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Message From the President
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By John Witkowski, President & CEO
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Is your bank participating in the important decisions driving our community banking industry here in New York State?
Advocacy is a team effort. At IBANYS, we rely on New York community banks to share their ideas and concerns to help shape the future of their organizations and the community banking industry. As a community bank, your active involvement with us is vital in determining what goals need to be set and how we can reach them. You can also tell us what you would like to see IBANYS do different or specific topics you would like to learn more about. With this in mind, please take a moment and assess the following:
- What are YOUR legislative and regulatory concerns/priorities at the state and federal level? What subjects do YOU want to see addressed in our educational programs? Are there speakers you want to hear from on important topics at your bank?
- Are you taking full advantage of the many products and services available from our IBANYS preferred partners and associate members? They can help improve efficiency and profitability, and also provide real savings to your bank.
- Have you signed up for our Government Relations Committee to ensure you have a say in our policy discussions and positions on key issues in Albany and Washington?
- Have you joined our Compliance or CFO Peer Groups to help identify and refine important approaches and topics for our conferences?
- Have you decided who represent your bank at our various conferences?
IBANYS is your trade association. We are truly member driven - meaning we are only as strong and effective as our membership. We need your
input, involvement and participation as we face a challenging, but opportunistic 2019.
Contact us to let us know you want to get involved! Please email me at Johnw@ibanys.net.
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- The Governor's nomination of a new Superintendent of Financial Services to replace Maria Vullo, who leaves February 1. As anticipated, he chose his Chief of Staff & Counsellor Linda Lacewell. The position requires approval from the State Senate.
- The 116th session of Congress, the House's election of Nancy Pelosi as Speaker and the ascent of Rep. Maxine Waters (D-CA) as the new Chair of House Financial Services. She and Senate Banking Chairman Mike Crapo (R-ID) clearly have very different agendas and priorities. Meanwhile, the federal government shutdown continues - how will it impact our industry and the economy?
- At IBANYS, we continue to finalize details for our 2019 conferences, which includes our Compliance Conference, Directors Conference, Security Conference Lending Conference, Bank Executive Symposium and 2019 Annual Convention. In addition, we also have the Washington, D.C. congressional visits in April during ICBA's Capital Summit.
As always, IBANYS remains committed to providing real value to all of our members and to protecting and enhancing the interests of community banking. With a busy schedule and long list of goals, there is much to do and it cannot be done alone. We look forward to working
with and for you to make 2019 a success
for New York's community banks, our industry and association.
Remember: IBANYS is YOUR association. Make it work for you!
- John
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Follow IBANYS On Social Media!
Connect With Us Today!
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Get Ready For 2019 Annual Convention!
SAVE THE DATE
When:
June 10-12, 2019
Where:
5218 Patrick Rd, Verona, NY 13478
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Get Ready for 2019 Meetings!
Our 2019 Meeting dates and locations are now available! These educational conferences cover various subjects that are important within the community banking industry, spoken by the experts.
T
hey are also a great opportunity to network and earn CPE credits. Here is what we have planned for 2019:
Compliance Conference
March 12, 2019 March 13, 2019
DoubleTree by Hilton Hilton Garden Inn
1111 Jefferson Road 235 Hoosick Street
Rochester, NY 14623 Troy, NY 12180
Directors Conference
April 16, 2019 April 17, 2019
RIT Inn & Conference Cente Hampton Inn Poughkeepsie
5257 W.
Henrietta Road
2361 South Rd.
Henrietta, NY 14467 Poughkeepsie, NY 12601
Security Conference
May 7, 2019 May 8, 2019
RIT Inn & Conference Center Hampton Inn Poughkeepsie
5257 W. Henrietta Road 2361 South Rd.
Henrietta, NY 14467 Poughkeepsie, NY 12601
Lending Conference
May 21-22, 2019
Harbor Hotel Watkins Glen
16 North Franklin Street
Watkins Glen, NY 14891
Banking Executive Symposium
September 9-11, 2019
Location TBD
IBANYS' meetings provide insight into relevant issues spoken by experts in the field. They are also a great opportunity to network and earn CPE credits.
Have an idea for one of our meetings? Want to see a meeting or forum on a different subject? We want to hear from you!
Contact Linda Gregware at lindag@ibanys.net or me at johnw@ibanys.net with your thoughts and/or comments.
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Have You Signed Up for IBANYS' 2019 Committees & Peer Groups?
 Has your bank signed up to participate on IBANYS' 2019 committees and peer groups? They provide member banks with direct input on policy development, offer a peer forum to share information and offer a prime feedback opportunity for your bank. IBANYS committees and peer groups are crucial as they help shape many aspects of our organization.
Most importantly, you can bring back information that can help keep your employees stay fully informed and up-to-date.
