|
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 2016 PAC contribution form. Help support IBANYS' political action efforts in New York State.
|
 |
For more information, visit:
|
|
|
|
|
 |
IBANYS is very pleased to welcome our newest member bank: Genessee Regional Bank (GRB), which is headquartered in Rochester. Under the
 leadership of President & CEO Philip Pechora and Chairman E. Philip Saunders,
GRB is committed to the success of the Rochester business community. GRB serves as a knowledgeable, trusted advisor to its customers - providing proactive, strategic financial counsel, unmatched personal service, and access to the resources local businesses need to succeed.
Beyond business banking support, The bank also provides easy access to a wide range of resources to support personal banking needs, with personalized service every step of the way. We are pleased to welcome GRB to the IBANYS family as we keep strengthening New York's community banking industry.
John Balli Named President Of Kinderhook Bank
Kinderhook Bank Corp. has announced that CEO John A. Balli will fill the president's position that has  been vacant since the end of 2015, when Robert Sherwood retired. Kinderhook Board Chairman Brian Kelly said the appointment was effective Jan. 1. Mr.
Balli joined Kinderhook Bank in April 2003 as Chief Financial Officer after a 15-year career as a CPA. Kinderhook Bank has offices in Albany, Chatham, Delmar, East Greenbush, Greenport, Kinderhook, Latham and Valatie.
Upcoming IBANYS Events!
IBANYS will be holding several important programs over the next few months designed to address timely issues for New York community banks.
All of our 2016 events are listed on our website (www.ibanys.net, under Education/Upcoming Meetings. Many provide CPE credits, offer our member banks unique networking opportunities. . . and afford our preferred providers, partners and associate members valuable sponsorship & exhibiting opportunities.
Mark your calendars for our Regional Compliance Conferences in Rochester and Albany March 30 and 31; our Regional Directors Conferences April 13 and 14 in Rochester and Castletown (Albany); our CFO/Senior Management Conference May 9-11 at The Harbor Hotel in Watkins Glen, and our second annual Lending Conference June 29-30 in Fairport (Rochester).
Of course, we will also hold our 42nd Annual Convention -- our premier educational meeting and business show of the year -- this fall. We'll have a  full menu of top notch speakers and presenters, including keynote speaker Steve Greenberg, a veteran political analyst and commentator who will preview the critically important 2016 election for community banks. Plus, our business show, silent PAC auction and much more!. We will provide details on each program, as well as registration information, in the very near future. Watch for updates.
Meanwhile, here's a sneak preview:
Our March 30-31 compliance sessions
will include expanded presentations by federal and state banking regulators, topical presentations by outside consultants and a "bankers peer panel" discussion. We'll focus on:
- Cyber security and risk management
- CRA/fair lending/community development loans
- Flood insurance
- HMDA, BSA/AML
- Complaint management, including portal systems.
Our
CFO/Senior Management Conference will include:
- An Economic Update from Gary Keith, Chief Economist with M&T Bank
- 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
Our Lending Conference will review and discuss all aspects of the lending process, including loan review, risk, sales, portfolio management and the impact of CECL.
IBANYS will also participate in two important ICBA meetings: The Annual Convention in New Orleans, March 6-10, and the Washington Policy Summit in late April. There, IBANYS members will meet "on the hill" with Members of our New York Congressional Delegation. Watch for details.
Board of Director Meetings
- February 10, 2016 - Sovay Bank, Solvay, NY - 12:00 - 2:00 p.m.
- May 11, 2016 - Harbor Hotel, Watkins Glen, NY - 10:30 a.m. - 12:30 p.m.
- July 28, 2016 - Conference Call - 2:00 - 3:00 p.m.
