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SBA Extends Effective Date for Updated SOP for Loan Programs [April 23, 2008]

The U.S. Small Business Administration has agreed to a request from lenders that participate in the agency's small business loan programs for a 45-day extension to the effective date of its modernized Standard Operating Procedure for lender and development company loan programs.

The revised document, SOP 50 10, was made available to the public on March 20, 2008, to permit lenders and certified development companies an opportunity to become familiar with and implement the revised SOP. SBA staff from the Office of General Counsel and the Office of Financial Assistance has met with lenders and CDCs in sessions across the country to discuss clarifications and changes to the SOP and to hear any concerns raised about specific issues.

The lending community has requested an extension to the effective date of the SOP and, as a result, SBA is extending the effective date from May 1, to June 15, 2008. The provisions under SOP 50 10(5) will apply to all applications received by SBA on or after the June 15, 2008, effective date.

The revised SOP may be found at http://www.sba.gov/tools/resourcelibrary/sops

Bank of America Adopts Carbon Principals [April 8, 2008]

Bank of America CEO, Kenneth Lewis, has announced that BOA plans to adhere to the Carbon Principles in order to assess carbon-related risks in project financing. As reported in BankNotes, in February, Citi, JP Morgan Chase and Morgan Stanley announced the Carbon Principles as climate change guidelines to be used when advising and lending to power companies in the United States. The Carbon Principles create an approach to evaluating and addressing carbon risks in the financing of electric power projects. The Carbon Principles also contain an Enhanced Diligence framework to help lenders better understand and evaluate the potential carbon risks associated with coal plant investments.

The Carbon Principles were developed in partnership by Citi, JPMorgan Chase and Morgan Stanley, and in consultation with leading power companies American Electric Power, CMS Energy, DTE Energy, NRG Energy, PSEG, Sempra and Southern Company. Environmental Defense and the Natural Resources Defense Council (NRDC), environmental non-governmental organizations, also advised on the creation of the Carbon Principles.

For the latest news and information on the Carbon Principles vist the website, www.carbonprinciples.org

Bank of America Named on Conde Nast Portfolio Green List [March 3, 2008]

Conde Nast Portfolio goes beyond the daily green announcements from companies and looks at some of the biggest U.S. corporations with the worst environmental records. Called the "Toxic Ten" the list is a mish-mash of companies from all sectors pumping pollution into the earth and air, belching greenhouse gas emissions and putting out toxic products. The magazine gathered information from government agencies, environmental groups, court records and the corporations themselves.

The group also compiled "The Green 11", called some of America's most eco-savvy corporations. The list is topped off by Bank of America, which is hailed for its internal recycling program and its hybrid cars incentive for its employees. Also on the list is CERES, Dupont, General Electric, Innovest, Organic Valley, Tesla Motors, Whole Foods, Wal-Mart, and the City of Austin, TX.

Sustainability Impacting Financial Services Industry [February 21, 2008]

Sustainability is forcing environmental credit risk managers to broaden the scope of due diligence and enhance the criteria used during the diligence process. Dean Jeffery Telego, president of RTM Communications Inc., explained that because of increased emphasis on greenhouse gas emissions and energy conservation, "sustainable finance is taking on greater significance." Telego also is the executive co-director of the Environmental Bankers Association.

Citi, JPMorgan Chase and Morgan Stanley Announce Carbon Principals Guidelines [February 5, 2008]

Citi, JP Morgan Chase and Morgan Stanley unveiled climate change guidelines for advisors and lenders to power companies in the United States, called The Carbon Principles. The Principles create an approach to evaluating and addressing carbon risks in the financing of electric power projects. They represent the first time a group of banks has consulted with power companies and environmental groups to develop a process for understanding carbon risk around power sector investments. The Principles include a portfolio approach to meeting the power needs of consumers, without prescribing how power companies should act to meet these needs. The consortium has also developed an Enhanced Diligence framework to help lenders better understand and evaluate the potential carbon risks associated with coal plant investments.

The Principles were developed in partnership by Citi, JPMorgan Chase and Morgan Stanley, and in consultation with leading power companies American Electric Power, CMS Energy, DTE Energy, NRG Energy, PSEG, Sempra and Southern Company. Environmental NGOs, Environmental Defense and the Natural Resources Defense Council, also advised on the creation of the Principles.

Evaluating risk in financing energy transactions is one of the EBA Global Issues Committee's upcoming topics. The topic will be covered in a series of three dedicated conference calls/on-line presentations hosting experts in the energy, regulatory, and financial industries.

