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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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Fairport Savings Bank Joins
The IBANYS Family!
IBANYS is pleased to welcome our newest member bank:
Fairport Savings Bank, a
New York chartered savings bank headquartered in Fairport, New York under the leadership of President & CEO Dana Gavenda. The Bank operates four branches located in Penfield, Irondequoit, Webster, and Perinton, New York, and four mortgage origination offices located in Pittsford, Watertown, Greece and Buffalo, New York. The bank holding company is
FSB Bancorp, Inc. Welcome aboard!
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Cybersecurity Conferences: Oct. 19 - 20
UPDATED PROGRAM
Regulators and bankers recognize the issue of cyber security as among the most important challenges community banks face. Your bank's
 officers, employees, directors - anyone responsible for/involved with your system security - must stay fully up-to-speed on these issues, which are evolving ever-more rapidly. Governor Cuomo and the NYS DFS have proposed a new regulation "to protect New York State from the ever-growing threat of cyber-attacks." It would require banks and other financial services institutions regulated by the DFS to:
- Establish a cybersecurity program;
- Adopt a written cybersecurity policy;
- Designate a Chief Information Security Officer responsible for implementing, overseeing and enforcing its new program and policy
- Have policies and procedures designed to ensure the security of information systems and nonpublic information accessible to, or held by, third-parties, along with a variety of other requirements to protect the confidentiality, integrity and availability of information systems.
Register here for IBANYS' Regional Security Conferences Oct. 19
(Rochester
Marriott Airport) and Oct. 20
(Comfort Inn & Suites in Castletown, in the Capital District
). Speakers will address the very latest developments and trends impacting New York community banks.
The program will focus on:
- "Vulnerability & Penetration Testing: What You Need To Know"
- "Why The Board Can't be Bored With Cybersecurity",
- "Cloud Computing: Is It Safe For Your Institution & Your Customers?"
- "Proven Tips For Mitigating Your Top 10 Cyberthreats"
- "Cybersecurity Risk Assessment - Are You Ready?"
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KNOW SOMEONE WHO GOES
ABOVE AND BEYOND?
REWARD THEM WITH A NEW LEADERS IN BANKING AWARD!
The Independent Bankers Association of New York State (IBANYS) and Banking New York magazine want your help identifying outstanding banking professionals.
Financial professionals are commonly recognized for generating significant revenue. We're looking for those who think beyond the bottom line and regularly "go the extra mile".
- Are you a banking professional who wants to recognize a peer?
- Are you a manager who wants to congratulate an employee for always going the extra mile?
- This is your chance to make a submission for a New Leaders in Banking award.
Winners will be honored during the Banking New York Conference on December 14th in Albany, New York. Please join us and enjoy a day recognizing New Leaders in Banking, networking with peers, learning about new products and services to strengthen your institution, and hearing from industry thought leaders during numerous motivating and educational sessions.
To nominate someone, visit:
bankingnyconference.com and then click on the New Leaders Nominations tab on top.
Questions? E-mail
thewarrengroup.com, or call
(617) 896-5373.
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IBANYS ANNUAL CONVENTION BEGINS
NEXT MONDAY, OCTOBER 3
IBANYS' Annual Convention ("Transformation, Innovation and Collaboration"
at the Turning Stone Resort in Verona, New York)
is
next Monday-Wednesday
,
October 3 - 5
. We will have more than 170 attendees and 35 participating vendors in our business show. Our program unique networking and recreational opportunities have received positive advance feedback.
- "NYSIBPAC Silent Auction" is Tuesday evening, October 4 in our business exhibit hall.
Please donate - and bid on - items for this year's auction
in our business  show. Proceeds go to
our NYSIBPAC state political action committee, which supports state candidates who understand New York community banks' needs and priorities.
Your generosity has made previous silent auctions successful.
Can we count on you this year?
E-mail [email protected].
