|
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.
|
 |
For more information, visit:
|
|
|
|
|
 |
|
News From IBANYS
- Watch Your Mailboxes. IBANYS will soon be sending out our 2015-16 Dues Notices, and our 2016 Meetings and Conferences Schedule.
-
Speaker presentations from IBANYS' 2015 Directors Conferences are now posted on our website. Visit
www.ibanys.net. Click on the education tab, then on "past meetings."
INDUSTRY INSIGHTS
Late News: Fed Leaves Interest
Rates Unchanged
As expected. the
Federal Reserve
today once again passed on enacting its first interest hike in more than nine years -- and provided no clues about when such a move may come. T
he Federal Open Market Committee voted to maintain its zero interest rate policy, citing weakness in exports and soft inflation. There was just one dissent: from Jeffrey Lacker, who wanted to see the Fed enact a quarter-point hike.
Albanese Resigning As NYS
DFS Superintendent
Anthony Albanese, Acting Superintendent of the State Department of Financial Services, has announced plans to leave the position in December. He
 denied published reports he was leaving due to tensions with the Governor's office over the agency's independence. Albanese succeeded former Superintendent Lawsky in June, after having served as Lawsky's Chief of Staff at the agency. Mr. Albanese delivered the keynote speech at IBANYS' Annual Convention last month. He expressed strong support of New York community banks in terms of our contributions to the state and local economies and social fabric, as well as an understanding of our issues and priorities. The turnover at DFS leaves the agency without a permanent Superintendent, Chief of Staff, General Counsel, and no executive deputy for Insurance. The Cuomo administration continues its search for a new Superintendent.
Click here and
here for the latest coverage of the Albanese announcement.
New Poll: Tough Grades For Governor
A new Siena Poll this week found Governor Cuomo received tough grades on a number of key performance areas. While his overall favorability
 rating remained at 50%, nevertheless 58% said he is doing a "fair or poor job", and and 60% gave him a "fair or poor" rating on improving the state's infrastructure and economy, and on balancing upstate and downstate needs. 62% of respondents supported the Governor's proposed minimum wage increase (to $15 an hour). 71% believe the state should fund downstate mass transit and upstate roads equally, but were divided on how to pay for it: 38% want to cut existing programs, 24% want increased state taxes and 23% prefer borrowing. On education, respondents opposed common core by a two-to-one margin, and 40% think public education in New York has gotten worse.
New Home Sales Down
The U.S. Commerce Department reported that new U.S. single-family home sales fell to near a one-year low in September after two straight months of
 gains.
New home sales tumbled 61.8% in the Northeast to the lowest level since April. Sales were down
6.7% in the West, 8.7% in the South and 8.3% in the Midwest.
Nationally, s
ales dropped 11.5% to a seasonally adjusted annual rate of 468,000 units, lowest level since November 2014. N
ew home sales account for 7.8% of the market. Sales were up 2.0% compared to September of last year.
Continuity Webinar
Nov. 12 On Regulatory Enforcement Actions
Sandler O'Neill Webinar Nov. 4:
Balance Sheet Strategies for 2016
All too often, ALCO decisions are made based on rate predictions, risk profile history lessons, or the isolated evaluation of balance sheet components. Is your bank letting these factors dictate asset/liability decisions? Instead, balance sheets should be viewed in a dynamic and holistic way, and ALCOs should take control of strategic planning and franchise valuation expansion.
Join Sandler O'Neill's Balance Sheet Strategy team as they discuss:
- Current themes and trends from banks across the country
- Frequently-asked questions and concerns from Board and ALCO members
- Overall balance sheet positioning in relation to bank valuations
- Strategies for your balance sheet
This webinar will highlight topics your bank should be talking about in ALCO and Board meetings, and how to best prepare for 2016.
To register or for more information, contact:
Scott Hildenbrand,
Principal/Chief Balance Sheet Strategist
Sandler O'Neill + Partners, L.P.
Eye-Scanning ATMs On Horizon?
According to press reports, Citigroup is now testing new technologiy with ATM maker Diebold that would allow customers to withdraw money with an eyeball scan or a code on a smartphone rather tan a card swipe. It is the latest push to find easier and  more secure ways for consumers to access their cash than through an ATM card. Several other large banks, such as J.P. Morgan Chase and Bank of America are also doing internal testing of careless ATM technologies. Proponents say this could give banks a weapon against fraud There is some doubt whether consumers who may already be somewhat suspicious of large financial organizations would be comfortable allowing them to "scan their eyeballs" regularly. There would also be a significant expense in changing or retrofitting thousands of ATMs' hardware. Widespread consumer use is likely years away at best.