- October - date and time to be announced
"Clip & Save": IBANYS Regional Meetings
- March 30, 2016 - Compliance Conference - Rochester, NY
- March 31, 2016 - Compliance Conference - Castleton, NY (Albany)
- April 13, 2016 - Directors Conference - Rochester, NY
- April 14, 2016 - Directors Conference - Castelton, NY(Albany)
- May 9-11, 2016 - CFO/Senior Management Conference - Watkins Glen, NY
- June 29-30, 2016 - Lending Conference - Fairport, NY (Rochester)
- September 28-30, 2016 - 42nd Annual Convention - location to be announced
- October 19, 2016 - Security Conference - Rochester, NY
- October 20, 2016 - Security Conference - Castleton, NY (Albany)
-
GOVERNMENT RELATIONS UPDATES
Legislative Updates
State Senate Majority Leader John Flanagan (R-L.I.) reiterated his conference will oppose any effort to raise taxes in New York. "
Whether it's income taxes, property taxes, business  taxes, user fees, or tolls, we don't support raising taxes or asking hardworking New Yorkers to dig deeper into their pockets to pay more. Senate Republicans have a long history of standing up for taxpayers, and we recognize that New York should be cutting taxes across the board to help families make ends meet and to spark economic growth and opportunity all across this state." Assembly Democrats propose raising taxes on those who earn between $1 million and $5 million a year to 8.82%. Those earning $5 to $10 million would pay 9.32%, and those earning $10 million and more would pay 9.32%. They would also create an earned-income tax credit. New York's income tax rates expire in 2017.
Leader Flanagan also said the Senate would not support the proposal for a $15 minimum wage unless the Governor does more to offset the impact on businesses. He
said he's open to discussions on the minimum wage, but stressed that the governor's current proposal - including his plan for $300 million in proposed tax cuts for small businesses - was insufficient.
"I don't know what would be enough but I also know that we have an obligation to have those discussions," he said.
Other Albany News
- Republican State Senator Michael Nozzolio (R- Central New York) will not seek reelection in November.
- The NYS Department of Financial Services announced it has moved back its deadline to submit public comments on its proposal on Anti Money Laundering and Transaction Monitoring from February 1 to March 31 (end of business).
- Governor Cuomo will name Rossanna Rosado to succeed retiring New York Secretary of State Cesar Perales. Rosado is a former editor and publisher of El Diario-La Prensa.
IN WASHINGTON
Issues Update
- In advance of tomorrow's meeting of community banks with the Financial Accounting Standards Board (FASB), a bipartisan group of 62 Members of Congress expressed strong concerns with FASB's proposed accounting standards update. Their letter said the Current Expected Credit Loss (CECL) proposal could irreversibly damage community banks' ability to continue serving their customers. update. February will bring two deadlines for key grassroots issues important to community banks. Visit www.icba.org and access the "Be Heard Grassroots" section to take action.
- Meanwhile, next Monday, February 8 is the deadline for comments on the NCUA's proposed changes to credit union field of membership rules. The plan would bypass Congress and nearly eliminate the common bond requirement.
New York community bankers: Please add your voice to your peers across the country. Speak out against both the FASB and Credit Union Administration proposals!
INDUSTRY INSIGHTS
Loan Demand Down
Businesses are indicating an unwillingness to take on risk as loan demand declined for the first time in about four years, according to the Federal Reserve's Senior Loan Officer Survey.
Demand for commercial and industrial loans has plunged in 2016: Large- and medium-sized businesses had a 11.1% decline, while demand from small businesses fell 12.7%. Banks also reported that standards tightened for large- and middle-market firms while premiums also rose for riskier loans. However, demand for commercial real estate loans increased in January and lending standards for households eased.
CFPB On Overdraft Accounts
The Consumer Financial Protection Bureau (CFPB) called on banks to be more forthcoming about overdraft accounts. The agency said institutions  either aren't offering enough consumer protections from overdraft charges, or aren't doing enough to advertise the protections. "We are concerned that some people are being inappropriately sidelined by two things: ... the lack of account options that fit their financial needs and situations ... [and] inaccurate information used to screen some potential customers," said CFPB Director Richard Cordray.
Dudley: Financial Conditions Tighter
New York Federal Reserve President William Dudley said financial conditions have tightened since the
 Fed raised interest rates in December, when it
raised its interest-rate target a quarter point after seven years of keeping it near zero-- the first rate hike in more than nine years. He
noted that
continued tightening on conditions would weigh on the Fed, and cautioned
additional strength of the U.S. dollar could have "significant consequences" for the U.S. economy.