- IBANYS newly created Innovation Committee will help identify new products, services and concepts for community banks. Currently, we have 8 volunteers to serve on the Committee, but need a total of 15. Your thoughts, ideas, feedback, opinions and questions are needed to make this committee effective. The initial meeting is at the end of the Convention (Wednesday afternoon, October 5th, 1 pm - 6 pm.) We will meet with six new vendors with products and services that may not be mainstream community banking... yet... but could be a viable option for community banks going forward. End Result: The companies that present to our committee may help banks lower expenses, generate additional revenue and/or promote bank collaboration to improve efficiency. If you are willing to volunteer for the Committee, or have any questions, please call John Witkowski at 716.880.0518
- Sponsoring a convention event
is an important way to visibly demonstrate your
support of New York's community banks.
Sponsors are
recognized in printed materials, on signage and from the podium.
There are still a few
sponsorship opportunities available
for our annual convention.
-
Community Bankers:
Click here to register or review the program.
- Associate Members, Preferred Providers, Exhibitors, Sponsors: Click here.
. . .There's So Much To Do
At IBANYS' Annual Convention:
-
Play
golf
- Enjoy the spa
- Do a little shopping
- Participate in IBANYS' first "Texas Hold'em" poker tournament
- Visit the Business Show
- Attend the Business Sessions
- Enjoy the breakfasts, lunch, dinners & networking/refreshment Breaks
- Sample a Jack Daniels Bourbon Tasting
- Network
with fellow bankers
- Learn more about the companies that support our industry
throughout the year
- Sponsor
and support IBANYS and our convention annually.
-
Exhibit your firm's products & services for community banks at our
traditional business show. . .and so much more!
NOTE: IBANYS will hold a post-convention
meeting of our new Innovation Committee Wednesday, October 5 at The Turning Stone. This new committee will review presentations on products and services that may increase revenue and efficiency, and reduce expenses. We will hear new ideas that help community banks. It's an important way we all can be involved in continuing to provide real value to our membership and association.
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Quarterly Compliance Webinar
Tuesday, Oct. 11, 2016
Speaker: Keith Monson,
Chief Risk Officer
Contact:
Pam.Farnsworth@csiweb.
com
. . .Don't miss the Computer Services, Inc. (CSI) complimentary Quarterly Compliance webinar on October 11. Keith Monson, CSI's chief risk officer, will provide regulatory updates and an executive summary of FinCEN's Customer Due Diligence (CDD) final rule. He will discuss what your financial institution needs to know since FinCEN determined that more explicit guidance for financial institutions is needed within Bank Secrecy Act (BSA) rules and regulations to clarify and strengthen CDD with respect to "Beneficial Ownership" transparency. (
The final rule became effective July 11, 2016, with mandatory compliance beginning May 11, 2018.) Bankers need to understand who their customers are and what type of transactions they conduct to effectively combat all forms of money laundering under FinCEN's updated rule.
Tune in on Oct. 11 for an overview of:
- FinCEN's CDD final rule
- Beneficial Ownership requirements
- New risk-based procedures for conducting ongoing customer due diligence
- Next steps and timeline for implementation
Register by clicking on the link, or cutting and pasting it into your browser.
Registration Link:
IBANYS Thanks Our Preferred Providers
We appreciate our partnership, and your support of New York community banks!
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Pentegra Retirement Services
has
delivered a different approach to every client solution f
or more than 70 years
. It begins with a strategic understanding of your needs, and putting those needs first. Pentegra offers Qualified Plan Solutions for Financial Advisors and Plan Sponsors, Non-Qualified Plan Solutions and BOLI. and Institutional Investment Management Solutions.
Please visit
pentegra.com
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T. Gschwender & Associates, Inc. has been providing services to financial institutions and businesses in the Northeast United States since 1984 -- ranging from small community banks with less than $100 million in assets to much larger regional institutions with over $5 billion in assets. They function
as a highly sophisticated "Credit Department" able to handle all functions from initial borrower due diligence to collateral liquidation, and everything in between.
