IBANYS EXECUTIVE LEADERSHIP SYMPOSIUM – OCTOBER 7-9, 1000 ISLANDS HARBOR HOTEL, CLAYTON, NY. This event is for C-Suite, senior leadership of all community banks in New York State. This event is a great opportunity to bring your emerging leaders, rising stars within the bank from all departments. There is no better place for the future leaders and “rising stars” to meet other bankers – their peers from around the state – and hear from great speakers on timely topics impacting community banks. 

There is a little fun throughout the conference too! -- What ELSE Is On The Agenda?

• Golfing & Fishing. On Monday, October 7th, golf is available at the beautiful Thousand Island Country Club…AND, we have chartered boats for a sportfishing excursion on the St. Lawrence. We have limited space available on the boats, available on a first come- first serve basis. Details are in this brochure and on IBANYS’ website (www.ibanys.net)

• Cruising On The St. Lawrence. On Tuesday, October 8th we’ll offer late afternoon fun on the beautiful St. Lawrence River, with food and libations on board. . .a great chance to relax and network with peers and our great business partners and speakers.

Preferred Partners & Associate Members: Sponsorship opportunities are still available but going fast. Take advantage of joining us at the symposium. We will not have exhibit booths, but we will have bank exec’s and rising stars that you will have a chance to meet. . . Questions? Call Linda Gregware at the office 518.436.4646 or John Witkowski at 716.880.0518.

All information for hotel reservations, registration, golf, fishing and sponsorships are in the brochure. A special discount will be given to banks that register 3 or more people. Please check out the brochure in this message or on www.ibanys.net/events.

LOOK FORWARD TO SEEING ALL OF YOU IN CLAYTON!

ALERT: The SBA has opened a Business Recovery Center in Washington County at the Barre Municipal Auditorium to help those businesses with losses due to the severe storms from July 9-11. Please read the attached press release to understand the counties in NYS that are covered by this program.

SIGN UP FOR TOMORROW'S QWICKRATE/INTELLICREDIT WEBINAR!!

• Stress Testing: Be Proactive & Examiner-Ready. . .TOMORROW, Thursday, August 29 (2:00-2:45 PM). With past due loans on the rise, don't wait for a regulator to ask if you've performed a credit stress test. Document your capital buffer. This webinar shows how QwickAnalytics and IntelliCredit can help your bank stay a step ahead by discussing available stress testing options. https://us02web.zoom.us/webinar/register/6217232407000/WN_Lv6NrUnRRqGJIiZ9I8VcHA

ICBA’S VIRTUAL Fraud Seminar, Sept. 10-12 will provide an interactive experience offering practical, actionable tools to combat fraud effectively. The livestreamed event will feature insights from ICBA Education, renowned expert Barry Thompson of the Secret Service, and a postal inspector. Register here.  

REGISTER FOR “ICBA LIVE 2025”  March 11-14 at the Gaylord Opryland Resort & Convention Center in Nashville. It’s ICBA’s premier event for community bankers, the largest annual gathering of its kind and offers opportunities for connection, idea-sharing, and professional growth. Bankers can participate in general sessions, practical learning labs, and peer-driven roundtables designed to empower and inspire community bankers. You can register by Sept. 20 to secure early access to ICBA’s hotel room block.

IBANYS MEETINGS

MEET THE SPEAKERS

Brian Jones

Financial Economist & Vice President

Federal Home Loan Bank of New York

Brian M. Jones is a professional economist with over four decades of experience covering the U.S. economy and financial markets. He has worked with a variety of leading domestic and foreign financial institutions including Citibank, Salomon Smith Barney, Salomon Brothers, Lloyds Bank, and Societé Generale. Throughout his career, Brian has supported all aspects of the Fixed Income, Currencies and Commodities (FICC) businesses of his employers with regard to U.S. macroeconomic analysis and forecasting. 

Since 2017, Brian has been Financial Economist and Vice President at the Federal Home Loan Bank of New York. In this role, he provides macroeconomic analysis and strategic insight that is utilized across the organization. Brian has been cited by MarketWatch as one of the “best in the business at forecasting the U.S. economy.” He was a multiple winner of MarketWatch’s Forecaster of the Month award. A native New Yorker, Brian received an A.B. in Economics from Columbia College and an M.B.A. in Finance from New York University where he graduated with distinction and was elected to Beta Gamma Sigma.