CERES Releases Report Corporate Governance & Climate Change: The Banking Sector [January 10, 2008]

CERES released its first-ever ranking of 40 leading banks on climate change strategies. Similar to the EBA Global Issues Committee survey, the report found that a growing number of European, U.S. banks and Japanese banks are responding to the risks and opportunities presented by climate change, primarily by setting internal greenhouse gas (GHG) reduction targets, boosting climate-related equity research and elevating lending and financing for clean energy projects. On the other hand, only a handful of the 40 banks have begun integrating climate risks into their core business of lending by pricing carbon into their finance decisions or setting targets to reduce GHG emissions in their lending portfolios.

The two highest scoring banks were European-based HSBC Holdings and ABN AMRO. Citigroup and Bank of America posted the highest scores among U.S. banks. The report ranked 16 U.S., 15 European, 5 Asian, 3 Canadian and 1 Brazilian bank. The 40 companies include several different classes of financial services firms, including diversified banks, investment banks and asset managers. The report includes findings, information on how the companies were scored and profiles of the individual banks.

Financing Energy-Developments With Coal-Fired Plants [October 30, 2007]

The Washington Post reports that the Kansas Department of Health and Environment became the first government agency in the U.S. to cite carbon dioxide emissions as the reason for rejecting an air permit for a proposed coal-fired electricity generating plant. Traditionally, air permits are denied over sulfur dioxide, nitrogen oxide and mercury emissions. The Kansas agency becomes the first to deny a permit based on carbon dioxide emissions. The permit was denied for Sunflower Electric Power, which proposed building two 700-megawatt, coal-fired plants in a western part of the state.

Banking Buzz- Latest Beige Report [October 29, 2007]

The mortgage breakdown continues for lenders, with Countrywide posting its first quarterly loss in 25 years in the third quarter on $2.27 billion in mortgage losses and write-downs and soaring credit reserves. Though they continue to project a profitable 08 first quarter.

As expected, the latest Federal Reserve Beige Report, which was released on October 17, 2007 reported that residential real estate markets continued to weaken. Most districts reported additional declines in home sales, prices and construction. Commercial market fundamentals remained solid. Most districts reported steady absorption of commercial space and construction activity continued at a steady pace overall. Some softness in commercial investment activity was noted, however, and several districts reported a move to more conservative financing. Reports suggested developers are becoming more cautious.

Districts reports suggest increases in delinquencies and a slight deterioration in credit quality. Lenders in many districts tightened credit standards for consumers and all types of real estate. Lending for home mortgages, equity lines and refinancing continued to soften or decline in most districts. Overall business lending was up, but tightening lending standards were applied, particularly for real estate.

In other banking news, the FDIC released its third quarter letter to stakeholders October 25, 2007 noting that the banking industry remains strong, despite persistent troubles in the subprime mortgage market.

Bank Of America to Layoff LaSalle Employees [October 1, 2007]

Bank of America has announced that it has plans to eliminate nearly a third of LaSalle Bank Corp. jobs once it acquires the Chicago unit of ABN Amro Holding NV.

A spokesman for the Charlotte bank, said it told employees that it would cut 4,000 jobs once it acquires LaSalle from its Dutch parent. Of those cuts, 2,500 would be made in Illinois, and the other 1,500 would be made in Michigan.

The layoffs would occur over the next two years and would begin in the first quarter. The $21 billion acquisition is expected to close next month. B of A has said that it plans to eliminate about $800 million of expenses at LaSalle after closing the deal. A B of A spokepeople say it is too early to say specifically what positions would be cut.

U.S. Senate Pushing EPA on TCE Standards
[September 6, 2007]

Prior to the Senate's August recess, Sen. Hillary Rodham- Clinton (D-NY) introduced the TCE Reduction Act. The Act requires that EPA revise its drinking water standard for TCE and also establish a first time air standard for TCE. The Act requires that EPA issue a revised health advisory for TCE within 6 months of enactment, propose a revised drinking water standard within 12 months of enactment, and a final drinking water standard within 18 months. The Act also requires that EPA issue a health advisory standard for TCE vapor intrusion within 12 months of enactment and an Integrated Risk Information System reference concentration for TCE vapor within 18 months.

Now that Congress is back in session, a companion House bill is expected from Reps. Maurice Hinchey (D-NY) and Hilda Solis (D-CA).