Please visit tgschwender-assoc.com
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Wolf & Company, PC.
is
one of the top regional certified public accounting firms in the Northeast, New York and New Jersey. They provide audit and assurance; tax; business consulting; risk management services; and,
WolfPAC Integrated Risk Management.
Risk Management Services include
IT Assurance & Security Services,
Outsourced/Co-sourced Internal Audit Services,
Regulatory Compliance Services and
WolfPAC Risk Management Services.
Please Visit
wolfandco.com
- Continuity is a leading provider of Regulatory Technology (RegTech) solutions that automate compliance management for financial institutions of all sizes. By combining regulatory expertise and cloud technology, Continuity provides a proven way to reduce regulatory burden and mitigate compliance risk at a fraction of the cost. Please visit continuity.net
- Promontory Interfinancial Network, LLC helps financial institutions of all sizes thrive. Promontory members use its solutions ̶Bank Assetpoint, Insured Cash Sweep, or ICS, CDARS, IND, Yankee Sweep ̶ to source new asset opportunities, diversify their asset portfolios, reduce collateral requirements, purchase funding and build multi-million-dollar relationships. Please visit promnetwork.com
- Travelers Insurance Company is one of the nation's largest property casualty companies, with more than 30,000 employees, 13,000 independent agents and multiple market segments across the personal, business, financial and international insurance groups. Travelers insurance experts recognize the unique needs of financial institutions - an industry they've served since 1890. Please Visit travelers.com
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ICBA & Dell Offering
Member Banks Preferred Pricing
Do you know that the
Independent Community Bankers of America (ICBA) and Dell Computers have an agreement in place that
allows community banks that belong to ICBA to take advantage of  preferred pricing on computer equipment such as work stations, servers and laptops? Participating banks will also have access to a dedicated account executive familiar with ICBA's program to advocate for them with appropriate Dell teams, including technical experts.
To check the September - October 2016 specials
Click here
.BANK Toolkit & Digital Campaign
IBANYS encourages New York community banks to take a look at
a digital campaign that fTLD has put together to raise the visibility of .BANK in the marketplace. ICBA asked us to pass along this opportunity for banks to join in with ICBA, ABA and the Financial Services Roundtable to promote .BANK. To view the campaign, view the toolkit and read nine different ads available for use, click on the link below, or cut and paste it into your browser.
GOVERNMENT RELATIONS
Albany
IBANYS Studying Proposed State
Cyber Security Reg
IBANYS is holding conference calls this week to discuss the State Department of Financial Services' proposed cyber security regulation, and develop our comment letter. The proposed regulation was published September 13, and the comment period expires October 28. The proposal would require banks and other financial services institutions regulated by the DFS to:
- Establish a cybersecurity program;
- Adopt a written cybersecurity policy;
- Designate a Chief Information Security Officer responsible for implementing, overseeing and enforcing its new program and policy;
- Have policies and procedures designed to ensure the security of information systems and nonpublic information accessible to, or held by, third-parties, along with a variety of other requirements to protect the confidentiality, integrity and availability of information systems.
R
eminder:
IBANYS' Regional Cyber Security Conferences
are Oct. 19 - 20
in the Rochester & Albany regions.
CLICK HERE
to register/view the program.
State DFS Proposes "Zombie
Properties" Regulation
Governor Cuomo announced the State Department of Financial Services (DFS) has proposed a regulation that mandates banks and mortgage services report vacant and abandoned properties in accordance with the new law, which was signed b in June. The proposed regulation is subject to a 45-day notice and public comment period following the October 12, 2016 publication in the New York State register before its final issuance. The law, which takes effect this December 20, addresses "zombie properties" by:
- expediting foreclosure proceedings
- improving the efficiency and integrity of the mandatory settlement conferences
- obligating banks and mortgage servicers to secure, protect and maintain vacant and abandoned properties before and during foreclosure proceedings.
