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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 2016 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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IBANYS' ANNUAL CONVENTION:
October 3-5, The Turning Stone Resort:
Great Location, Outstanding Program
Summer is certainly in full bloom, but remember: Autumn is right around the corner. . .and, this
coming
October 3-5
, New York community bankers, IBANYS preferred providers, associate members, sponsors and exhibitors will gather for
IBANYS' Annual Convention at the Turning Stone Resort & Casino in Verona, NY.
The agenda is filled with unique networking opportunities, outstanding speakers and presentations, including
three notable keynote speakers:
- Ray O'Conor (former President of Saratoga National Bank & Trust and a Past IBANYS Chairman)
- Steve Greenberg, veteran New York State politics analyst/ commentator/Siena College Pollster
- R. Scott Heitkamp, Chairman-elect of the Independent Community Bankers of America® (ICBA) and President and CEO of ValueBank Texas in Corpus Christi, Texas. He's also a previous chairman of the Independent Bankers Association of Texas.
Ray O'Conor is the author of "She Called Him Raymond: A True Story of Love, Loss, Faith and Healing" -- a candidate for the 2016  Pulitzer Prize for non-fiction. Ray has also been a newspaper columnist, Special Agent with the U.S. Department of Defense and U.S. Border Patrol Agent. His presentation will share the story behind his book, and provide a look into the true tale of two ordinary people who led extraordinary lives during the most tumultuous of times. Ray will kick off our convention Monday evening, Oct. 3.
R. Scott Heitkamp is the Chairman-Elect of the
Independent Community Bankers of America (ICBA),  the only national trade association that exclusively represents community banks. Scott will bring the ICBA perspective on community banking, and an update on the Washington, D.C. legislative, regulatory scene and the value of ICBA membership.
Steve Greenberg will preview the critically important 2016 election for community banks. Every single member of the New York
 State Legislature and New York Congressional Delegation is up for election, and control of the New York State Senate is definitely expected to be hotly contested. A number of key congressional races are also up for grabs, and results could impact the balance of control. Steve will be our closing speaker Wednesday morning, Oct. 5.
In addition to our keynoters, we'll have a full menu of speakers, panels and presentations on the most important issues and trends impacting New York community banks. They
will focus on
innovative topics and trends in banking such as cashless societies, as well the basic "blocking and tackling" of banking -- such as building a successful ERM. Check out the links below for all the details!
Of course, along
with the serious business program, we would like you to have a little fun as well. You can register to play golf, take a little time and enjoy the spa, do a little shopping and participate in IBANYS' first "Texas Hold'em" poker  tournament. We also have a few other surprises that are being planned.
There will be plenty of great food and drink, outstanding opportunities to network with fellow bankers and to learn more about the companies that support our industry throughout the year, and sponsor and support IBANYS and our convention annually.
Last but not least,
our traditional PAC auction is the highlight of our convention -- with all proceeds going to our state political action committee, NYSIBPAC. Every year, we have great auction items and I look forward to having more at the Turning Stone 2016. PLUS, we'll have
our traditional business show, and we're bringing back last year's successful "6-Minute Drills" for preferred providers/associate members.
We are looking for a great turnout, so register early and book your rooms ASAP. As always we thank you for your support and let's make this convention the best yet!
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Associate Members, Preferred Providers, Exhibitors:
Click Here
Mark your calendars, and plan to attend IBANYS' Annual Regional Security Conferences October 19 (Rochester Marriott Airport) and October 20 (Comfort Inn & Suites in Castletown, in the Capital District). These programs will once again provide top-notch sessions with outstanding speakers, who will address important security subjects, issues and trends impacting New York community banks. Watch for more information on program and registration coming soon!
IBANYS New "Innovation Committee"
Seeking Members
IBANYS is seeking volunteers to serve as members of our new Innovation Committee. The new committee will be comprised of executive bankers to hear presentations on products and services that may help New York community banks increase their revenue, reduce expenses and increase efficiency.
The first meeting of the committee will be held October 5 at The Turning Stone after the conclusion of IBANYS Annual Convention. Meetings will be held two or three times each year, and will introduce new or provide more details on products and services currently in the market. I
nterested in serving on the Innovation Committee?Contact
John Witkowski ([email protected]) or Linda Gregware ([email protected]). We already have three volunteer members, and are looking to add seven more to bring the total membership to ten.