The Banker Reports Bumper Year for Banks
[September 1, 2007]

As we are all well aware, the sub-prime mortgage debacle is having a significant impact on the banking industry and real estate. However, prior to this latest flare-up, problems in the US sub-prime mortgage sector did not impact materially 2006 performance. The Banker 2007 Top 1000 Banks has reported that banks continued to produce record profits and increased profitability for the fourth successive year in 2006. According to the report, aggregate pre-tax profits for the June 2006-June 2007 period, rose 21.9% to reach $786.3 billion, more than 3.5 times the $222.8 billion aggregate profits reported in the Banker 2002 Top 1000 Banks edition. The Banker ranks Citigroup #1 on its Top 25 by Market Capitalization and Bank of America #2, but those rankings are switched on its Top 25 by Tier 1 Capital

Bank Agrees to Pay Nearly $1 Million For Environmental Conditions
[August 5, 2007]

HSBC Bank USA, N.A. agreed to pay $850,000 in fines and reimburse environmental agencies for response costs involving a facility that was abandoned by a borrower. The bank also agreed to implement an internal environmental awareness-training program for its staff and to adopt revised workout procedures. This case highlights the risks that lenders face during workouts and foreclosure involving manufacturing facilities or contaminated property.

In this case, HSBC extended a $4.1 million loan to Westwood Chemical Corp. After the borrower defaulted, HSBC established a lockbox and directed customers to forward payments to that account. A few months later, HSBC seized WestwoodÃƒ?Ã‚Â¢??s operating funds and asked the company to prepare a plan for an orderly shutdown. As part of this request, Westwood requested approximately $60,000 to properly dispose of hazardous materials in drums, containers and wastewater tanks as well as raw materials and work in process. HSBC refused this request and also declined to follow the recommendations of its consultants to winterize the facility. See Articles for Full Story from Schnapf Environmental Journal.

Lender's Due Diligence Protects Against Potential Class Action Suit
[October 27, 2006]

In the latest issue of the Schnapf Environmental Journal, EBA Member, Larry Schnapf discusses the Kiddie Kollege Debacle. Kiddie Kollege, a day-care center in Franklinville, NJ, was ordered shutdown by the NJDEP following the discovery that more than 30 children ranging in ages from 8 months to 3 years were exposed to mercury vapors that were 25 times the allowable limit.

In the article Schnapf comments, "The only party involved in the Kiddie Kollege incident that seemed to understand the environmental issues at stake was the bank. Unlike the cases we discussed in our prior issue where lenders did not adequately disclose site conditions to prospective purchasers, the lender in this case performed a comprehensive investigation and urged the borrower to post hazard signs at the property to minimize risks to prospective purchasers. Had the bank not been so pro-active and relinquished its lien without disclosing the environmental conditions of the property, the lender could have found itself as one of the defendants in the class action lawsuit that was recently filed."

Read the Full Article

Lender's Due Diligence Protects Against Potential Class Action Suit
[October 27, 2006]

Read the Full Article

AAI November Deadline Looms

October 20, 2006

The Environmental Protection Agency published a final rule setting federal standards for the conduct of all appropriate inquiries ("AAI") on November 1, 2005. ASTM followed with an updated Phase I Environmental Site Assessment Standard 1527-05.

The final rule establishes specific regulatory requirements for conducting all appropriate inquiries into the previous ownership, uses, and environmental conditions of a property for the purposes of qualifying for certain landowner liability protections under CERCLA. The final rule will be effective on November 1, 2006, one year following the date of publication. Until November 1, 2006, parties may use either the requirements set forth in the all appropriate inquiries final rule, or the requirements of the interim standard for all appropriate inquiries established in the Small Business Liability Relief and Brownfields Revitalization Act (the Brownfields Amendments to CERCLA) to satisfy the statutory requirements for all appropriate inquiries. The interim standard is the ASTM E1527-00 Phase I Environmental Site Assessment Process. Parties also may use the newly revised ASTM standard, ASTM E1527-05 standard.

After November 1, 2006, parties must comply with the requirements of All Appropriate Inquiries Final Rule, or follow the standards set forth in the ASTM E1527-05 Phase I Environmental Site Assessment Process, to satisfy the statutory requirements for conducting all appropriate inquiries. All appropriate inquiries must be conducted in compliance with either of these standards to obtain protection from potential liability under CERCLA as an innocent landowner, a contiguous property owner, or a bona fide prospective purchaser.

PM Tony Blair and Gov. Schwarzenegger Attend Climate and Energy Roundtable
[August 10, 2006]

Prime Minister Tony Blair and Governor Arnold Schwarzenegger joined a select group of prominent CEOs and business leaders from leading California and international companies at a roundtable discussion to share ideas on how business and government can work together to reduce greenhouse gas emissions.