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 rovide 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.
GOVERNMENT RELATIONS UPDATES
IN ALBANY
IBANYS, NYBA & Credit Union Association
Letter To NYS Attorney General
On Chip & PIN Technology
IBANYS, NYBA and the New York Credit Union Association have signed a joint letter to State Attorney General Schneiderman regarding a NAAG letter being circulated. That letter calls for all financial institutions to implement a static payment security technology, commonly known as Chip and PIN. Our joint letter notes the NAAG letter contains mischaracterizations of security technology now being deployed by the financial services industry, and contradicts the official positions of all four federal bank regulators, including the Consumer Financial Protection Bureau. The proposed static technology approach fails to protect consumers now, and makes Americans vulnerable to evolving financial fraud threats." The joint letter urges the Attorney General
to either decline to sign this letter or withdraw your support if already given. Click here to read the letter,
Governor Signs Loan Product Bill Into Law
The Governor has signed A.6105-A Robinson/ S.5148-A Savino, which relates to loan products
 that may be offered by banks, into law. It is now Chapter 380 of the Laws of 2015. The new law allows banks, as well as credit unions, to offer a loan product that encourages personal savings by requiring a borrower to place a portion of the loan into an interest-bearing savings account as a condition precedent to granting a loan.
Meanwhile, a clarification on the "savings promotion prize giveaways" legislation (A.9037-A Robinson/ S.6805-D Lanza) signed by the Governor as Chapter 370 of the Laws of 2014. IBANYS originally objected to the legislation,
citing a problem with the application of the federal prohibition on banks. Credit unions had no such limitation. The state law as enacted did apply to banks and thrift institutions as well as credit unions, but did not override any federal prohibition. However, the
American Savings Promotion Act subsequently signed by President Obama late last year appears to remove the barriers which prohibited banks and thrifts from making prize linked savings accounts available, so
banks may choose to offer such a product subject of course to developing appropriate forms and procedures to implement the promotion.
IN WASHINGTON, D.C.
Federal Updates
- Seven New York Representatives were among the 150 Members who signed a letter to House leadership urging that they "table" the proposal to reduce dividends on Federal Reserve stock held by banks as a way to help fund the transportation bill. The seven New Yorkers were Sean Patrick Maloney, Carolyn Maloney, Dan Donovan, Greg Meeks, Peter King, Kathleen Rice and Chris Collins.
-
The race to replace Rep. Paul Ryan (R-WI) as chairman of the House Ways and Means Committee, which oversees tax, trade and health policy, is heating up. With Ryan set to be elected Speaker of the House,
two House Republicans - Reps. Pat Tiberi (Ohio) and Kevin Brady (Texas) - will reportedly seek the chairmanship and Rep. Devin Nunes (Calif.) may also run. Rep. Brady, the most senior member in the mix, is viewed by some as the early favorite.
IBANYS' WEBINARS FOR
NEW YORK
COMMUNITY BANKS
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.
|
IBANYS Spotlights. . .
. . .BDO USA, LLP
BDO's Financial Institutions practice understands the unique needs and complex issues banks face - from complying with Dodd-Frank provisions or growing through mergers and acquisitions, to addressing paradigm changes in corporate governance and raising capital. Working with banks ranging size from start-ups to multibillion dollar institutes, they provide a comprehensive suite of integrated, value-added services. They take a proactive approach to addressing concerns before they become major issues, and provide tailored services that best fit your needs. For non-audit clients, they provide a broad range of advisory services including assistance with internal audit, risk advisory, internal control design and testing and other accounting services. For further information, contact Partner
Joseph LaClair, CPA, at
(717) 233-8800, email jlaclair@bdo.com or visit the website at
www.bdo.com.
|
|
DID YOU KNOW. . .
. . .that t
here are more than 6,000 community banks nationwide, including commercial banks, thrifts, stock and mutual savings institutions, with more than 52,000 locations? Did you also know that community banks constitute 98% of all banks,
employ 700,000 Americans, hold $3.6 trillion in assets, $2.9 trillion in deposits, and $2.4 trillion in loans to consumers, small businesses and the agricultural community?
|
| 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." _________________________________ |
|
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
|
|
|
|
|