- The Paychex IHS Small Business Jobs Index pulled back 0.12% to a reading of 100.68 in July from the previous month, in line with the year-to-date average for 2016. A
 measurement above 100 indicates job growth. The index saw a gain of 0.04% from the year-ago period. Paychex said the drop in July is not large enough to indicate any broader slowdown in the U.S. economy: the job-growth rate in small businesses is up 0.3% year to date. The South Atlantic region, which stretches from Delaware to Florida, led all other U.S. Census Bureau divisions.
- U.S. consumer spending rose more than expected in June as households bought a range of goods and services, suggesting consumption will likely remain strong after
 surging in the second quarter. The U.S. Commerce Department reported consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4% in June after a similar gain in May. Economists polled by Reuters had forecast consumer spending advancing 0.3%. When adjusted for inflation, consumer spending increased 0.3% after climbing 0.2% in May.
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A slight drop in interest rates was not enough to rejuvenate the mortgage market, although refinances are still elevated since the Brexit vote caused the initial rate plunge.
Total mortgage application volume fell 3.5% last week on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association.
Refinance volume, which is highly rate-sensitive, fell 4% last week, but is still nearly 56 % higher than one year ago, when rates were higher.
Mortgage applications to purchase a home fell 2% for the week and are up just 6% from a year ago. Purchase applications are less rate-sensitive week-to-week.
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After reaching its highest level ever just over a decade ago,
the nation's homeownership rate has now fallen to match its all-time low.
In the second quarter of this year, the rate fell to 62.9%, not seasonally adjusted. That's the same as in 1965, when the U.S. Census started tracking the metric. During the housing boom in the mid-2000s, the rate soared as high as 69.2%.
The drop in homeownership is largely due to a delay in home-buying by the millennials, who have the lowest ownership rate of their age group in history.
- New York Fed President William Dudley said this week that the market shouldn't be ruling out the possibility the Federal Reserve will hike interest rates again this year. He said he
 expected the U.S. economy to grow around 2% annualized over the next 18 months, boosted by improved consumption. "If the upcoming information validates my view of the outlook, then U.S. monetary policy will need to move at a faster pace than implied by futures prices to a more neutral posture as the labor market tightens further and U.S. inflation rises." Last week, the Federal Open Market Committee kept its overnight interest rate target in the 0.25% to 0.5% range, but noted the labor market had "strengthened" and said other indicators were pointing to growth. The Fed last hiked its overnight rate in December after keeping it anchored near zero for seven years. Meanwhile,
Atlanta
Federal Reserve President Dennis Lockhart said he will not rule out a rate hike in 2016.
"At this point, I don't rule out a rate increase at the next meeting or later in the year. We just have to wait and see how the data come in. The situation is maybe a little bit ambiguous, but I can imagine conditions in which we could have rate hike." In particular, the Fed will watch Friday's jobs report, following strong job growth in June. Economists polled by Reuters expect July non-farm payroll growth to come in at 175,000.
GOVERNMENT RELATIONS
The New York State Legislature is adjourned until the new session begins in January, 2017, and Congress stands in recess until September. Nevertheless, legislative and regulatory actions continue to impact new York community banks.
- The Federal Deposit Insurance Corp.'s (FDIC's) board decided to place a greater emphasis on having banks watch their ties to third-party lenders. The board also took up the FDIC inspector general's recommendation to ease up the appeals process for bank exams.nIn a board action late last week, the agency proposed a number of changes, including softening the exam appeals process, in response to recommendations by the FDIC Office of Inspector General. It also asked banks to pay particular attention to their relationships with third-party lenders.
- The Consumer Financial Protection Bureau (CFPB) proposed changes to its "Know Before You Owe" rule on mortgage disclosures. The language is aimed at addressing industry recommendations over clarity, but still does not address worries about the secondary market. Also, the CFPB's proposed debt collection rules are headed to a panel of small business owners for review. CFPB will later issue rules governing debt collection for first-party collectors and creditors.
IBANYS Member Services Programs:
Are
YOU Taking Full Advantage?
IBANYS has introduced
several initiatives
which can
provide real value and bottom line benefits to New York community banks
. Take a moment to review these programs. If you have any questions, contact us, or visit
www.ibanys.net. We hope you'll decide to take full advantage of these exciting opportunities.