The Climate and Energy Roundtable was convened by The Climate Group, the only nonprofit organization working internationally to bring business and government together to solve global warming. The event was hosted by BP at their facility at the Port of Long Beach.

"Because climate change is a global problem, it requires a global partnership between business, government and NGOs," said Dr. Steve Howard, CEO, The Climate Group. "We are convening the roundtable so that Prime Minister Blair and Governor Schwarzenegger can discuss practical ideas with business leaders. Focusing on how business and government can work together to bring about the technology revolution needed, the discussion will help accelerate the transition to a low carbon economy."

Participants in the roundtable discussion include Lord John Browne, CEO, BP; Charles O. Holliday Jr., CEO, DuPont; Sir Richard Branson, CEO, Virgin Group; Sergey Brin, Founder, Google; John Bryson, CEO, Edison International; Jacques Dubois, Swiss Re; Dan Hendrix, Interface; Michael Morris, AEP; James Murdoch, British Sky Broadcasting; Anthony Pratt, Pratt Industries/Visy; Tom King, PG&E; Jeff Swartz, Timberland; Tracy Wolstencroft, Goldman Sachs; Rick Lazio, JP Morgan Chase, and others.

"These companies represent one half trillion dollars in turnover, well more than 315,000 employees, and in excess of 207 million customers," said Dr. Howard. "We expect the discussion will include specific examples of what has already been rolled out in California and the UK, which are both leaders in reducing greenhouse emissions, so that we can build on best practices."

Research by The Climate Group has found that curbing climate change through the reduction of greenhouse gas emissions can actually be more cost-effective and stimulate the global economy. Many Fortune 500 companies have already taken significant steps to reduce emissions and, in doing so, have decreased operations costs and increased profitability.

"Addressing climate change will take bold leadership. It is a global problem and will require a global solution. Meetings like the one between business and government leaders are an important step in building consensus on a way forward," said Lord Browne, CEO of BP.

"The role of business is not to engage in politics or propaganda. The role of business is to offer solutions," he added. "That is what BP is trying to do - by investing in BP Alternative Energy, a new company that combines BP's low- and zero carbon alternative sources of energy including wind, solar, natural gas and hydrogen power. We will invest at least $8 billion in this new business over the next ten years."

"Taking initiative on climate change and energy policy has the potential to deliver significant economic benefits," said Dr. Howard. "Our hope is that the Roundtable will help develop a policy framework that addresses appropriate market incentives. With policy certainty will come exceptional change and new investments in efficient technology, new jobs, and, most importantly, real progress in curbing climate change. It is an exciting time."

The Climate Group is a nonprofit organization with offices in London, San Francisco, New York and Melbourne that communicates the business case for solutions to climate change and mobilizes corporate and government leaders to take decisive action to accelerate the transition to a low carbon economy.

EBA Comments on Proposed Commercial Real Estate Guidance
[April 11, 2006]

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision have recently issued a proposed guidance, "Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices." The focus of the proposed guidance is the trend towards the increasing concentration of commercial real estate loans where repayment is primarily dependent on rental income or the proceeds of the sale, refinancing or permanent financing of the property.

Since the guidance fails to discuss environmental risk management issues as part of a lender's risk management program, the Environmental Bankers Association has filed comments expressing the importance of environmental risk management in CRE lending considerations. The full text of the guidance is available at the Federal Register.

Federal Bank and Thrift Agencies Propose Guidance On CRE Lending
[January 26, 2006]

The federal bank and thrift regulatory agencies recently issued for comment proposed guidance on sound risk management practices for concentrations in commercial real estate lending.

The agencies have observed that some institutions have high and increasing concentrations of commercial real estate loans where repayment primarily is dependent on rental income or from the proceeds of the sale, refinancing, or permanent financing of the property. Such concentrations may expose institutions to unanticipated earnings and capital volatility in the event of adverse changes in the general commercial real estate market.

The proposed guidance--from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Office of Thrift Supervision--reinforces existing guidelines for real estate lending and safety and soundness. It provides criteria for identifying institutions with commercial real estate loan concentrations that may warrant greater supervisory scrutiny. As provided in the guidance, such institutions should have robust risk-management systems in place and capital levels higher than the regulatory minimums and appropriate to the risk associated with these concentrations.

Comments are due by March 14, 2006. Click here for the Federal Register announcement.

Bank Survives Claim of Fraudulent Non-Disclosure Involving Phase I
[November 17, 2005]

As reported in the Schnapf Environmental Journal. A New York state court recently rejected a claim where a defaulting borrower brought claims against their lenders, claiming the bank had not advised them of environmental issues associated with their contaminated property by a guarantor of a loan.