Take a look at the list below, and email President & CEO John Witkowski (johnw@ibanys.net) or Director of Administration and Membership Linda Gregware (lindag@ibanys.net) to let us know who will represent your bank on each committee/peer group.
- Government Relations Committee
- Compliance Peer Group
- Security Peer Group
- CFO Peer Group
- Innovation Committee
IBANYS CEOs: Sign up yourself, or designate someone from your senior team to represent your bank in these efforts!
Contact IBANYS' Government Relations Director Steve Rice at
stever@ibanys.net
or President/CEO John Witkowski at
johnw@ibanys.net
to join. NOW is the time!
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IBANYS is always open to new ideas. If you have suggestions about a committee, product or service, program topic or speaker, tell us! IBANYS is member driven and we work together to make the community banking industry better each day.
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IBANYS Education/Webinars
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The 2019 Webinar is now available!
The Independent Bankers Association of NYS (IBANYS) partners with CBWN to bring you more than 150 webinars each year covering compliance, lending, regulations, security, operations, new accounts, collections, fraud, security and other topics. Even better, each time you purchase a webinar, you support IBANYS, because a portion of your registration comes directly to us. Thank you!
You can view the 2019 Webinar Schedule here or by category here. In addition, CBWN has made some recent updates to provide better service to its consumers. Unfortunately, some changes may have caused you to miss important webinar announcements. Please read the IBANYS letter to view the updates and ensure that you do not miss another webinar.
NEW WEBINARS ADDED FOR 2019
CBWN has added more than 140 webinars to the IBANYS webinar calendar, covering all the essential topics. Start the new year off right by gaining the knowledge and tools to make 2019 the best year yet!
CBWN and IBANYS thank you for your continued support of the education in the community banking industry.
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2019 Webinar Series - Available Now
6 Webinars
for the Price of 5
or
10% off a 4-Part Series
Choose From The Following:
4-Part Series 6-Part Series
6-Part Series 6-Part Series
4-Part Series 6-Part Series
4-Part Series 4-Part Series
4-Part Series 4-Part Series
4-Part Series
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Vining Sparks'
2019 Economic Outlook Webinar
When: Thursday, January 10, 2019
Time: 10:00 A.M. CST
About this webinar:
The U.S. economy roared in 2018 as a perfect storm of tailwinds converged to yield an unprecedented acceleration in economic growth. Yields rose as the ever-tighter labor market and near-target inflation allowed the Fed to continue gradually tightening monetary policy. However, cracks began to emerge in the markets as overnight rates approached neutral, global growth decelerated, and trade fears gripped investors. Turning to 2019, the economy remains on solid footing but risks to stability are growing. The sustainability of the second-longest expansion on record is likely to be dependent on inflation. Vining Sparks' first 2019 Economic Outlook Webinar will look back at 2018, detail the growing risks to stability, and highlight the critical role inflation will play.
*Beneficial for Portfolio Managers, CFOs, CEOs/Presidents
About the speaker: This webinar is presented by
Craig Dismuke,
Executive Vice President and Chief Economist for Vining Sparks. He is responsible for the projection and publication of Vining Sparks' economic and interest rate forecasts, publishes research articles for Vining Sparks as well as other national publications, and speaks often at industry conferences on the health of the U.S. economy and expectations for interest rates. Craig is a frequent guest on CNBC, Fox Business, and Bloomberg TV and is quoted often in the financial news. Prior to joining Vining Sparks, Craig was a Managing Director in Institutional Fixed Income at Bear Stearns and Company.
*This webinar is free of charge.
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Protecting Against Potentially Dangerous Decreasing Rates
When: February 26, 2019
Time: 2:00-3:00 P.M. EDT
Scott Hildenbrand, with the Financial Managers Society, will discuss the emerging theme of down risk and its impact on community banking. Tactical balance sheet repositioning, off-balance sheet hedging, and liability restructurings will be covered, among other actionable ideas.
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Webinar:
Target Marketing - Activation at the Point of Excitement
Visit the Vetter webinar archives page to view/download recording and presentation materials from previous webinars:
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FREE WEBINAR: ICS & CDARS
What the New Law Means for Banks
Thanks to the newly signed regulatory relief bill, most reciprocal deposits are no longer brokered. This comes as banks face intense and increasing competition for deposits.
Join Us for a Webinar
Join Promontory Interfinancial Network-- the nation's leading provider and inventor of reciprocal deposit placement services-- for a free webinar that outlines key provisions of the new law and the impact ICS®, or Insured Cash Sweep®, and CDARS® can have on banks' balance sheets. The webinar will also cover how banks can use ICS and CDARS to capitalize on the opportunities at hand; presenters will discuss cost-effective ways to use the services to attract high-value relationships (even as deposit competition intensifies) and to lock-in more low-cost funding (even as interest rates continue to rise.) This webinar is a "must" for decision-makers at banks of all sizes, especially for community banks that utilize collateralized deposits and/or listing services.