Shannon Prendergast

Managing Director

IntraFi

Shannon Prendergast serves as Managing Director for New York, New Jersey, and Delaware at IntraFi and has over 17 years of experience in banking and finance. Shannon has been working at IntraFi for 6 years and was on the Client Services team prior to stepping into the Managing Director role 3 years ago. In her current role, she is responsible for developing and managing relationships with banks in the New York, New Jersey and Delaware markets with a focus on funding and liquidity management. Prior to working for IntraFi, Shannon worked at Wachovia/Wells Fargo, Cardinal Bank and FVCBank in Virginia. She is also a Fitness Instructor who teaches Kickboxing and coaches at Orangetheory Fitness. Shannon earned her BA in Psychology from Bucknell University. She lives in Virginia with her husband and has two adult children.

SEPTEMBER WEBINARS

ICBA Information

ICBA EDUCATION



In collaboration with ICBA’s education department, ICBA Education, certification programs, seminars, online training, and a host of resources are now available on our website, making it easier for you to find needed education. The new Affiliate Education Program will ensure that collectively, we put community banks in contact with the training tools necessary to grow bankers’ knowledge and skills.

Additionally, the program will also support IBANYS for every ICBA training course, seminar, event registration and resource purchased, ICBA will donate 10 percent of eligible purchases to IBANYS.

Let’s all win by increasing knowledge, improving efficiency, and investing in our employees while working together to uplift the industry we love—community banking!

Use This Code When Registering: NY-IBANYS

Don’t forget ICBA’s recertification courses: Remember to use the code NY-IBANYS when registering.

• Audit Certification (CCBIA)
• Bank Security Certification (CCBSO)
• BSA/AML Certification (CBAP)
• Commercial Lending Certification (CCLO)
• Compliance Certification (CCBCO)
• Consumer Lending Certification (CCBCL)
• Credit Analyst Certification (CCBCA)
• Information Technology Certification (CCBTO)
• Risk Management Certification (CCBRS)

ALBANY UPDATE

LEGISLATIVE UPDATE

• Wild Card Extension Delivered To Governor. The NYS Legislature stands adjourned until January, when the newly elected Legislature will take office for the two-year 2025-25 legislative session. These bills reflect legislative activity on bills of interest to community banks between June 28 and August 26. A.10031 (Buttenschon) -- same as S. 9382, Sanders -- would extend for an additional five years (from September 10, 2024 until September 10, 2029) the banking "wild card" law that "provides an administrative mechanism to keep the state banking charter viable and competitive with the federal banking charter." The bill amends the state banking and insurance laws relating to authorizing banks and trust companies to exercise the rights of national banks, in relation to the effectiveness thereof; amends chapter 322 of the laws of 2007 relating to the power of banks, private bankers, trust companies, savings banks, savings and loan associations, credit unions and foreign banking corporations to exercise the rights of national banks, federal savings associations, federal credit unions and federal branches and agencies of foreign banks. It amends Section 7, Chapter 3 of the Laws of 1997; Section 6, Chapter 322 of the Laws of 2007, and extends certain provisions of the NYS Banking Law. The bill was delivered to the Governor on August 20. (The other bills, introduced by former Assembly Banks Committee Chair Zebrowski, note the "enacting clause" has been stricken since Zebrowski has resigned from the Assembly. There were no Senate co-sponsors so the bills are now dead.)

REGULATORY UPDATE

• Crypto & Blockchain Oversight. State and federal regulators are taking an expansive role in how cryptocurrency and blockchain technologies are overseen in New York, and the industry is taking notice. Cryptocurrency firms and trade organizations are getting ready for the 2025 state legislative session in Albany in January and are closely watching federal legislation. https://www.politico.com/newsletters/new-york-playbook/2024/08/20/congestion-toll-timing-00174873?nname=new-york-playbook&nid=0000014f-1646-d88f-a1cf-5f46b74f0000&nrid=00000152-f737-dcf0-a7d7-f73fb7700001&nlid=630317

• Cannabis Changes. The Office of Cannabis Management’s acting head spoke to State of Politics about some changes underway following a scathing state report on inefficiencies at the agency.

