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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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BREAKING NEWS:
Fed Raises Interest Rates By 25 BASIS Points
The Federal Reserve today has approved a quarter-point increase in its target funds rate. The new target will go from 0% to 0.25% up to 0.25% to 0.5%.
The decision, given the official stamp of approval from the Federal Open Market Committee, and there were no dissents. It is the first increase since the panel pushed the key rate to 5.25 percent on June 29, 2006. FOMC officials made it very clear in post-meeting documents that the pace of increases will be gradual, and dependent on the quality of economic data.
Webinar This Friday:
"Significant Fair Lending Developments
On Bank Enforcement"
This Friday, December 18 at 9:00 AM, join us for an important one-hour webinar on "Significant Fair Lending Developments of Bank Enforcement" with speakers Michael Mancusi, Helen Mayer Clark & Kevin Toomey of Arnold & Porter LLP. This timely webinar will provide 45 minutes of substantive practical guidance for banks on recent fair lending cases, followed by 15 minutes for questions and answers. It will include a discussion of two significant fair lending developments that have been resolved in the past several months that signify a change in the government's enforcement of the far lending laws. To register, email IBANYS' Director of Operations Linda Gregware: [email protected].
May CFO/Senior Management Conference
IBANYS CFO Peer Group, chaired by Cathy Califano (Gold Coast Bank), met by conference call yesterday to discuss our 2016 CFO/Senior Management Conference next May. The program will focus on a number of important operational, financial and regulatory challenges faced by New York community banks. Among the topics recommended by the Committee:
- An Economic Update
- A Tax & Accounting Update
- A Regulatory Update
- A Cyber Security/IT Discussion
- A Discussion Of The New FDIC Compliance Manual
- Updates On Interest Rates & Investment Portfolio Management
- Best Practices Updates On Compensation & Employee Benefits
- A Discussion Of The New FASB CECL Model
- Presentations & Discussions On Trends In Banking
The conference format will incorporate panel discussions, extended q. and a. and stand alone presentations. Stay tuned for details and registration information!
March 30-31 Regional Compliance Sessions
IBANYS held a conference call with our Compliance Committee this week to continue planning our 2016 Spring Regional Compliance Conferences, March 30 and 31 in Western New York and the Capital District. The Committee recommended expanded presentations by federal and state banking regulators (FDIC, OCC, Federal Reserve, NYS DFS, CFPB), topical presentations by outside consultants and a bankers peer panel discussion. Segments will focus on timely "hot button" issues and concerns. Subjects include cyber security and risk management; CRA/fair lending/community development loans; flood insurance; HMDA; BSA/AML, and complaint management, including portal systems.
Watch for IBANYS' full 2016 Meeting Calendar...coming soon.
THE ECONOMY
A few snapshots of the economy, as we draw to a close of 2015 and prepare for the new year.
GOVERNMENT RELATIONS UPDATES
GOP's Control Of State Senate Narrows
With the conviction and subsequent resignation of former Senate Majority Leader Dean Skelos (R-L.I.), Senate Republicans no longer hold an
 absolute majority in the Senate and that once again, they have to make deals with
the Independent Democratic Conference (IDC) led by Sen. Jeff Klein (IDC-Bronx).
With the Skelos' vacancy, there are currently 25 "regular" Democrats in the Senate, 31 Republicans and the five-members of the IDC. Another Democrat, Brooklyn's Simcha Felder (D-Brooklyn), votes with the Republicans. Strictly in terms of how votes are cast, the chamber looks more like 25 Democrats and 37 Republican coalition members. As of now, Klein is committed to keeping his coalition with Republicans. "We want to continue to do that. We want to make sure government works, and if we can work with Democrats or Republicans to get things done, that is how we have been successful. Gov. Cuomo has tentatively scheduled a special election for April. Even if Democrats pick up the former Skelos seat, it won't fundamentally change the balance of power. Thirty-two seats is required number to control the chamber, and Republicans have that with the support of Sen. Felder.
Gov. Cuomo: Time For Ethics Reform
In the aftermath of the conviction and expulsion of the Speaker of the Assembly and Senate Majority Leader on corruption charges, Gov. Cuomo says
 it's time for the Legislature to get serious on ethics measures.
"I think the Legislature needs serious and dramatic reform. We have had in the recent weeks convictions of senior legislative officials, which I believe are indefensible, both literally and metaphorically."
Cuomo's reform proposals include overhauling campaign finance laws, prohibiting legislators from accepting outside pay and expanding the Freedom of Information Law when it comes to the Senate and Assembly. In 2016, he
plans to push to expand disclosure and open government laws.
IN WASHINGTON:
Government Spending, Tax Reform Action
Late Tuesday and early Wednesday, House leaders unveiled the year's final two pieces of legislation: a $1.1 trillion government
spending bill to fund the government through September 30, 2016,
and  a
proposal
to make some expired provisions of the U.S. tax code permanent and temporarily extend several dozen others.