Choose a date and time that works for you!
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Reg relief makes most reciprocal deposits nonbrokered, providing banks the opportunity to attract even more deposits. Thanks to the newly signed regulatory relief bill, most reciprocal deposits are no longer brokered. This comes as banks face intense and increasing competition for deposits.
Join Promontory Interfinancial Network - the nation's leading provider and inventor of reciprocal deposit placement services - for a free webinar that outlines key provisions of the new law and the impact ICS®, Insured Cash Sweep®, and CDARS® can have on banks' balance sheets. The webinar will also cover how banks can use ICS and CDARS to capitalize on the opportunities at hand; presenters will discuss cost-effective ways to use the services to attract high-value relationships (even as deposit competition intensifies) and to lock-in more low-cost funding (even as interest rates continue to rise). This webinar is a "must" for decision-makers at banks of all sizes, especially for community banks that utilize collateralized deposits and/or listing services.
Numerous new banks are joining the Promontory Network. In order to give these newly on-boarded banks an opportunity to begin transacting, we have decided to extend this incentive program through March 31, 2019.
Choose a date and time that works for you!
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The Cuomo Agenda For 2019 Session
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Andrea-Stewart Cousins
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The 2019 session of the New York State Legislature convened today. Single-party rule returns to the state capitol as Democrats will formally assume control of the state senate. New Senate Majority Leader Andrea Stewart-Cousins (D-Yonkers) became the first African American to be sworn in to that office (by Chief Judge Janet DiFiore). Governor Cuomo, who decided not to deliver the traditional "State of the State" address on the first day of session, instead previously offered his agenda. (He plans to combine elements of that address with his 2019-20 state budget presentation later this month.) He also will include the bulk of his legislative agenda in his state budget proposal and said that w
ithin the first 100 days of the session his goal is to see the passage of legislation to make it easier to vote in New York, strengthen abortion rights, reform gun control and campaign finance laws, and legalize recreational use of marijuana.
Some of these initiatives will likely be approved by the Legislature separately before the budget is due at the end of March, while others
will be included in the budget agreement.
Despite solid Democratic control of both chambers, there is some friction between Assembly Speaker Heastie and the Governor concerning a legislative pay raise. He and Senate Majority Leader Andrea Stewart-Cousins have signaled they may work together in dealing with the Governor.
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Governor Cuomo
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As noted, the Governor has unveiled his agenda for the first 100 days of session to outline his view of Albany's path until the budget is approved.
In addition to the priorities noted above, it includes:
- Keeping the millionaires' tax;
- Cutting taxes for working families;
- Getting the Equal Rights law passed in New York;
- Opposing the $10,000 annual limit on the federal deduction for state and local taxes (SALT) provisions, which have hit New York taxpayers harder than in many other states;
- Keeping the property tax cap and make it permanent next year. It limits the amount school districts and local governments can raise their property tax levy to 2 percent or the rate of inflation, whichever is lower;
- Advancing climate change; and
- "Countering the impact of the policies of the Trump administration and the federal government."
Business Groups Want Permanent Property Tax Cap
A number of pro-business organizations want a permanent extension of the state's cap on property tax increases in the new legislative session, a position supported by the Governor. The State Director for the National Federation of Independent Business (NFIB) noted:
"Independent business owners risk it all to bet on themselves and create opportunity in every community across New York. Unfortunately, Albany often stacks the deck against Main Street job creators by regulating too much, taxing too often, and reforming too little."
Cuomo Signs Bill Creating First Cryptocurrence Task Force
 The state of
New York has created a cryptocurrency task force following the signing of a digital currency study bill by Governor Andrew Cuomo. It
will reportedly be the first of its kind in the United States.
New York State Assemblyman and the chairman of the subcommittee on internet and new technologies Clyde Vanel (D-Queens) said the task force would benefit both the blockchain industry and investors.
Members of the cryptocurrency task force will be appointed by the Assembly, State Senate and Governor, and will be drawn from the tech sector, the investor community, academia and blockchain firms. The task force is expected to have turned in a report by December 15 next year.
Meet Linda Lacewell, Governor Cuomo's Nominee
For State Financial Services Superintendent
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Linda Lacewell
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Governor Cuomo officially nominated Linda Lacewell to succeed Maria Vullo as New York State Superintendent of Financial Services. Superintendent Vullo, who has overseen the Department of Financial Services (DFS) since January 2016, will leave at the end of the month. Ms. Lacewell is a former federal prosecutor who has worked for Cuomo since his first term as State Attorney General in 2007, and most recently served as his Chief of Staff and Counselor. She spent nine years as an assistant U.S. attorney for the Eastern District of New York.