In Bank of New York v. Bram Manufacturing, 2005 NY Slip op. 51130U (Sup. Ct-Rockland Cty. 7/20/05), the defendant borrower entered into a series of loans with a predecessor of Bank of New York (BONY), Nanuet National Bank. In 1998, the borrower learned that its property was contaminated with TCE from a former operation when a potential purchaser conducted a Phase II on the site. Because it could not sell the property, the borrower consolidated its loans with BONY and entered into a $504,000 mortgage with the plaintiff in January 2000. As part of the restated mortgage, the borrower's principals executed a guaranty. In January 2002, the borrower defaulted on its loan, which had an outstanding balance (principal and interest) of approximately $475,000. Instead of foreclosing on the property, BONY opted to sue on the mortgage note and the guaranty.

In response to BONY's motion for summary judgment, the guarantors claimed that the bank was not entitled to recover under the note or the guarantee because it had concealed the extent of the contamination. The defendants argued that BONY had an obligation as a secured creditor to perform an environmental assessment and that this failure relieved the defendants of any liability under the guarantee. However, the court ruled that a bank had no such obligation to perform an environmental assessment to maintain its defense to liability. Moreover, the court noted that the defendants had not performed their own due diligence when they first acquired the property in 1985 and that BONY did not have any superior knowledge or unique information in its possession concerning the environmental conditions of the property that it would have been obligated to disclose to the defendants. Indeed, the ct noted that the defendants were aware of the contamination as a result of the 1998 Phase II and had equal access to investigate the environmental conditions of their property. Thus, the court granted BONY's motion for summary judgment.

EPA Publishes Final Rule for All Appropriate Inquiries
[November 2, 2005]

Its finally here! EPA published the Final Rule for Standards and Practices for All Appropriate Inquiries in the November 1, 2005 Federal Register (Vol 70, #210). The effective date of the rule is November 1, 2006. The AAI rule does recognize the new updated ASTM 1527-05 standard. Until the Nov. 1, 2006 effective date, EPA will continue to recognize the current interim standards, which include 1527-97, and 1527-00, along with the new standard.

Some important distinctions and modifications from the Proposed Rule for AAI include a less stringent definition of the environmental professional. The Final Rule for AAI no longer requires that an environmental professional hold a bachelors degree. The final rule recognizes individuals without a bachelors degree who have a minimum of 10 years of relevant full-time experience to qualify as an EP. Clarifications were also made to the use of and updating of older environmental reports. The final rule also limits the search for institutional controls to the subject property. Modifications were also made to the type of information a prospective purchaser was required to provide to the environmental professional as the result of other inquiries concerning a subject property.

Click here to view the the Federal Register announcement and the Final Rule. EPA has also developed Fact Sheets on Qualifying as an Environmental Professional and on the Final AAI Rule. These are also available at http://www.epa.gov/brownfields/regneg.htm.

Energy Policy Act of 2005 Includes UST Provisions
[August 19, 2005]

President Bush on August 8, 2005 signed the Energy Policy Act of 2005. Due to its contentious provisions, the passage of the Energy law has been closely tracked by the media, activists groups and industry. Most of the focus has been on the tax breaks offered to traditional fossil energy production, energy-related infrastructure and conservation and energy-efficiency improvements. Lost in the shuffle has been new UST provisions included as part of the Underground Storage Tank Compliance Act. Many of these provisions are the result of findings in state and federal reports on USTs. The UST provisions amend RCRA and authorize $605 million annually for five years for the EPA LUST program. Some provisions:

	UST tanks that have not been inspected since 1998 will have to be inspected within two years
	Onsite inspections will then be required every three years
	Federal agencies will not have sovereign immunity. Within a year if a federal agency owns or operate a UST they must submit a compliance report to Congress and EPA
	It will be unlawful to deliver to, deposit into or accept a regulated substance to a UST on an "ineligible" facility
	EPA must publish guidelines for training requirements within two years for those having primary responsibility and daily responsibility for on-site operation and maintenance of USTs, and also for those employees responsible for addressing on-site emergencies as result of a UST spill or release
	States will require secondary containment for new or replaced tanks within 1,000 ft of community water systems or require manufacturers/installers to ensure financial responsibility for potential cleanup costs

Bona Fide Prospective Purchaser Defense Amended
[August 19, 2005]

The Transportation Equity Act: A Legacy for Users (TEA LU) that President Bush will sign into law next week contains an amendment to the bona fide prospective purchaser (BFPP) that will allow BFPPs of contaminated property prior to the effective date of the 2002 brownfield amendments to be eligible for brownfield financial assistance.