Before members vote on the two measures, both the House and Senate must pass yet another short-term funding extension through Dec. 22, as the most recent stopgap bill only funds government through the end of Wednesday. That measure is expected to easily pass. As currently constituted, the spending package does not include policy riders on a range of priorities GOP members hoped include, including an attempt to tweak the Dodd-Frank financial law's regulation threshold for banks. ICBA is asking community banks to contact their local Members of Congress to urge them to push community bank regulatory relief (from S.1484, the Financial Regulatory Improvement Act) in any must pass legislation before yearend.
What's Next In The House?
What lies ahead for the House Financial Services Committee in 2016? Chairman Jed Hensarling (R-Texas) has indicated that among his top priorities for the Committee will be terrorism finance, as well as repealing large parts of Dodd-Frank. Meanwhile, the Committee has aproved the Data Security Act (H.R. 2205), which would create a national security and breach notification stand ard for financial institutions, as well as for retailers.
Converting To Bills & Sabres Fans?
Left to right: IBANYS President & CEO
John Witkowski and Wolf & Company's
Jerry Gagne and Steve King joined
gracious host David Wagner of Roosevelt & Cross for
a great weekend of Buffalo sports.
Boston based Wolf & Company's Jerry Gagne and Steve King spent a weekend in Buffalo, watching victories by the Bills and Sabres. Dave Wagner of Roosevelt & Cross put the Buffalo Sports Weekend package together as a PAC Silent Auction item at IBANYS' 2015 Annual Convention, and he was a great host! Jerry and Steve bought the package. Thanks to both Wolf & Company and Roosevelt Cross, both great friends and partners, for their ongoing support of IBANYS and New York community banks.
Fight Prostate Cancer
Through "Cure The Blue"
The Buffalo Bills Alumni Foundation and IBANYS have joined to lead the effort to raise funds and awareness regarding prostate cancer research in New
York State. IBANYS' member bank Lake Shore  Savings Bank is among the community banks strongly supporting the campaign: Its "Cure the Blue" ribbon pins are available for purchase for a donation at all eleven branches, and Lake Shore conducted a branch wide fundraising event earlier this fall. As Lake Shore's President & CEO Dan Reininga 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 YOUR bank or firm to join this effort? Visit www.ibanys.net for details.lick here
Control Health Care Costs,
Improve Employee Benefits
Here's a way to lower your health care costs, and offer a boost in employee benefits that could help retain employees. The "My Wellness Resource Card" offers a
low-cost, non-traditional program to save time and money, and allow your bank to  provide on demand health care from U.S. board-certified doctors. They'll provide diagnosis, treatment options and necessary prescriptions via unlimited telephone medical consultations through Telehealth. The program will also provide discounts and significant savings on a variety of medical and dental products. Sponsored by My Wellness Resource, Inc. and IBANYS, this program was 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/to enroll.
Is YOUR Community Bank Participating In
Our 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!
We have scheduled five new series in addition to the popular Emerging Leaders and Director Series:
- Audit Compliance Series - New!
- Call Report Series - New!
- Cyber Series - New!
- Debt Collection Series - New!
- HR Series - New!
- Director Series
- Quarterly Emerging Leaders Series
Please take a moment to review all of our upcoming programs
by clicking on the link below.
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IBANYS SPOTLIGHTS:
. . . SHAZAM
The SHAZAM Network was founded in 1976 and is one of the last remaining member-owned and -controlled electronic funds transfer (EFT) networks and processors in the industry. SHAZAM provides innovative EFT services to community financial institutions throughout the United States. SHAZAM is a single-source provider of the following services: core, risk management, card, ATM, marketing, merchant, mobile, and automated clearing house (ACH). Its
board of directors are leaders from community financial institutions, like yours, and strive to make decisions that will benefit you and your customers.
SHAZAM is a not-for-profit corporation, so their focus is on your profits. They believe all financial institutions, regardless of size, are entitled to the same features, services, and affordable rates. This has been their mission for nearly 40 years and continues to be the driving force behind every decision they make.
SHAZAM strives to keep entry costs the lowest in the industry while continuing to provide the personal service and reliability for which they are known. SHAZAM's job is to help you succeed by offering the best technology and convenience for your customers. Today, they remain committed to providing cost-effective products and services that help you compete effectively and meet your business goals, including:
- Core Services
- Platform Services
- Compliance Services
- ATM Services
- Card Services
- Merchant Services
- Marketing Services
- Risk Management Services
- ACH Services
- Data Services
- Support Services
SHAZAM believes financial institutions, like yours, should remain in control of the electronic payments industry. At SHAZAM, they're your partner; not your competitor.
To learn more visit SHAZAM.net and follow @SHAZAMNETWORK, or contact Senior Vice President
James P. Ghiglieri, Jr. at
: (309) 678-9021,
[email protected].
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DID YOU KNOW. . .
. . .that n
ationwide, the number of traditional banks fell by more than 800 from 2007 through 2013? According to
a recent report
the Federal Reserve Bank of Richmond, most of that decrease was due to a decline in the number of the community banks. Since 1994, community banks' share of the U.S. lending market has fallen by approximately half, while the top five largest banks' share has more than doubled, according to the study this year by Harvard's John F. Kennedy School of Government. Over roughly the same period, the number of community banks has shrunk from 10,329 to 6,094, while the number of large banks has increased from 73 to 100.
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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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