At the attorney general's office, she oversaw the investigation of investment-placement agents who allegedly paid kickbacks to gain investments from the state's public pension fund. She also built New York's first system for ethics, risk and compliance across government agencies as the state's first chief risk officer, and was the architect of Open NY, a state-of-the-art open data initiative. Lacewell's nomination requires the approval of the State Senate, where it will most likely require the review of the Finance, Insurance and Banking Committees, which all held hearings on Vullo's nomination in 2016. Secretary to the Governor Melissa DeRosa, Cuomo's top aide, said of Lacewell: "Her experience as a federal prosecutor and in the attorney general's office leading investigations that led to nationwide systemic reform makes her uniquely suited to protect consumers and root out financial fraud and abuse." DFS was created in 2011 in the consolidation of the State's Banking and Insurance Departments.
2019 Session Underway in Albany, Washington:
Have You Reached Out to Your New Representative Yet?
 The 2019 New York State legislative and congressional sessions are underway. There are a number of new members in the State Senate, State Assembly and New York Congressional Delegation who need to be informed and educated about New York community banks, their essential role in the local and state economies and their legislative/regulatory needs. We encourage IBANYS members to step up, reach out and play a key role in establishing new relationships.
IBANYS has mailed our outreach program to all member banks and encouraged you to meet with your new members of the State Senate, State Assembly and New York Congressional Delegation. The program materials include:
- Talking points for your use in your meetings, emails and phone calls to introduce yourselves and to help inform them about New York's community banks.
Please let us know which state and federal lawmakers you have reached out to and update us on the results of those meetings by emailing both John Witkowski (johnw@ibanys.net) and Steve Rice (stever@ibanys.net). As always, when a new legislature and congress are seated, IBANYS will provide a full directory of ALL state legislators and New York congressional representatives in early 2019. We also encourage you to join our IBANYS Government Relations Committee to assist in our advocacy and share your ideas.
Your voice matters!
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Washington, D.C.
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New York Community Banks:
Contact Federal Regulators On Call Report Relief
 Key House Financial Services Committee members joined ICBA's call for federal banking regulators to revisit their proposed rule implementing call report relief for community banks. The Committee's subcommittee chairs followed up on a previous
bipartisan Senate letter and said the proposal does not meet congressional intent.
ICBA supports the provision in the S. 2155 regulatory relief law that establishes a short-form call report in the first and third quarters for banks with less than $5 billion in assets.
However, ICBA notes the agency proposal "barely moves the needle" in reducing unnecessary reporting burdens.
ICBA and IBANYS urge community bankers to weigh in by contacting federal regulators and expressing concerns with the proposed rule. ICBA offers separate alerts on its Be Heard grassroots action center for community banks with less than $1 billion in assets and those between $1 billion and $5 billion.
ICBA and IBANYS are urging community bankers to make their voices heard and contact federal regulators to express their concerns with the proposed rule. ICBA offers separate alerts on its Be Heard grassroots action center for community banks with less than $1 billion in assets and those between $1 billion and $5 billion.
The deadline to submit comments is January 18.
New York Representatives Introduce Bi-Partisan Bill
To Restore "SALT" Deductions
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Rep. Peter King (left) & Rep. Nita Lowey (right)
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Reps. Peter King (R-L.I.) and Nita Lowey (D-Westchester) have re- introduced their bipartisan legislation that would retroactively restore the full State and Local Tax (SALT) deduction that was capped as part of the GOP's 2017 tax reform measure.
The bill would repeal the $10,000 cap on SALT deductions. Rep. King said New Yorkers already get "short changed" by the federal government, getting 79 cents back from Washington for every dollar they pay in taxes - or a shortfall of $48 billion annually. He called the SALT cap a "disgrace." Rep. Lowey, the new chair of the powerful House Appropriations Committee, noted the legislation "ensures that New York families see tax relief, not more tax burdens." Meanwhile, Rep. King and Rep. Tom Suozzi (D-L.I.) also announced new legislation to re-instate the SALT tax deductions. Gov. Cuomo has also urged repeal of the cap. He and state legislatures also backed legislation allowing local governments to create charitable vehicles for donations that can be deductible in an effort to workaround the cap.
Fed Nominee Liang Withdraws From Consideration
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Nellie Liang
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Nellie Liang, an economist and financial regulation expert who was nominated last September by President Trump for a seat on the Federal Reserve Board of Governors, withdrew from consideration in the face of opposition from the banking industry and Senate Republicans who were sympathetic to concerns she favored overly stringent financial rules.