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IBANYS and NYBDC have announced a partnership with Excelsior Growth Fund (EGF), a nonprofit Community Development Financial Institution formed by New York Business Development Corporation (NYBDC). EGF is endorsed by IBANYS as the exclusive online lending partner for association
 members.
EGF provides innovative financial solutions and business advisory services to underserved small businesses in New York State through a fast, simple and secure online lending platform. Its core product is the EGF SmartLoan™, which features amounts up to $100,000, approvals within 1-2 days and disbursements within one week. Importantly, interest rates a fraction of those typically offered by online lenders.
EGF offers banks a unique customer retention solution when a customer either does not qualify for a bank's loan offerings, or is seeking the fast,
transparent process available through online lenders. To facilitate retention, EGF shares performance information on the referred loan portfolio on a quarterly basis and offers the opportunity for the bank to purchase referred loans at par at any time.
Additional details on the EGF SmartLoan, including eligibility criteria, are available at:
- The "My Wellness Resource Card" offers a low-cost, non-traditional program to help community banks to save time and money. It helps provide on demand health care from U.S. board-certified doctors who provide
 diagnosis, treatment options and necessary prescriptions via unlimited telephone medical consultations. The My Wellness program offers discounts and significant savings on a variety of medical and dental products, and is designed to improve productivity, decrease absenteeism and boost morale without straining your bottom line. It's an exciting new way for community banks to provide health care benefits, reduce cost and retain employees. For more information, contact Alan Justin, Managing Partner at (716) 907-5500.
- We also joined the "Cure the Blue" effort to raise funds and awareness regarding prostate
 cancer in New York State. We are partnering with the Buffalo Bills Alumni Foundation, and hope to see a number of IBANYS members participate. Please join us in supporting this worthwhile cause. Visit www.curetheblue.com to get involved!
New York Community Bank Officers,
Directors & Employees:
Sign Up For IBANYS Webinars!
On a daily basis, New York's community banks must cope with an ever wider array of challenges. Your officers, board members and employees understand that their responsibilities -- and, potential liabilities -- are not about to diminish. Is YOUR community bank providing the information and tools required to help them meet their responsibilities, and properly prepare the bank for the future? Here's an outstanding -- and convenient -- way to do so. Sign them up for
IBANYS' webinars, designed to meet the needs of New York community banks. The webinars are effective and cost-effective. Your officers, directors and employees can participate directly from the ease and comfort of their offices. Over the past two years, the number of bankers participating in IBANYS webinars has risen significantly. Join
your industry and association peers and take full advantage of these timely webinars.
Review our upcoming programs by clicking the link below:
https://ibanys.fed.financialedinc.com/store/webinar
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The Federal Home Loan Bank of New York
(FHLBNY)
is part of a government-sponsored enterprise, owned by its stockholders, that provides wholesale liquidity to member community lenders in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands to help them more effectively meet the needs of their customers and CRA responsibilities. The mission of the FHLBNY is to advance housing opportunity and local community development by supporting members in serving their markets.The FHLBNY meets its mission by providing members with access to economical wholesale credit and assistance through its credit products, mortgage finance program, housing and community lending programs, and correspondent services to increase the availability of home finance to families of all incomes.
The FHLBNY is committed to operating a financially safe and sound organization and fostering diversity at all levels by ensuring the inclusion of minorities, women, and individuals with disabilities in employment, in its business activities, and in service contracts.
José R. González was appointed President and CEO of the Federal Home Loan Bank of New York in April, 2014, after joining the FHLBNY in October, 2013 as Executive Vice President.
For additional information, contact Adam Goldstein, Chief Business Officer at
(212) 441-6700, e-mail: [email protected].
Or, visit their website at
www.fhlbny.com
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The 28 million small businesses in America account for 54% of all U.S. sales,
provide 55% of all jobs and 66% of all net new jobs since the 1970s?
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The 600,000 plus franchised small businesses in the U.S. account for 40% of all retail sales and provide jobs for some 8 million people?
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The small business sector in America occupies 30-50% of all commercial space, an estimated 20-34 billion square feet?
. . .And, did you know that i
n New York State, community banks provide most of the loans for small businesses, despite having less than a quarter of all bank assets in the state? In releasing a 2013 NYS DFS study, Gov. Cuomo noted: "Community banks represent a strong economic engine that drives growth in New York and their performance is remarkable. Small business is the engine of job growth and most small business loans come not from the big national banks, but from community banks."
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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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