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Have You Contributed to NYSIBPAC This Year?
If not...now is the time! We need your help in this statewide election year to support candidates and committees who understand community banks' needs. Can we count on you?
CLICK HERE for our 2015 PAC contribution form. Help support IBANYS' political action efforts in New York State.
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For more information, visit:
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INDUSTRY INSIGHTS
Register For IBANYS' Downstate Compliance Conference:
Tuesday, December 15, 2015
Empire National Bank
Islandia, NY (On Long Island)
IBANYS' downstate compliance conference is designed for
New York community banks' CEOs,
Compliance Officers,
BSA Officers,
Senior Lending Officers,
Inside/Outside Bank Counsel, and other bank
employees with lending or
risk management responsibilities. Our speakers will provide the operational and regulatory perspective on key compliance related topics and challenges facing community banks. The presentations will focus on important trends, issues and developments impacting your bank's compliance needs:
"Building a Compliance Culture"
Recent advisory guidance suggests financial institutions need to demonstrate they have established a strong "compliance culture" to
 effectively manage risk. In this session, we will demystify the elements of what the regulators are looking for, and provide practical advice on how you can successfully build a compliance culture at your community bank. We will share specific examples of how "high performers" think about compliance, and use it to achieve business goals.
Speaker: Pam Purdue, Executive Vice President/Regulatory Insight with Continuity Control
"Board and Executive Oversight -- Examiner Expectations"
There's no denying the bar has been raised for bank directors and senior management when it comes to regulatory compliance oversight. This  session will help ensure that your institution is not at risk! Our presentation will clearly outline the director and management oversight responsibilities, and discuss critical "take-aways" from recent enforcement actions. With the stakes higher than ever, your institution needs to make certain that appropriate controls are in place for Board and Senior Management to demonstrate their engagement and involvement. Speaker: Pam Purdue, Executive Vice President/Regulatory Insight with Continuity Control
The Regulators' Perspective:
Compliance & 'Hot Button'
Examination Issues
We will also have with us senior representatives from the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) to provide the regulatory perspective and to share their insights.
- FDIC Assistant Regional Director for the New York Region Robert Cordeiro, who oversees compliance and CRA examinations in the region;
- OCC National Bank Examiner/Compliance Tom Clayton, who will focus on "Fair Lending, CRA and A Review Of Outcomes Of Recent OCC exams."
Watch for a detailed agenda and registration information soon!
IBANYS' Conference Calls Gear Up For '16
IBANYS will hold three planning conference calls over the next few weeks as we continue the planning process for 2016.
- Tuesday December 1, 9:00 AM: IBANYS' Compliance Peer Group will meet by phone to begin planning the 2016 Compliance Conference, scheduled for March 30 - 31.
- Tuesday, December 8, 9:00 AM: IBANYS' CFO Peer Council will meet by telephone to begin planning the 2016 CFO/Senior Management Conference.
- Friday, December 11 at 9:00 AM: IBANYS Government Relations Committee will meet by conference call to continue to discuss the upcoming 2016 legislative and congressional sessions.
Update On State AGs Push To
Mandate
Chip & PIN Technology
Community banks' efforts have succeeded, as the effort led by several state Attorneys General and retailers to mandate chip and PIN technology has met significant resistance.
Click here
to read yesterday's New York Times article that highlights the retail industry's motivations to seek more security when so many retailers have not yet implemented existing technology such as EMV. A group of attorneys general from eight states and the District of Columbia jumped into the debate over PIN versus signature requirements for EMV cards, choosing the side of retailers. The original cosponsors hoped to achieve at least 36 state AGs as signers, but only nine signatories were on the final letter to major banks and card networks. One of the original signers, the Georgia AG removed his name from the final letter. M
erchants hired former Massachusetts Attorney General Martha Coakley as their lobbyist, and she recruited eight state Attorneys General, including New York's Eric Schneiderman, to sign a letter pushing PIN numbers as a way to enhance card security. A banking industry trade association coalition, including ICBA and IBANYS, had noted that PINS would not have prevented recent retailer data breaches, and federal regulators have concluded that mandating PINs is not an effective way to protect the payments system or consumer data. Click here to see comments by federal banking regulators. Click here for IBANYS joint letter on the issue, sent in conjunction with NYBA and the state credit union league.
Banks' Third Quarter Performance Analyzed
Chris Nichols is Chief Strategy Officer at Centerstate Bank. He was CEO of the capital markets arm of Pacific  Coast Bankers' Bank, and is a former author of the Banc Investment Daily who frequently examines and writes about the state of the banking industry. He compiled a presentation on third quarter performance (click here to read) see link), and summarizes: Large banks did just slightly better for performance, community bankers "felt like they were hamsters running in place hard, but not getting anywhere." While new origination was up, total loan growth was up just a little due to run off. The net result was earnings for community banks being down.