As head of the Fed's financial stability office, she helped develop the policies put in place after the 2008 financial crisis, which Congressional Republicans have hoped to lighten. Liang established the Fed's Division of Financial Stability in 2010 before leaving two years ago to join the Brookings Institution Think Tank. In a statement, she said: "I have decided to withdraw my name from consideration to be a member of the Board of Governors of the Federal Reserve because the likelihood of a prolonged process could have left me in professional limbo for too long."
ICBA Advocacy Survey - Please Take A Moment To Complete
 Advocacy is everyone's responsibility. Whether you're a community bank president, employee, or director, you have a direct stake in
making sure lawmakers in Congress hear your voice.
To more effectively advance our collective mission to create and promote an environment where community banks flourish, ICBA and IBANYS need your help. The following survey seeks to refine the tools and resources ICBA can offer you to better enable the important conversations and relationships required to drive positive policy outcomes for the community banking sector. Additionally, ICBA is seeking to build greater visibility of the existing personal or professional relationships that you as a community banker or director may already have with returning or new lawmakers.
This survey should take less than 10 minutes to complete. Please contact Ryan Hadley at
ryan.hadley@icba.org with any questions regarding this survey.
Other News From Washington
- The U.S. Senate Banking Committee has announced four new committee members for 2019. They include Republicans Kevin Cramer (R-ND) and Martha McSally (R-AZ), who replace former Sens. Dean Heller (R-NV) and Bob Corker (R-TN) and Democrats Tina Smith (MN) and Kyrsten Sinema (AZ).
- The Office of the Comptroller of the Currency said the banking system is "well positioned" to manage a faltering market. The regulator is watching the impact of declining stocks on the nearly 1,300 institutions in its purview. Federal Deposit Insurance Corp. Chairman Jelena McWilliams also said she is not concerned that a flagging market poses a threat to the banking system, adding that the FDIC is reviewing the current CAMELS rating system it uses to measure bank health.
- House Financial Services Committee Chair Maxine Waters (D-CA) has proposed a new House subcommittee to focus on diversity in banking and financial inclusion. While the exact details of the new subcommittee are unclear, some observers expect it will address diversity issues among bank and regulator leadership, fair lending and reducing other forms of discrimination, and expanding financial services access to communities. Chairwoman Waters also said in an interview that one of her top priorities will be to "undo the damage" done to the Consumer Financial Protection Bureau by former acting chief Mick Mulvaney. Waters believes Mulvaney's reforms "weakened" consumer protections and were "dangerous" for the American consumer.
- The federal deficit shot up 41 percent year-over-year to $92 billion in the first quarter of fiscal 2019, according to the Congressional Budget Office. Receipts rose by less than 1 percent, with corporate taxes plunging 15 percent, or $9 billion, while outlays jumped 9 percent to $93 billion.
- Mel Watt's term as Director of the Federal Housing Finance Agency is over. The FHFA will now be led by Comptroller of the Currency Joseph Otting, who will serve as Acting Director while the President's permanent nominee Mark Calabria (chief economist to the Vice President) awaits Senate confirmation.
Join Us In Washington, D.C. for the
2019 ICBA Capital Summit
The 2019 ICBA Capital Summit will be held April 28 - May 1 in Washington. Community bankers from around the nation will travel to Washington to meet with their Members of Congress in their offices "on the hill" and hear federal financial regulators to discuss key issues. We'll hear firsthand from financial and policy leaders, and influence the policy-making process. New York community bankers: Mark your calendars and hold the dates.
IBANYS will be scheduling meetings with the members of the New York congressional delegation. With a Democratic House of Representatives, a new agenda in the House Financial Services Committee, a number of new Representatives from the state and several key New Yorkers now holding key positions in a number of committees, the dynamics have changed dramatically. All this makes it more important than ever to bring your voices, your priorities and your stories to their attention.
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Industry Trends & Updates
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EGF: 3 Client Success Stories
When banks partner with Excelsior Growth Fund (EGF), everyone wins. As a U.S. Treasury-certified Community Development Financial Institution (CDFI), EGF offers responsible and affordable financing options to small businesses.
By partnering with EGF, banks not only help their clients access capital, they also connect them to all the business services and support they need to become eligible for traditional financing in the future.
Clients receive the funding they need to grow their business and banks get to help their clients succeed while keeping the door open with them for the future.
EGF values the critical role that their banker partnerships play in their mission. With the support of those partners, they're able to help small businesses and strengthen communities. To show their thanks and demonstrate the power of partnerships, EGF is sharing three success stories that were made possible by their banking partners.
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Leveraging Customer Data for Growth
by Samantha Vance, Vice President of Marketing
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Samantha Vance
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A recent survey revealed that 57% of banks say internal silos are their biggest obstacles to big data success. Sharing customer data across departments and even across marketing channels can be challenging, but the benefits are worth it.