• Housing Policies & "Good Cause" Eviction. A number of "left-leaning" upstate cities are pursuing tenant-friendly housing policies. Here’s the full list of municipalities adopting “good cause” eviction protections and rent stabilization. Meanwhile, a bill to regulate short-term rentals in New York, a billion-dollar industry in the state outside of New York City, is awaiting action from Hochul. It would require those rentals to register their units every two years, State of Politics reports.

• Weather Related News: Help On The Way For Upstate. Help is available to businesses impacted by the extreme weather that hit large swaths of upstate New York in July and August, including damage from tornadoes, flooding, high winds and more that impacted homes and businesses. The Small Business Administration offers working capital loans to help businesses to meet ordinary financial obligations that can’t be met due to those damages. Loans are available in the following counties: Cortland, Erie, Lewis, Ontario, Seneca, Tompkins, and Wyoming; and the contiguous New York counties of: Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Genesee, Herkimer, Jefferson, Livingston, Madison, Monroe, Niagara, Oneida, Onondaga, Oswego, Schuyler, St. Lawrence, Steuben, Tioga, Wayne, and Yates. Damages must have been on, or after, July 10. Applications are due April 14 of next year. https://nystateofpolitics.com/state-of-politics/new-york/news/2024/08/20/economic-emergency-disaster-loans-now-available-for-upstate-new-york-businesses

• . . .And, For Long Island. Governor Hochul announced President Biden approved her request for a federal Emergency Declaration for Suffolk County after record rainfall and widespread flash flooding resulted in devastating damage. New York’s disaster recovery experts are working with local and federal partners to determine the state’s ability to request a federal Major Disaster Declaration and low-interest loans from the U.S. Small Business Administration.

ECONOMIC, DEMOGRAPHIC & POLITICAL NEWS

• Tax Collection Update. Local sales tax collections in New York State increased by 0.2% in July compared to July 2023, according to data released by Comptroller DiNapoli. Overall, local collections totaled $1.82 billion for the month, up $3.1 million from the same time last year.

• NY Small Business Concerns. The National Federation of Independent Business (NFIB) released its quadrennial study ranking small business owners’ problems and priorities. They say in New York that while the top ranker is no surprise, there are items that are of higher concern in New York than in other states. New York State’s NFIB Director said a national sample of 40,000 NFIB members was drawn with a separate sample of 1,500 drawn for New York to create state-specific rankings, and noted some items that are of greater concern in New York than in other states. Read more.

• Jobs Are Up. The number of private sector jobs in New York State increased over the month by 10,800, or 0.1% in July, according to preliminary seasonally adjusted figures released Thursday by the NYS Department of Labor. This puts the total number of private sector of jobs in the state to 8,401,600 in July. Private sector jobs in the U.S. also increased by 0.1% in July. Read More

• Post-Convention Summary. New York Democrats returned from the Chicago convention momentum, but some are still proceeding with caution. Party leaders, including Democratic House Minority Leader Hakeem Jeffries (D-Brooklyn) warned November’s election results could be tight. Read more. In Jeffries and Senate Majority Leader Schumer, New York has the two most powerful Democrats in Congress, and the state will play an important role determining which party controls the House next year. Six New York House seats are believed in play. If Democrats regain the House Majority, Jeffries will become Speaker -- the first Black person to hold that position in history, and the first Speaker from New York in nearly two centuries. https://archive.ph/2lMD0.

• CONGRESSIONAL & REGULATORY BRIEFING. ICBA will hold a complimentary community bank briefing on key congressional and regulatory developments on Thursday, September 19 at 2:00 p.m. The briefing will include Q&A with ICBA experts. Register here.

• Latest On CFPB’s 1071 Rule. ICBA will continue fighting the CFPB’s 1071 small-business rule after a U.S. District Court denied ICBA’s legal challenge to the agency’s rulemaking. (In June, the CFPB issued an interim final rule following a Supreme Court ruling that ended a temporary injunction on the 1071 rule. In a statement following that decision, ICBA reiterated that the bureau exceeded its statutory authority when it finalized the rule and called on Congress to advance ICBA-advocated legislation to rein in CFPB regulatory burdens.) ICBA and others argued the CFPB violated the law in issuing its 1071 rule by exceeding its statutory authority and by failing to comply with the Administrative Procedures Act. The District Court found the CFPB entitled to judgment on each of the claims set forth in the suit. ICBA remains committed to challenging this “misguided rule” and is prepared to leverage all available legal strategies to protect community banks and their customers.    

