefferson Starship
“San Antonio Stroll” - Tanya Tucker
    1975 - Bruce Springsteen simultaneously makes the cover of Time and Newsweek, a move which reportedly embarrasses the two news weeklies.
http://www.time.com/time/magazine/archive/covers/
0,16641,27-10-1975,00.html
    1983 - Top Hits
“Total Eclipse of the Heart” - Bonnie Tyler
“Islands in the Stream” - Kenny Rogers and Dolly Parton
“All Night Long (All Night)” - Lionel Richie
“Lady Down on Love” – Alabama
    1985 - Kansas City Royals beat the St. Louis Cardinals in Game 7 to win the World Series.
http://mlb.mlb.com/NASApp/mlb/mlb/history/postseason/
mlb_ws_recaps.jsp?feature=1985
    1986 - The "Mighty" New York Mets became world champions of baseball again when they defeated the Boston Red Sox in game seven of the World Series, 8-5.
http://mlb.mlb.com/NASApp/mlb/mlb/history/postseason/
mlb_ws_recaps.jsp?feature=19865.
    1989 - After a ten-day delay due to the earthquake, the World Series resumes with the A's beating the Giants in Game 3, 13-7. Oakland used the long ball, hitting five HRs in securing the victory.
    1989 - Wintry weather invaded the northwestern U.S. A storm crossing the Central Rockies produced up to 23 inches of snow in the mountains east of Salt Lake City, UT. "Indian Summer" continued in the Lower Ohio Valley and the Upper Great Lakes Region. Afternoon highs of 71 degrees at Marquette, MI and 72 degrees at Sault Ste Marie, MI were records for the date.
    1991 - In what is considered by the experts (Bob and Jim down at the bar), the seventh game of the World Series was one of the greatest ever, Minnesota Twins' pinch-hitter Gene Larkin's tenth-inning bases-loaded single beat the Atlanta Braves 1-0. Twins starter Jack Morris, making his third start of the Series, held the Braves to seven hits in what many consider among the greatest game 7 pitching performances in history.  The Twins captured their second World Championship in five years during a tight series that included three extra-inning games and five one-run games. And, for only the second time in history, the home team won all seven games (the first time it happened was 1987, a series that also featured the Twins.)
    1991 - Top Hits
“Emotions” - Mariah Carey
“Do Anything” - Natural Selection
“Romantic” - Karyn White
“Anymore” - Travis Tritt
    1992 – Navy radioman Allen R. Schindler was murdered by shipmate Terry M. Helvey for being gay, precipitating debate about gays in the military.  This resulted in the United States "don’t ask, don’t tell" military policy.
    1993 - Top Hits
“Dreamlover” - Mariah Carey
“I’d Do Anything For Love (But I Won’t Do That)” - Meat Loaf
“All That She Wants” - Ace Of Base
“Just Kickin It” - Xscape
“The River Of Dreams” - Billy Joel
    1993 - The NFL awarded the 29th franchise to the Carolina Panthers, who began play in the 1995 season.    
    1994 - The prison population exceeded 1 million, according to an announcement made by the Justice Department. The increase in prisoners made the United States second in the world to Russia with regard to incarceration rates.
    1995 – The move of the Cleveland Browns to Baltimore was finalized.  After threats of legal action from the city of Cleveland and fans, a compromise was reached in early 1996 that allowed Modell to establish the Baltimore Ravens as a new franchise while retaining the contracts of all Browns personnel. The Browns' intellectual property, including team name, logos, training facility, and history, were kept in trust and the franchise was regarded by the NFL as suspended. A new team would be established by 1999 either by expansion or relocation. The Browns were announced as an expansion team in 1998 and resumed play in 1999. 
    1998 - Top Hits
“The First Night” - Monica
“One Week” - Barenaked Ladies
“How Deep Is Your Love” - Dru Hill Featuring Redman
“Crush” - Jennifer Paige
    1999 - Roger Clemens pitched the New York Yankees to their second straight World Series sweep, shutting down the Atlanta Braves, 4-1. This ended Clemens' quest for the prize that had eluded him. Clemens and the Yankees shut out Atlanta into the eighth out dueling John Smoltz. Closer Mariano Rivera, who had two saves and a win in the Series, was selected as MVP.
    2000 - New York City Mayor Rudolph Giuliani thinks it is okay for children to take a day off from school to watch the Yankees' ticker-tape parade. His Honor, believing baseball can be an educational experience, has allowed his own kids, Andrew and Caroline, to miss classes in the past to watch the Bronx Bombers' post-season celebrations.
    2002 - In the team's 42nd season, the Angels finally win a World Series title by beating the Giants, 4-1, in Game 7 at Edison Field. Garret Anderson's three-run double provides enough offense for John Lackey to become the first rookie to win a seventh game since 1909 when Babe Adams accomplished the feat for the Pirates.
http://mlb.mlb.com/NASApp/mlb/mlb/ps/y2002/mlb_ws.jsp
    2002 – Dallas Cowboys Hall of Fame RB Emmitt Smith, broke the league’s all-time rushing record of Walter Payton.  Smith currently holds the NFL record in career rushing yards with 18,355.
    2002 - Top Hits
“Lose Yourself” - Eminem
“Hey Ma” - Cam'ron Featuring Juelz Santana, Freekey Zekey and Toya
“Work It” - Missy "Misdemeanor" Elliott
“A Moment Like This” - Kelly Clarkson
    2004 – In the 100th World Series, they broke the Curse of the Bambino. The Boston Red Sox won the Series for the first time since 1918, sweeping the St. Louis Cardinals.
    2006 - After leading the Padres to two consecutive NL West titles, Bruce Bochy, with a year left on his contract leaves San Diego, to become the manager of the division rival, San Francisco Giants. The 51-year-old skipper, who compiled a 951-975 (.494) during his 12 seasons in the Friars dugout, signs a three-year deal worth approximately $6 million. Bochy went on to win three World Series with the Giants.  Bochy retired after the 2019 season, thus ending the tenure of the longest-serving active manager in Major League Baseball. He is the only manager in Major League history to win at least 900 games with two different teams and finished with a career record of 2003-2029.  He is among 12 managers with 2000 wins.
    2008 - After playing in drenching steady rain until the middle of the sixth inning at Citizens Bank Park, Game 5 of the World Series is suspended making it the first Fall Classic contest to start and not be played to completion. The 2-2 tied game between the Rays and hometown Phillies, who are one victory away from a world championship, will resume tomorrow at the point the rain delay stopped play.
    2010 - In a BBC interview, former Soviet leader Mikhail Gorbachev said it was 'impossible' for coalition forces to secure victory in Afghanistan. The US was still there until President Joe Biden withdrew American troops in the summer of 2021, surrendering control of the country to the Taliban.
    2019 – The Booker Prize was awarded jointly to Margaret Atwood for “The Testaments” and Bernadine Evaristo for “Girl, Woman, Other.”  Evaristo is the first African American woman to win.
    2020 – A copy of Shakespeare’s “First Folio” sold for a record $9.98 million at auction in New York.