Your bank may not be leveraging retail customer data to its' full potential, but the good news is that it is a big opportunity...and it can be easy to implement. Customer segmentation analysis transforms a basic customer and address list into an insightful and powerful targeting tool.
Data has the power to drive customer acquisition, improve customer relationships, unlock new opportunities and increase profitability. Analytics provides the knowledge to empower your institution to drive retail customer growth.
Read the full article.
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Muni Revolution
Tax-Free Supplies & Demand Are Evolving
by Jim Reber, President, ICBA Securities
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Jim Reber
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However you slice it, municipal bonds have a big impact on community bank investment performance-even if you don't own any. That's because your bank's collection of bonds is destined to be in the bottom of the rankings amongst its peers, unless you own some.
This, of course, is not news. For decades, a hallmark of high bond portfolio performance is a large weighting of tax-free securities. Among the investments that community banks are permitted to own, munis tend to be the highest yielding. There are several reasons for this.
First, they're not guaranteed by the federal government or one of its agencies. (That doesn't necessarily indicate they don't have really good credit quality.) Second, munis have a limited supply, which could mean they have a scarcity value that makes them expensive but instead means they have somewhat lesser liquidity than other sectors. Third, and most importantly, munis have the longest durations of any category in the portfolio, which is mainly a function of a perpetually steep yield curve.
Read the full article.
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Impact Of Federal Government Shutdown On Banks, Customers
During the federal government shutdown, federal banking regulatory agencies (FDIC, Federal Reserve, OCC, CFPB) remain open. Federal lending programs (e.g., the SBA, FHA and USDA) will operate at a reduced level, as will the National Flood Insurance Program. Estimates are that a
s many as 50,000 New York residents are currently employed by the federal government and may be impacted by the shutdown through the loss of their income. Many banks are working with customers who are impacted. Kevin Hassett, the White House's top economic adviser, said that the partial government shutdown will dock about 0.1 percent from U.S. economic output every two weeks.
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Consumer Credit Is Up
The Federal Reserve reported that consumer credit increased at a seasonally adjusted annual rate of 6.7 percent in November. Revolving credit, which includes credit card spending, rose 5.5 percent. Non-revolving credit, such as auto and student loans, increased 7.1 percent.
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Mortgage Applications Are Down
 The Mortgage Bankers Association reported that although mortgage interest rates fell to the lowest level in four months, total mortgage application volume dropped 9.8 percent at the end of last week from two weeks earlier. The results included an adjustment for the Christmas holiday. Volume was 21 percent lower than a year ago and the lowest level in 18 years.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 4.84 percent from 4.86 percent a week earlier, with points decreasing to 0.42 from 0.47 (including the origination fee) for loans with a 20 percent down payment. That is the lowest level since September, and the rate has fallen 24 basis points in the last four weeks -- but still ended the year still 62 basis points higher than one year ago.
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Vining Sparks & ICBA Securities Balance Sheet Academy
Registration is now open for Vining Sparks and ICBA Securities' Balance Sheet Academy seminar in Memphis, Tennessee from Monday, April 29 to Tuesday, April 30 2019. This
advanced seminar is designed to expose seasoned community bank portfolio and balance sheet managers to advanced products and concepts. The objective is to enable the attendees to consistently outperform their peers. The dynamics of a community bank balance sheet require an investment professional to be versed in a wide range of topics.
Balance Sheet Academy
provides discussion and practical classroom exercises to equip the attendees for these demands. Examples of these topics include:
- Advanced interest rate risk management strategies;
- Low cost funding strategies; and
- Strategies for serving bank customers while managing interest rate risk.
Attendees will learn how the changing economic data impacts market interest rates from Vining Sparks' Chief Economist. The Balance Sheet Academy is structured for more experienced investment managers, particularly those who have attended Bond Academy.
It incorporates balance sheet strategies into the day-to-day management of an institution's investment portfolio, wholesale funding and interest rate risk management. Bank personnel with an intermediate level of understanding of investments who are integral to the investment and balance sheet management process will benefit the most from this advanced course. New directors serving on the investment or asset-liability committee will also find this course beneficial.
Contact:
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Further Your Education at Barret Graduate School of Banking
Barret and IBANYS are aligned with a common interest: to represent the interests of the industry through effective advocacy and high quality educational offerings.
Located in Memphis, TN, Barret Graduate School of Banking offers a comprehensive graduate learning program for professionals in the financial services field. IBANYS has established partnerships with key industry educators including the Barret Graduate School of Banking. The school provides community bankers with an opportunity for a graduate degree in banking.
We are currently endorsed by ICBA, ICBA Securities, Arkansas Community Bankers, CBAofGA, Indiana Bankers Association, CBAofKS, MIBA, CBAofOH, CBAofWV - with a couple more on the way.