• CFPB Small Business Lending Platform. The CFPB announced the availability of the beta platform for the small business lending data collection rule pursuant to section 1071 of the Dodd-Frank Act, and invited financial institutions and their technology partners to test the platform and share feedback. The bureau said the beta platform is for testing purposes only and provided test files to be used. The agency noted that participants are welcome to test using other sample files, but it is imperative that they do not use actual customer data. The CFPB previously released a revised Small Entity Compliance Guide and updated its 2025 Small Business Lending Filing Instructions Guide with the 1071 rule’s revised compliance dates. The bureau in June issued an interim final rule extending the compliance deadlines following a Supreme Court ruling that ended a temporary injunction on the 1071 rule.

• OCC's Hsu Still Acting. The American Banker (subscription required) notes that Michael Hsu was appointed in 2021, Michael Hsu has led the OCC for over three years as acting director without being nominated for the permanent job. While that is lawful and “born out of political pragmatism,” some observers say it's a shortcut around Senate confirmation. Hsu has served as acting Comptroller of the Currency longer than any predecessor. https://www.americanbanker.com/news/hsus-unprecedented-tenure-at-occ-and-banking-policy?utm_campaign=NL_AB_Daily_Briefing_08282024&position=1&utm_source=newsletter&utm_medium=email&campaignname=NL_AB_Daily_Briefing_08282024&oly_enc_id=6022C2600790I8Z

• Who Could Be The Next AG? Speculation has begun on who might serve in a potential Harris administration, including possible nominees for Attorney General. Politico’s Ankush Khardori runs down some of the names – including current United States Attorney for the Southern District of New York (including Manhattan) Damian Williams, and one of his precesesors, Preet Bharara.

• New Home Construction Plan. Vice President Kamala Harris has a plan to build 3 million new homes over four years.

• Rate Cuts Coming? Fed Chairman Powell said “with an appropriate dialing back of policy restraint, there is good reason to think that the economy will get back to 2% inflation while maintaining a strong labor market.” Powell added: “My confidence has grown that inflation is on a sustainable path back to 2%. . .the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.” The Fed is ready to cut interest rates, and while Powell did not specify a timeline or forecast how much the Fed might lower rates, his remarks came as close as possible to teeing up a cut at the Fed’s next policy meeting in mid-September. Rates currently sit between 5.25% and 5.5%, where they have remained since July 2023. 

• A Busy Week For Economic Data. Tomorrow, S&P publishes the June Case-Shiller home price index and the Conference Board releases August consumer confidence data. On Wednesday, the Mortgage Bankers Association releases weekly mortgage applications data. On Thursday, the U.S. Commerce Department reports July wholesale and retail inventories and releases the second estimate for the second quarter gross domestic product. Also, the National Association of Realtors reports July pending home sales. On Friday, the Commerce Department reports July personal income and spending, and the University of Michigan publishes its final August consumer sentiment index.

• Sales Of New Single-Family Homes Up. Sales rose 10.6% in July and were 5.6% above July 2023, the Commerce Department reported. The median sales price for July was $429,800. Existing home sales increased 1.3% in July, breaking a streak of four straight months of declines, according to the National Association of Realtors. The median sales prices rose 4.2% from July 2023, and the inventory of unsold existing homes rose 0.8% from last month. Meanwhile, the NFIB Small Business Optimism Index in July rose 2.2 points to 93.7, the highest reading since February 2022. Inflation remains the top issue among small-business owners: 25% say it's the most important problem in operating their business, up 4 points from June.

• Everyone Wants A Branch. Access to a local bank branch is crucial for 75% of Americans across all generations, with most needing it daily or weekly, according to a survey on banking. LevLane Advertising’s 2024 Future of Banking Survey found: 1) Only 30% of respondents feel "very comfortable" using digital-only banking services, with Gen X leading this trend at 42%; 2) A strong preference for human interaction is evident across all age groups, particularly those aged 45-60, and an overwhelming 88% of Gen X prefer human interaction over AI; 3) Baby boomers are significantly more likely to visit a branch for opening or closing accounts (36%) than Gen Z (16%)

• Credit Unions. Part I. ICBA said urgent congressional action is needed to preserve community banks and the communities that depend on them. In a national press release following the latest credit union acquisition of a community bank, ICBA said credit unions exploit their federal tax exemption and acquire community banks, threatening Main Street America’s banking sector. Credit union purchases of community banks now account for 20% of all bank acquisitions this year. ICBA wants Congress to hold hearings on credit union policy and its proposal to implement an "exit fee" on these deals to recoup the value of the tax revenue lost once an acquired bank's business activity becomes tax-exempt. A new Axios article cites the credit union tax and CRA exemptions and the “historical leniency” of credit union oversight.