Dudley is a voting member on the Fed's policymaking committee. His comments
came as the Fed ponders its next move on monetary policy.
Community Banks: Control Your Health Care Costs, Retain Your Employees
A Forbes article (November 23, 2015) on healthcare innovators on the success of TelaDoc demonstrates the company's outstanding performance to date, and likely growth in the future. The article notes: "Patients with a wide array of non-emergency medical conditions obtain the care they need -- from diagnosis to treatment to necessary prescriptions -- quickly, conveniently and affordably."
Click here to read the full article.
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. The program will provide discounts and significant savings on a variety of medical and dental products. Sponsored by My Wellness Resource, Inc. and IBANYS, this program is designed to improve productivity, decrease absenteeism and boost morale without straining your bottom line. It's a way to provide health care benefits, reduce cost and retain employees.
Click here
and
here
to learn more about this exciting new alternative, or visit
www.ibanys.net
for details/to enroll.
"Cure The Blue" Is Fighting Prostate Cancer
-- Join The Battle!
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?
NEWS ON THE ECONOMY
Latest Snapshots. . .
- U.S. consumer spending was unchanged in December, but a jump in savings to a three-year high suggested consumption could rebound in the months ahead. The Commerce Department said on Monday the unchanged reading in consumer spending followed an upwardly revised 0.5% increase in November. Spending on long-lasting manufactured goods such as autos dropped 0.9%. Purchases of nondurable goods also declined 0.9%. Economists polled by Reuters had forecast consumer spending, which accounts for more than two-thirds of U.S. economic activity, edging up 0.1% in December after a previously reported 0.3% gain in November.
- In December, income rose 0.3% after a similar gain in November. Wages and salaries increased 0.2% after shooting up 0.5% in November. Income in 2015 was up 4.5%, the largest increase since 2012, after rising 4.4% in 2014. Income at the disposal of households after accounting for inflation in 2015 recorded its biggest increase since 2006. With income outpacing spending in December, savings surged to $753.3 billion, the highest level since December 2012, from $717.8 billion in November.
- U.S. economic growth braked sharply in the fourth quarter as businesses stepped up efforts to reduce an inventory glut and a strong dollar and tepid global demand weighed on exports. Gross domestic product increased at a 0.7% annual rate, the Commerce Department said in a report that showed a further cutback in investment by energy firms grappling with lower oil prices. Growth in consumer spending also slowed as unseasonably mild weather cut into spending on utilities. The fourth-quarter growth pace was in line with economists' expectations and followed a 2% rate in the third quarter. The economy grew 2.4% in 2015 after a similar expansion in 2014.
IBANYS Webinars Provide
Bottom Line Value!
Community bankers are facing significant challenges. Bank officers, board members and employees know their responsibilities and potential liabilities are not about to diminish. Is YOUR bank doing everything possible to provide the type of information and tools necessary to prepare for the future?
IBANYS' webinars are specifically designed to meet the needs of community banks. They are effective -- and, cost-effective. Your officers, directors and employees are able to participate directly from their offices.
There's a reason
why your industry and association peers are signing up in growing numbers...and why participation in IBANYS webinars has expanded dramatically over the past eighteen months.
Review
all
our upcoming
programs by clicking the link below:
https://ibanys.fed.financialedinc.com/store/webinar
|
|
IBANYS SPOTLIGHTS:
First Data Corporation
First Data Corp. is a leading cost effective provider of innovative Non-Core Community Banking products. Call or Email to discuss our scalable offerings such as; Online/Mobile banking, Voice Services, EFT, Debit/Credit solutions, Star, Apple Pay and Loan Processing. First Data is committed to quickly growing your ROI and customer base. Their mission:
To shape the future of global commerce by delivering the world's most secure and innovative payment solutions.
|
|
DID YOU KNOW. . .
. . .that if confirmed by the State Senate, Maria Vullo would become the fifth woman to serve as permanent Superintendent of the State Department of Financial Services or its predecessor the NYS Banking Department? The previous four? Muriel Siebert, Jill Considine, Elizabeth McCaul and Diana Taylor.
|
| 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
|
|
|
|
|