To learn more about Barret Graduate School of Banking, please visit
www.barret.ws.
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Keep The Door Open For Your Small Business Customers
Excelsior Growth Fund (EGF) is NYBDC's nonprofit Community Development Financial Institution and IBANYS' exclusive online lending partner. Join the growing number of banks that work with EGF to offer their customers an affordable and responsible option when they do not qualify for traditional financing. EGF offers loans up to $500,000 with a convenient, digital process. Loans under $100,000 are disbursed within 5 business days.
EGF's experienced team can work hand-in-hand with yours to develop a customized process to make referring seamless. To learn more about offering your customers a second look through EGF contact Bryan Doxford, SVP, at bryan.doxford@excelsiorgrowthfund.org at at (212) 430-4512.
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Spotlight Bank of the Week
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In 1996, two successful businessmen, E. Philip Saunders and Dan Gullace, purchased an established bank in Rochester, New York. They renamed it Genesee Regional Bank (GRB) with a vision of re-establishing a community bank presence, and helping to grow small business in the Rochester region. From this vision has emerged not only a successful financial institution, but one known for being a trusted advisor to its small business clients in a wide range of industries.
Steady Growth
With that entrepreneurial spirit in mind, President and CEO Philip L. Pecora leads GRB with a customer-centric philosophy that sets the bank apart as a powerful advocate for its clients. GRB's original vision of growing local businesses has expanded to include helping individuals, nonprofits, and municipalities achieve their financial goals. The bank has continued on a consistent growth path, increasing its assets more than ten-fold since 2003.
The 2013 addition of three residential mortgage companies to the GRB team brought yet another critical service to the bank's customers and the local community. GRB's residential mortgage team has grown rapidly and GRB is now one of the leading mortgage lenders in the region. With assets now topping more than $550 million, GRB offers competitive products and rates -- but with the added benefit of hometown knowledge, service and decisions.
Recognition and Awards
- A Small Business Administration "Silver Award" lender
- A "Greater Rochester Chamber of Commerce Top 100" company
- One of the "Best Companies to Work for in New York"
- One of Rochester's "Top Workplaces"
A New Chapter
GRB is launching an aggressive community-focused brand awareness campaign in September 2018 to encourage businesses and individuals to consider the benefits of working with a local, independent financial institution like GRB.
Featuring reflections on the theme "Community Banking. Community Building." the integrated marketing campaign will include television, radio, and targeted digital advertising. At launch, the campaign features GRB customers - Isaac Heating & Air Conditioning, Hybridge Dental Implants, Radio Social, Parkleigh and Dr. and
Mrs. Michael Maloney. In their own words, these customers discuss the importance of receiving local support from GRB to achieve their personal financial goals and enable growth for their Rochester-based businesses. The campaign reinforces the bank's mission to provide products and services exclusively to the Greater Rochester region - working to keep us all, as the campaign concludes, "ROC" solid.
Dan Morgenstern, founder of Radio Social and a GRB customer featured in the campaign said, "To bank with somebody that's outside of our community doesn't necessarily help our community. What's critical for us is depositing our dollars into a bank like GRB that turns around and supports the local economy and local business. Rochester can't grow if we don't have a community bank. Because outside banks wouldn't have done what we needed for Radio Social. GRB is unique. They really understand and care about the success of the local market."
"Community banking is really about reinvesting into the Rochester community and really being focused on one market," said Frank LaMar, co-founder and CEO of Hybridge Dental Implants, a GRB customer and campaign feature. "I think having a bank like GRB whose focus is one market like Rochester, New York, is really much more profound to the business owners of that town compared to, frankly, what we've had in the past with large banks."
GRB has ambitious plans to continue its growth, and continue driving the success of businesses and individuals in the Greater Rochester community. Learn more at www.GRBbank.com.
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About Spotlight Bank of the Week
 Spotlight Bank of the Week is a new feature that we have added to our website and e-newsletter. It is an opportunity to promote anything about your organization, such as fun facts, organization news, special events, etc. The Spotlight Bank of the Week will be featured on our homepage slider, e-newsletter, and our social media platforms for one week. So don't miss out on this exceptional opportunity to showcase your bank to thousands of people!
View banks that have been featured as our Spotlight in the past!
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IBANYS Spotlight Is On...
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Credit Risk Management:
- Pre-Funding Due Diligence
- Loan Portfolio Management
- Problem Loan Management
T. Gschwender & Associates, Inc. (an IBANYS "preferred partner") is a diversified consulting company that has been providing services to financial institutions and businesses in the Northeast United States since 1984. Their financial institutional clients include small community banks and credit unions with less than $100 million in assets to much larger regional institutions with over $5 billion in assets.