• Credit Unions, Part II. ICBA said a credit union paying for NFL stadium naming rights is the latest example of how credit unions are violating the limits established by Congress to justify their federal tax exemption. The Washington Commanders announced Northwest Federal Credit Union inked a deal to pay for the naming rights -- reportedly $8 million per year. In a national news release, ICBA said modern credit unions exploit their tax exemption to subsidize multimillion-dollar executive pay, outsized marketing budgets, lavish headquarters, and an ongoing surge in acquisitions of taxpaying community banks. ICBA has repeatedly called on Congress to investigate the credit union tax and regulatory advantages, including in a recent American Banker op-ed. In a recent letter to House Ways and Means Committee members, ICBA called for a review credit of union tax exemptions. Community bankers can use ICBA’s Be Heard grassroots action center to call on members of Congress to hold a hearing on credit union policy. Additional resources are available on the ICBA website.

• Community Banks "Indispensable." Community banks are indispensable in providing access to financial products and services, especially in remote or rural areas, according to Fed Governor Bowman. She said banks have been impressive in their efforts to address financial inclusion issues such as geographic location, products that meet specific customer needs, the absence of financial literacy education, and lack of access to technology and reliable internet. Meanwhile, according to the Kansas City Fed, that’s particularly true during periods of economic stress such as the global financial crisis and the pandemic. The KC Fed also noted while the banking landscape has substantially, continuously evolved, community banks have remained vital providers of reliable access to credit and other financial services. 

• Small Business Lending Update. The CFPB updated its 2025 Small Business Lending Filing Instructions Guide. The 2025 updates include: 1) Changing the applicable filing period to reflect the 1071 rule’s updated Tier 1 compliance dates of July 18, 2025, through Dec. 31, 2025; 2) Changing the Action Taken Date & Application Date data point examples so that they reflect the new compliance dates; 3) Modifying the validation ID E0321 to reflect the updated filing period based on the new Tier 1 compliance dates. The CFPB also recently released a revised Small Entity Compliance Guide with the 1071 rule’s revised compliance dates. In June, it issued an interim final rule extending the compliance deadlines following a Supreme Court ruling that ended a temporary injunction on the 1071 rule. After the court decision, ICBA said it continues to look forward to judicial review of the CFPB’s 1071 rule. A court filing from ICBA and others argues the CFPB violated the law in issuing its 1071 rule by exceeding statutory authority and failing to comply with the Administrative Procedures Act when it finalized the rule.

• Schumer's 2025 Agenda. Senate Majority Leader Schumer previewed the Senate’s 2025 Agenda if Democrats control the Congress. https://www.nbcnews.com/politics/congress/chuck-schumer-outlines-2025-agenda-democrats-sweep-eying-filibuster-ch-rcna167433. Schumer said he won’t allow the cap on state and local tax (SALT) deductions to continue after scheduled expiration Dec. 31, 2025, Bloomberg Law reports. Former President Trump and the GOP Congress inserted the $10,000 cap on the deductions in the 2017 tax reform bill, impacting residents of New York and other states with higher state and local taxes especially hard. The deductions issue is a key on Long Island, which features a number of contested congressional races. https://www.nytimes.com/2024/08/20/us/elections/chuck-schumer-dnc.html?unlocked_article_code=1.Ek4.c2X7.0PVfgV_weaxI&smid=url-share. Schumer also said if Democrats win Congress and the White House the 60-vote Senate filibuster rule “is a goner.” The Wall Street Journal Editorial Board writes. that “should put a chill into Republicans, independents, moderates, and swing voters.” 

• NY Rep. Ryan: Harris Will Help House Dems. Rep. Pat Ryan (D-Hudson Valley) said Vice President Harris as the Democratic presidential nominee boosts Democrats’ chances of regaining the House majority, The Hill reports. The Harris campaign is aggressively recruiting House Democrats to stump for the presidential ticket, gauging the interest of almost every member – a “night-and-day” contrast with the surrogate operation under President Biden, Axios reports.