Because local governments who acquired contaminated property prior to January 11, 2002 were ineligible for brownfield funding, Congress has been providing one-year exemptions from this requirement. TEA LU will make the change permanent. Under the legislation, EPA may use up to 25% percent of its grant funds for these properties.

The Interior Appropriations bill also allows owners who acquired property prior to January 2002 to be eligible for FY' 06 EPA grant funds.

US Supreme Court Upholds Property Takings in Kelo Decision
[June 24, 2005]

In a 5-4 ruling the U.S. Supreme Court supported property takings in its June 23, 2005 Kelo vs. City of New London decision. The ruling supports a local government's right to buy out property owners and make way for private economic development if such development would benefit the public; even if the property is not blighted and the new project's success is not guaranteed.

The ruling provided the strong affirmation that state and local governments had sought for their increasing use of eminent domain for urban revitalization, especially in the Northeast, where many city centers are decayed and blighted and the suburban land supply is dwindling.

Opponents, including property-rights activists and advocates for elderly and low-income urban residents, argued that forcibly shifting land from one private owner to another, even with fair compensation, violates the Fifth Amendment to the Constitution, which prohibits the taking of property by government except for "public use."

However, Justice John Paul Stevens, writing for the majority, cited cases in which the court has interpreted "public use" to include not only such traditional projects as bridges or highways, but also slum clearance and land redistribution. He concluded that a "public purpose" such as creating jobs in a depressed city can also satisfy the Fifth Amendment.

EPA Hopes For AAI Rule by Year End
[June 15, 2005]

EPA officials are currently in the process of reviewing and responding to the over 400 public comments received in response to the Proposed Rule for All Appropriate Inquiries. At a recent EBA and ASTM meeting, EPA officials identified four areas as the focus of public attention: 1) definition of environmental professional (EP); 2) the consideration of the purchase price against fair market value when evaluating the possibility of contamination; 3) data gaps and the EPA's statement of the significance of such gaps; and 4) ensuring that AAI remains a performance based standard.

In it unclear how EPA might change the proposed rule in response to these public comments. However, many insiders anticipate changes to the requirements for meeting the definition of the environmental professional. On the other hand, based on the negotiations held between members at the EPA AAI FACA meetings, is unlikely that substantive changes will be made to purchase price criterion listed in the rule though there might be changes to the EPA drafted preamble to the proposed rule. EPA officials still hope that the rule will be promulgated by year end 2005.

On a related note, the revised ASTM 1527 Phase I ESA standard is out for ballot to the ASTM E 50 Committee. This first round of balloting closes on July 11, 2005. The ASTM 1527 Task Group has revised the Phase I ESA standard in order to be compliant with the forthcoming EPA AAI rule. The ASTM 1527 Task Group has worked with EPA throughout the revision process.

Visit our Articles section for more information on All Appropriate Inquires or contact the EBA. The Environmental Bankers Association was one of 25 stakeholders on the EPA All Appropriate Inquiry FACA Committee, which drafted the proposed rule.

EnviroDetics, Inc. - Proud Sponsor for 5th Annual Participation & Business Lending Symposium in Scottsdale, Arizona
[March 30, 2005]

— for Board Members, CEOs, CFOs, Presidents, Executives, and Staff of Credit Unions
Member Business Loans represent a highly profitable category. The market is challenging, but also rewarding. If you can unlock the right opportunity, build an effective implementation strategy, and gain an understanding of policy and regulations, you can create a competitive and financial edge for your credit union.

With that in mind, Business Partners, LLC and the California Credit Union League proudly announce your 5th Annual Participation & Business Lending Symposium. This year all the excitement again takes center stage at the Five-Diamond Fairmont Scottsdale Princess.

A member of the “Leading Hotels of the World” and one of the top 20 resorts in America, as rated by Conde Nast Traveler, this elegant property features three award-winning restaurants, and two championship 18-hole golf courses, including its renowned Stadium Course, home to the annual PGA tournament, the FBR Open, and home to your golf tournament on April 4.

Along with the majesty of the Scottsdale Princess, our Symposium will bring you comprehensive financial information from top industry experts. 2005 Speakers include: Bill Hampel of CUNA speaking on Business Trends, and a panel of movers and shakers in the Participation and Business Lending field leading an open discussion of questions and answers.