For financial institutional clients, they like to describe themselves as a highly sophisticated "Credit Department," able to handle all functions from initial borrower due diligence to collateral liquidation, and everything in between. Their goal is to provide these services in a timely and cost effective manner, allowing clients to tap into resources they would not otherwise be able to employ internally. Their c
onsultants all have extensive banking and corporate management experience. Some of their associates have been with them since the company was started, and current staff provides a wide depth of experience, having held high level positions within banking, accounting, and regulatory institutions.
With expertise spanning "both sides of the street", the company's Associates provide a well balanced and thorough approach to all that they do.
T. Gschwender & Associates, Inc. is a privately held company that was started by Tom Gschwender on November 9, 1984 and purchased by Bharpur "Bo" Singh on April 1, 2008.
For details, contact President & CEO Bharpur "Bo" Singh at:
Phone: (315) 701-1293
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IBANYS identifies offers products and services that provide value to your banks, companies, employees communities. These brief summaries provide links for information. Please contact IBANYS President John Witkowski with questions.
Health & Wellness
My Wellness Resource & TELADOC 
The health and wellness landscape continues to evolve. "My Wellness Resource" can be a nice addition to your existing benefit package.
Teladoc can save your banks time and money, and provide real value to your employees as this testimonial from a New York community bank CEO proves:
HERE'S WHAT YOUR FELLOW NEW YORK
COMMUNITY BANKER SAYS. . .
"I wanted to let you know that some of our employees and I have been using "Teladoc" and it is one of the best things we have done for the bank. We all love it: We are saving time, avoiding waiting in an urgent care center or a doctor's waiting room for non-emergency related illnesses
. . .and it is easy to use and convenient. Once you use it, you are hooked! This was a great find! Would recommend it to all banks."
Mario Martinez
Chairman & CEO
Catskill Hudson Bank
Contact Alan Justin: (716) 907-5500.
"Cure the Blue" Helps Banking Industry Battle Prostate Cancer!
The "Cure the Blue" program sponsored by the Buffalo Bills Alumni Foundation allows New Yorkers to participate in one of the most comprehensive efforts to help promote prostate cancer awareness and research in the United States.
Lake Shore Savings Bank has provided prostate cancer literature and Cure the Blue information at all eleven of its  branches and their headquarters in Dunkirk. The bank also offered Cure the Blue ceramic lapel ribbon pins for a $5.00 donations to Cure the Blue to all their customers. "We fully understand the severity of this disease and the devastating effect it can have on families" said Lake Shore Savings Bank President and CEO Dan Reininga. "Our support of the Buffalo Bills Alumni Foundation's "Cure the Blue" initiative is something that we are taking very seriously and are proud to support." Buffalo Bills Wall of Famer and Alumni Foundation President Booker Edgerson, a two time prostate cancer survivor, said the bank has been a tremendous longtime supporter, noting: "They have really stepped up to the plate with their unwavering support of our Cure the Blue initiative."
IBANYS urges all of our member banks, associate members and allies to join the effort. Cure the Blue" raises funds and awareness regarding prostate cancer in New York State. Visit
curetheblue.com
to get involved! Of all new cancer cases in the nation, prostate cancer represents 9.6%. In 2017, there were an estimated 161,000 new cases, and more than 26,000 fatalities due to the disease. Support IBANYS' "Cure the Blue" campaign to help New Yorkers participate to promote prostate cancer awareness and research.
Secure, Enhanced Internet Presence
The .bank program by fTLD operates trusted, verified, more secure, easily-identifiable internet locations for financial companies and
customers. www.icba.org
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. . .That if confirmed, Linda Lacewell - Governor Cuomo's nominee for State Financial Services Superintendent -- will be the fourth individual to hold that position since the Governor created the DFS by merging the former State Banking and Insurance Departments in 2011? Benjamin Lawsky, Anthony Albvanese (Acting) and Maria Vullo have also held the position.
The NYS Banking Department, created by the New York State Legislature April 15, 1851, was the oldest bank regulatory agency in the nation until the 2011 merger. Fifty Six individuals served as State Banking Superintendent, including John Heiman, who went on to serve as U.S. Comptroller of the Currency, and Frank Wille, who later served as FDIC Chairman. The first Banking Superintendent, Daniel St. John, was also a member of the New York State Assembly, State Senate and Congress.
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New York community banks play a key role in our state and local economies. Help spread the good news among our customers, business, elected leaders and the media!
John J. Witkowski
President & Chief Executive Officer
Stephen W. Rice
Director of Government Relations & Communications
Linda Gregware
Director of Administration & Membership Services
William Y. Crowell III
Legislative Counsel
Natalie Rowan
Marketing & Social Media Assistant
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