A new article in IB Magazine on "Cure the Blue" spotlights the effort,co-sponsored and endorsed by IBANYS, to raise funds and awareness regarding prostate cancer research in New York State. Lake Shore Savings Bank President & CEO Dan Reininga recently joined former Buffalo Bills Head Hall-of-Fame Coach Marv Levy and former Bills and Buffalo Bills Alumni Foundation
 members Booker Edgerson and Ed Rutkowski at a recent event on behalf of Cure the Blue. The Bills Alumni Foundation and IBANYS are spearheading this long overdue effort, and IBANYS' member bank Lake Shore Savings Bank is strongly supporting the campaign. The bank has "Cure the Blue" ribbon pins available for purchase for a donation at all eleven of the bank's branches, and plans a branch wide fundraising event during September.
Lake Shore President & CEO Dan
Reininga has noted:
"
The exciting thing about this is that it's going to be a national campaign at some point. It's very exciting and we're very proud. It's what Lake Shore is all about - putting people first.
Can we count on YOUR bank or firm to join this truly important effort?
Control Your Bank's
Health Care Costs
-- AND Boost Employee Benefits?
The "My Wellness Resource Card" may be your bank's solution. You can upgrade your employee benefits with a low-cost, non-traditional program to save time and money, while helping to retain employees.
 The program allows the bank to provide on demand health care from U.S. board-certified doctors who will provide diagnosis, treatment options and necessary prescriptions via unlimited telephone medical consultations through
Telehealth. It will also provide discounts and significant savings on a variety of medical and dental products.
Sponsored by My Wellness Resource, Inc. and by IBANYS, this program was
specifically designed to improve productivity, decrease absenteeism and boost morale without straining your bottom line.
Click here and
here to learn more about this exciting new alternative, or visit
www.ibanys.net for details and to enroll.
Costa To Retire From Empire State Bank;
Guarneri To Succeed Him Jan. 1
Empire State Bank has announced that Chairman and Co-CEO Anthony Costa will retire on January 1, 2016 from both the bank and its holding company, ES Bancshares, Inc. Philip A. Guarneri, currently President & Co-CEO of both the bank and holding company, will become President & CEO of both. Messrs. Costa and Guarneri were both among the organizers of the bank in 2004. Mr. Costa has more than 45 years experience in the banking industry, including in executive management positions with First Inter Bank Corp., Atlantic State Financial and Atlantic State Mortgage Corp.
THE ECONOMY
- According to the Tax Foundation, New York State ranks second to last in the nation in terms of personal and corporate tax burdens. The only state ranked worse than New York was New Jersey.
- U.S. House Speaker Paul Ryan plans to urge the House to pass tax-reform legislation in 2016, before the presidential election.
- Big banks may not hold the attraction they once did among recent college graduates. CNN Money reports they increasingly want to go to Silicon Valley, not Wall Street, because they view tech "as a better way to make money and change the world."
GOVERNMENT RELATIONS UPDATES
IN ALBANY:
The move to increase the minimum wage in New York continues to be a political issue. Senate Republicans have expressed concern with the proposal. In addition to phasing up the minimum wage to $15 for state workers, Gov. Cuomo backs the target wage for state workers in the contract negotiations. Supporters of increasing New York's minimum wage to $15 over the next several years are now citing inflation data from the State Department of Labor which they believe shows that target figure keeps pace with inflation.
The DOL projects inflation in the minimum wage, using $1.85 in 1970 as a base, would put the current minimum wage at $12.18 if it kept at the rate of inflation over the last several decades.
The current minimum wage is due to increase to $9 by the end of 2015, up from the current $8.75.
Supporters want to see it hiked to $15 statewide by the start of the next decade. For fast-food workers, that means by the end of 2023 across the state, except for New York City where it is increasing at a faster pace.
Should the minimum wage keep with the projected rate of inflation by 2023, the wage would be $14.78 statewide, and $16.45 in New York City.
Lawmakers: Need More Supportive Housing
To Battle NYC Homelessness
With heightened concern over an increase in homelessness in New York City, more than two dozen State Senators -- including Republicans who represent the New York City area -- are supporting expanded "supportive housing" programs for those at risk of falling back into homelessness.
The proposal includes 1,500 units aimed at homeless youth, and would enhance affordable housing with on-site services, intended to help those with mental illness, substance abuse and other issues that -- if left untreated -- often continue the cycle of homelessness. The group wrote
to Gov. Cuomo
backing the development of 35,000 new units of supportive housing. The group stated:
"By wisely investing in this proven solution, we can solve our homelessness, improve our neighborhoods, and save tax dollars."
