Hi everybody,

Here in Minnesota, we just experienced our first blast of summer heat. What a change from just over a month ago when the ice was still coming off our northern lakes! If you also reside in a northern climate, the idiom “If you don’t like the weather, wait a few minutes…” rings true. After a long winter and a short spring, I was ready for summer!

So, too, was I ready for the ELFA Capitol Connections conference in Washington, D.C. last month. After a two-year hiatus, I really enjoyed getting back together with more than 110 equipment finance professionals from across the country to meet with members of Congress and administration officials. It was a great way both to enjoy the DC spring weather and to actively participate in our democracy.

This year, we focused on two major topics: 1) Dodd-Frank Act section 1071’s potential impact on finance companies and borrowers alike, and 2) the Tax Cuts and Jobs Act (TCJA) changes to the deductibility of business interest. As we provide nearly $1 trillion in capital investment across the United States, these issues are critical to not only the finance space but the entire US economy.

As a member of ELFA and the finance community at large, we at Tamarack try to stay in tune with economic, technology and regulation developments so we can advise customers on changes they can make as well as provide new products to help them stay agile. We have spoken quite a bit about technology trends recently, but these Capitol Hill matters can be even more important. Dodd-Frank 1071 appears to be one of those issues.

If you would like to learn more about Capitol Connections, please visit www.elfaonline.com or shoot me an email via dnelson@tamaracknow.com. I’d be glad to share my experience with you.

Happy 4th of July!

– Daniel Nelson, CEO, Tamarack

In this issue:

• Tamarack Trail Mix: Auto waiving unintended late charges
• Faces of Tamarack: Get to know Tim Appleget
• Five ways data is changing the future of equipment finance
• Why are lenders reluctant to adopt new technology tools?

Auto waiving unintended late charges

This month we’ll demonstrate how to automatically waive late charges inadvertently assessed when a contract payment is not processed on the date it was received. This Trail Mix solution can be applied in both IL9 and IL10.

If all payments received for a given date are not fully processed on that due date, the contract can be assessed late charges. Consequently, you may need to hold up aging the system forward until the payments are processed or manually waive the late charges.

Good news: InfoLease has the ability to automatically waive late charges assessed to a contract if the payment-received date is prior to the payment due date.

Get to know Tim Appleget

June in Minnesota finally brings summertime, which typically is jam-packed with outdoor activities, sports and peak wedding season. For Tim Appleget, Tamarack’s director of technology services, this summer has all three.

Five ways data is changing the future of equipment finance

It has been 15 years since Apple introduced the iPhone, which empowered us with data to change nearly every aspect of our lives. Today, data availability and analysis remain a driving force for change within business. In a recent blog post, Tamarack President and Chief Digital Officer Scott Nelson shares his perspective on how data will create (and is creating) innovation within the equipment finance industry.

Why are lenders reluctant to adopt new technology tools?

In the May/June issue of Monitor, Tamarack’s Scott Nelson participates alongside leaders from Leasepath, Innovation Finance USA and The Alta Group in a Q&A discussion on why lenders are so reluctant to adopt new technology tools. According to Nelson, one of the biggest obstacles is the equipment finance industry’s apprehension about change. “Change is hard because change adds risk. The more risk-averse an industry, the slower it will change.”

See more posts and connect with us at TamarackNow.com

Tamarack is a technology company that understands equipment finance. Access to capital provides access to data, and data protects capital. If you were forwarded this email we invite you to subscribe here.