In addition, this year’s program features sessions covering a host of new discussion topics such as commercial real estate investment, business services, business development and lender liability and Phase 1 Environmental Site Assessments. Also new this year is a special pre-symposium workshop on a commercial underwriting case study. So, even if you’ve attended this symposium in the past, you’ll receive a fresh perspective to further assist you in expanding your business lending services. Plus, we’ll have a new session on commercial real estate investment risks.

Please plan on joining us for both the exceptional education and the opportunity to relax and network in the idyllic atmosphere of the Fairmont Scottsdale Princess. Registration for this symposium is limited to enrich the educational experience. Take advantage of the early registration discount and secure your place. Registration is limited to credit union personnel and sponsoring suppliers.

For more information please click on the following link: http://www.ccul.org/lending05/

Comment Period Extended for AAI
[September 23, 2004]

EPA has announced that it will hold a public meeting on the proposed rule for the standards and practices for All Appropriate Inquiries in San Francisco, California on November 18, 2004 from 2:00 PST- 4:00 PST. The public comment period has been extended through November 30, 2004. For details on the location of the EPA public meeting and for information on providing public comment, please read the following excerpt from the September 21, 2004 Federal Register or visit the GAO homepage at www.gpoaccess.gov/fr/. The San Francisco public meeting will follow the conclusion of the RTM Communications, Inc. Structuring Successful Deals Conference on November 16, 17 and 18, 2004.

Federal Register: September 21, 2004 (Volume 69, Number 182)] [Proposed Rules] [Page 56382-56383]

ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 312 [SFUND-2004-0001; FRL-7816-6] RIN 2050-AF04

Notice of Public Meeting To Discuss Standards and Practices for All Appropriate Inquiries AGENCY: Environmental Protection Agency.

ACTION: Notice of public meeting.

SUMMARY: The U.S. Environmental Protection Agency (EPA) will hold a public meeting to discuss EPA's proposed rule that would set federal standards and practices for conducting all appropriate inquiries, as required under sections 101(35)(B)(ii) and (iii) of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). The proposed rule was published in the Federal Register on August 26, 2004 (69 FR 52541) and is available on the EPA Web site at http://www.epa.gov/brownfields. The public meeting will be held on Thursday, November 18, 2004 in San Francisco, California, at the times and location specified below. The purpose of the public meeting is for EPA to listen to the views of stakeholders and the general public on the Agency's proposed standards and practices for all appropriate inquiries. During the public meeting, EPA officials will discuss the proposed rule, as well as accept public comment and input on the proposed rule.

DATES: The public meeting will be held on November 18, 2004 at the Park Hyatt San Francisco Hotel at Embarcadero Center. The meeting will be held from 2 p.m. to 4 p.m. PST.

ADDRESSES: The public meeting will be held in the Mercantile Room of the Park Hyatt San Francisco Hotel at Embarcadero Center, 333 Battery Street, San Francisco, California 94111.

FOR FURTHER INFORMATION CONTACT: For additional information, contact Patricia Overmeyer of EPA's Office of Brownfields Cleanup and Redevelopment at (202) 566-2774 or overmeyer.patricia@epa.gov.

SUPPLEMENTARY INFORMATION: The meeting is open to the general public. Interested parties and the general public are invited to participate in the public meeting. Parties wishing to provide their views to EPA on the proposed rule, or to listen to the views of other parties, are encouraged to attend the public meeting. Any person may speak at the public meeting; however, we encourage those planning to give oral testimony to pre-register with EPA. Those planning to speak at the public meeting should notify Patricia Overmeyer or Sven-Erik Kaiser, of EPA's Office of Brownfields Cleanup and Redevelopment, U.S. Environmental Protection Agency (Mail Code 5105T), 1200 Pennsylvania Avenue, NW., Washington, DC 20460, no later than November 10, 2004. Patricia Overmeyer can be contacted at (202) 566-2774 or overmeyer.patricia@epa.gov Sven-Erik Kaiser can be contacted at (202) 566-2753 or kaiser.sven-erik@epa.gov.

If you cannot pre-register, you may sign up at the door starting two hours before the start of the meeting in San Francisco on November 18, 2004. Oral testimony will be limited to 7 minutes per participant. Any member of the public may file a written statement in addition to, or in lieu of, making oral testimony. A verbatim transcript of the hearing and any written statements received by EPA at the public meeting will be made available at the OSWER Docket and on the EDOCKET Web site, at the addresses provided below. If you plan to attend the public hearing and need special assistance, such as sign language interpretation or other reasonable accommodations, contact Patricia Overmeyer or Sven-Erik Kaiser, at the above email addresses or phone numbers.