Note: IBANYS worked hard to protect the interests of community banks in the process. We succeeded in inserting "carve outs" that exempt the vast majority of community banks based on a formula of their percentage of one-to-four family mortgage loans, compared to the total number of such loans in New York State.
Washington, D.C.
Bills Would "Help Keep Local Deposits
In Local Communities"
ICBA testified on behalf of community banks in support of two bills intended to improve FDIC classifications of community deposits. H.R. 4116 would support the use of reciprocal deposits in which community banks accept deposits over the $250,000 insurance limit by distributing the excess amount through a network of banks and receiving reciprocal deposits from others in the network. H.R. 5660 would exclude from the definition of "brokered deposits" deposits held by banks' retail customers. The bills are intended to update FDIC deposit classifications to improve consumer access to mainstream banking services.ICBA believes the bills would help keep local deposits in local communities.
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Fed Chair Yellen Testifies
Before Congress
As part of her semiannual testimony before the House Financial Services Committee on financial regulation, Federal Reserve Chair Janet Yellen said said U.S. banks are well capitalized, but remain  challenged by weak interest income. She also noted the Fed is considering stress tests requiring more capital from the country's biggest banks. Chair Yellen reported commercial and industrial lending show robust growth, and said the Fed does not have a "fixed timetable" for removing the current accommodative stance. She noted many of her Fed colleagues' recent projections indicated it would be appropriate to remove some of that accommodation this year if no significant new risks arise. The Fed raised rates last December for the first time in almost a decade, but has held firm since.
Mortgage Applications Down
Total mortgage application volume was down 0.7% on a seasonally adjusted basis for the week from the previous week, according to the Mortgage
 Bankers Association.
Refinance volume, which accounts for 62.7% of all applications, fell 2% from the previous week
(seasonally adjusted), but was up 34% from a year ago (when mortgage rates were higher). Mortgage applications to purchase a home increased 1% for the week and were 10% higher than the same week one year ago.
Meanwhile
,
U.S. home price gains slowed slightly in July from the previous month.
The S&P CoreLogic Case-Shiller 20-City Composite index rose 5% year-over-year, versus expectations for an increase of 5.1%. The S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, was also up 5.1 percent in June from 5.0 percent the previous year.
Consumers More Optimistic
According to The Conference Board, the Consumer Confidence Index hit 104.1 in September,
its highest level since the recession. Economists had expected it to hit 99.0 in September, down from
 August's revised reading of 101.8, according to Thomson Reuters consensus estimate.
The survey is a "barometer" of consumer attitudes. It measures confidence toward business conditions, short-term outlook, personal finances and jobs. Looking ahead, a spokesperson noted consumers are "more upbeat about the short-term employment outlook, but somewhat neutral about business conditions and income prospects. Overall, consumers continue to rate current conditions favorably and foresee moderate economic expansion in the months ahead."
Benefit New York Community Banks
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!
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IBANYS Webinars For
New York Community Banks
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://financialedinc.com/a/ibanys/category/live
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. . .Smith & Wilkinson.
Their dedicated team possesses the skill and judgment to separate the exceptional from the average performer and the experience to assess each candidate against the needs of the position. This is not an easy skill, and it takes years of experience working within the banking community and speaking with and assessing thousands of Executives.
Smith & Wilkinson clients run the gamut, from publicly traded commercial banks, to mutual savings banks in rural communities.
Their clients share a commitment to hiring the best and the brightest, not just the most readily available candidates on the market. Their
clients value talent, because they know it is their employees that make the difference between success, and mediocrity.
They choose Smith & Wilkinson because of the outstanding caliber of the candidates they recruit on their behalf, and the firm's commitment to providing a consistent and professional client experience.
C
ontact:
Cameron Boyd
Chris Kelley
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...The State Department of Financial Services was formed by the merger of the State Banking and Insurance Departments in 2011. John Heimann, who served as
State Banking Superintendent from 1975-76 under Governor Carey, went on to serve as U.S. Comptroller of the Currency from 1977-81 under President Carter.
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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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