IN WASHINGTON:
More Reg Relief Bills In House
Two more regulatory relief bills are scheduled for action today in the House, which are supported by ICBA. They include:
- H.R.1210, the Portfolio Lending and Mortgage Access Act that would give qualified mortgage treatment to load held in portfolio by the originator, and
- H.R.1737, the Reforming CFPB Indirect Auto Financing Guidance Act, that would effectively nullify the Consumer FinancialProtection Bureau's guidance on indirect auto lending.
House-Senate Confers On Highway Bill,
Fed Reserve Bank Stock Dividends
U.S. House and Senate conferees are meeting to try to reach a compromise on the federal highway bill. The House has approved a version that includes the ICBA and IBANYS-supported amendments that block the effort to impose a "backdoor tax increase" on Federal Reserve members, and also advance community bank regulatory relief. The Senate version includes a reduction in the dividends paid on Federal Reserve Bank stock. New York conferees include Senator Schumer and Representatives Katko and Nadler.
ICBA Urges Outreach On FASB Plan
ICBA is asking community bankers to express concern over the Financial Accounting Standards Board's (FASB's) new accounting standards for loan-loss reserves. The plan is expected to be finalized by early December. Community banks may register opposition to FASB's Current Expected Credit Loss (CECL) model through ICBA's "Be Heard" grassroots website at www.icba.org.
New York Community Banks
Find Real Value In IBANYS Webinars
In today's banking and business environment, community banks face a number of significant challenges. Bank officers, board members and employees understand that their responsibilities (and potential liabilities) continue to evolve. Is YOUR bank doing everything possible to provide them with the information and tools necessary? Are You Ensuring that they are fully informed, and equipped to manage the bank and guide it into the future?
IBANYS' webinars are designed to meet the needs of community banks, and are both effective -- and, cost-effective. Your bank's officers, directors and employees can participate directly from their offices. They
provide bottom line value. That's
why participation in IBANYS webinars has expanded dramatically over the past eighteen months! Take a moment to review our upcoming programs
below.
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IBANYS Spotlights. . .
. . .The Bonadio Group
The Bonadio Group has been working with clients for over 36 years. In that time, their range of services has grown far beyond what many expect to find at a CPA firm. That comprehensive service range is one reason why organizations of so many types turn to Bonadio. They are a close-knit collection of affiliates that collaborate on every facet of client needs, and integrate them in fresh ways for every client, to help grow and protect their assets. With offices in New York State and Vermont, The Bonadio Group provides a complete range of financial and consulting services - from auditing and tax, to multidimensional accounting, business advisory, and financial services.
It's a new world in banking and finance. Banks are under more scrutiny than ever. The Federal Reserve, the Consumer Financial Protection Bureau and others are determined to improve efficiency, in part by preventing and detecting fraud, waste and abuse.
From banks, to mortgage and finance companies, to broker-dealers and credit unions, Bonadio understands the specialized services financial firms require. They offer impeccable financial statement audits, but their extensive offering covers every issue a financial institution faces, such as:
- Risk management services, from IT audits to IT penetration testing
- Loan reviews and fraud investigations
- Bank and federal reserve regulatory filings
- Sarbanes-Oxley compliance
- Initial public offerings
- Private placements memorandums
- Mergers and acquisitions
The Bonadio team is best known for its combination of practicing to the highest standards and taking a proactive approach with banking industry clients. Between Bonadio and our Moore Stephens North America member firms, they provide services to hundreds of financial institutions-including SEC registrants-ranging from de novo status to $24 billion in total assets. V
isit
www.bonadio.com
or contact Principal Jamie L. Keiser, CPA:
(315) 422-7109,
jkeiser@bonadio.com.
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DID YOU KNOW. . .
. . .that U.S.
Senator Mark Warner (D-VA) asked federal banking regulators what steps their agencies were taking to ensure consumer protection improvements were being made in the payments space? The regulators noted efforts to mandate a specific technology, such as chip and PIN cards, were shortsighted and could hinder the development and implementation of other technology that is rapidly developing. Additionally,
regulators noted that financial services institutions are already subject to significant regulatory standards
. Click here to read their comments.
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| New York community banks play a key role in our state and local economies. Help spread the good news among your customers, business and elected leaders and media! |
| Click here for quotes from Governor Cuomo and DFS Superintendent Lawsky extolling the performance and value of New York community banks. |
| Click here for the full NYS Study on community banking. |
| Click here to read IBANYS President & CEO John Witkowski's comments on the new tax changes and benefits for New York community banks as approved in the 2014-15 State Budget. Click here for IBANYS' letter to the Editor of Consumer Reports Magazine correcting failure to mention community banks as an alternative to using "big banks." _________________________________ |
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John J. Witkowski
President and Chief Executive Officer
Stephen W. Rice
Director of Government Relations and Communications
Linda Gregware
Director of Administration and Membership Services
William Y. Crowell, III
Legislative Counsel
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