Interested parties not able to attend the public meeting may submit written comments to the Agency. All written comments must be submitted to EPA in compliance with the instructions that will be provided in the preamble to the proposed rule. The instructions are summarized below.
Parties wishing to comment on the proposed rule may submit written comments to EPA. Comments must be submitted to EPA no later than November 30, 2004.

Submit your written comments, identified by Docket ID No. SFUND-2004-0001, by one of the following methods:

1. Federal eRulemaking Portal: http://www.regulations.gov. Follow the on-line instructions for submitting comments.
2. Agency Web Site: http://www.epa.gov/edocket. EDOCKET, EPA's electronic public docket and comment system, is EPA's preferred method for receiving comments. Follow the on-line instructions for submitting comments.
3. E-mail: Comments may be sent by electronic mail to superfund.docket@epa.gov, /Attention Docket ID No. SFUND-2004-0001.
4. Mail: Send comments to the OSWER Docket, Environmental Protection Agency, Mail Code: 5305T, 1200 Pennsylvania Ave., NW., Washington, DC 20460, Attention Docket ID No. SFUND-2004-0001. In addition, please mail a copy of your comments on the information collection provisions to the Office of Information and Regulatory Affairs, Office of Management and Budget (OMB), Attn: Desk Officer for EPA, 725 17th St., NW., Washington, DC 20503.
5. Hand Delivery: Deliver your comments to the EPA Docket Center, EPA West Building, Room B102, 1301 Constitution Ave., NW., Washington, DC, Attention Docket ID No. SFUND-2004-0001. Such deliveries are only accepted during the Docket's normal hours of operation, and special arrangements should be made for deliveries of boxed information.

Instructions: Direct your comments to Docket ID No. SFUND-2004- 0001. EPA's policy is that all comments received will be included in the public docket without change and may be made available online at http://www.epa.gov/edocket, including any personal information provided, unless the comment includes information claimed to be Confidential Business Information (CBI) or other information whose disclosure is restricted by statute. Do not submit information that you consider to be CBI or otherwise protected through EDOCKET, regulations.gov, or e-mail. The EPA EDOCKET and the federal regulations.gov Web sites are ``anonymous access'' systems, which means EPA will not know your identity or contact information unless you provide it in the body of your comment. If you send an e-mail comment directly to EPA without going through EDOCKET or regulations.gov, your e-mail address will be automatically captured and included as part of the comment that is placed in the public docket and made available on the Internet. If you submit an electronic comment, EPA recommends that you include your name and other contact information in the body of your comment and with any disk or CD-ROM you submit. If EPA cannot read your comment due to technical difficulties and cannot contact you for clarification, EPA may not be able to consider your comment. Electronic files should avoid the use of special characters, any form of encryption, and be free of any defects or viruses. For additional information about EPA's public docket visit EDOCKET on-line or see the Federal Register of May 31, 2002 (67 FR 38102).

All Appropriate Inquiry Proposed Rule Out for Public Comment
[August 26, 2004]

The All Appropriate Inquiry proposed rule was published in the Federal Register on August, 26, 2004. A 60-day public comment period has now begun. The proposed rule was signed by the EPA Administrator on August 19, 2004 and cleared by the Office of Management and Budget on August 13, 2004. EPA also plans to hold a public meeting for interested parties to comment on the AAI proposed rule at the EPA Brownfields Conference. The public meeting will be held on Wednesday, September 22, 2004.

According to EPA representatives the consensus rule, as negotiated and drafted by the AAI FACA Committee, remains intact. The All Appropriate Inquiry proposed rule also includes the Preamble to the rule. The publication in the Federal Register marks the first time that the Preamble has been distributed to the public. Unlike the proposed regulaton, the critical Preamble was drafted by the EPA, not the FACA committee. The Federal Register AAI annoucement is available at http://www.epa.gov/brownfields/regneg.htm

In light of this news, the ASTM E 1527 Task Group (TG) is aggressively working toward preparing the E 1527 standard for EPA's pre-compliance review. The ASTM E 1527 standard can only be included in the References section of the AAI rule if EPA officials determine that the E 1527 standard meets the AAI rule requirements. ASTM plans to provde EPA with a draft on the revised ASTM E 1527 by August 30, 2004.

BNA Lender's Checklist for Maintaining A Security Interest Exemption
[August 5, 2004]

Brownfield News: Government and the Future of Brownfield Financing
[July 12, 2004]

Practical Considerations in the Selection & Performance of the EP to Conduct AAI
[April 22, 2004]

Perfection is the Enemy of the Good: An Insider's Perspective on EPA's All Appropriate Inquiry Proposed Rulemaking
[March 26, 2004]