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Spotlight Bank of the Week is a new feature that we are adding 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!

To apply, just fill out our registration form and email it to Natalie Rowan at natalier@ibanys.net.

UPCOMING WEBINAR: 

Thursday, March 22, 2018 at 9:00 AM, hosted by 

Experience the future of digital lending.

Community Banks Spend $3 Billion Each Year On 

Data Collection Alone.

How Do You Maximize Your ROI, Stay Compliant and Provide An Outstanding Customer Experience . . .All At The Same Time?

In this webinar, you will learn about how to leverage 

the right technology to:

• Enhance regulatory compliance and portfolio monitoring.
• Expand geographic reach beyond your branch network.
• Produce more loans and monetize every loan application without the hassle of paper chasing.
• Establish your bank's legacy and keep it relevant for the next generation.

CLICK HERE to register/for details

The Republican field of candidates for governor grew this week, as Dutchess County Executive Marc Molinaro indicated to GOP leaders he's launching a campaign to challenge incumbent Democrat Andrew Cuomo. State Senate Deputy majority Leader JohnDeFrancisco and former Housing Commissioner Joseph Holland are also currently running. The GOP nominating convention will be in May.

Meanwhile, two special Senate elections will be held April 24. A race in the Bronx looks like a lock for Democrats. The party has a 20-1 registration advantage over the GOP in the district, and Democrat Luis Sepulveda, a state assemblyman, doesn't yet have a Republican opponent. The second race, pitting Republican Julie Killian against Democratic Assemblywoman Shelley Mayer in Westchester, is expected to be much more competitive, though Democrats are betting that President Donald Trump's unpopularity will help. If Democrats win both seats they'll have the majority, though they'll also have to resolve the schism between the mainline Democrats and the eight-member Independent Democratic Conference that broke with mainline Democrats years ago to empower the Senate's GOP leaders. The two sides have agreed to reunify, however, if the Democrats win both seats.

The U.S. Senate voted 67-32 to proceed to the debate and vote on "The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), the bipartisan and much-needed regulatory relief legislation. ICBA President & CEO Cam Fine noted: "The time has come for the biggest community banking grassroots event in recent memory. This week's full Senate vote on S. 2155 requires community banker grassroots outreach from the C-suite to the frontline to the board of directors. Let's be ready to hit the ground running and leave no doubt in our lawmakers' minds about the importance of passing S. 2155. The time has come-let's leave nothing on the field!"  ICBA is calling on community bankers nationwide to urge their senators to support the bill. S. 2155 is the culmination of years of grassroots outreach on behalf of tailored community bank regulations. IBANYS is urging New York community bankers to continue their outreach to Senators Schumer and Gillibrand. This bipartisan legislation-including much that is based on ICBA's own Plan for Prosperity platform-offers substantial relief from mortgage, capital, data-reporting and many other regulations. ICBA is urging community bankers across the nation to "weigh in early and often this week using "ICBA's  Be Heard grassroots action center." The online resource makes it easy for community bankers to call and email their senators on behalf of S. 2155.

I BANYS sent out action alerts to all our member banks asking them to call or email Senators Schumer and Gillibrand.  As  former  House Financial Services Chairman Barney Frank, co-author of the Dodd-Frank Act of 2010, noted regarding S.2155: "The community banks drive this.They're in everyone's district."

House Focuses On Stand-Alone Reg. Relief Bills

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We need to reach out to Senator Schumer's district offices thrioughout New York State to reiterate how important regulatory relief is to the New York community banking industry. Please help!

• According to an estimate by the Financial Stability Board (FSB, a group of global financial policymakers and regulators), the "shadow banking industry" that engages in financial practices that don't follow the same safeguards as normal banking functions has grown to $45 trillion in assets. The FSB said shadow banking now makes up 13 percent of all financial assets around the world. That's up from 8 percent in the FSB's last annual estimate.

• According to Federal Reserve data, small banks are contending with rising losses in the credit card market. Missed payments on credit cards at small banks have risen sharply over the past year, Their charge-off rate (the share of outstanding card balances written off as a loss after consumers failed to pay) reached 7.2% in the fourth quarter of 2017. That was up from 4.5% of a a year earlier

New Study: Amazon Could Become Nation's Third-biggest Bank

A new study by Bain states that by capitalizing off its digital prowess and massive consumer base , Amazon's banking services could grow to more than 70 million consumer relationships in the United States over roughly five years. That would rival Wells Fargo. The study also notes Amazon could evade more than $250,000,000 in credit card interchange fees every year if it finds a bank willing to partner, and that one-quarter of those using voice assistants like Amazon's Alexa would consider using them for everyday banking. Bain says that although many view "nimble fintech start-ups" as likely disrupters, established technology firms "pose a bigger threat."

ICBA has raised questions about discussions between Amazon and big banks to offer a checking-account-like product through the online retailer. In an American Banker article, ICBA President and CEO Cam Fine asked how far the deposit-insurance safety net should spread. "If Amazon got in trouble, what happens to the deposits?" Fine asked. "I think this poses yet another challenge to the insured depository system."

Excelsior Growth Fund (EGF) is NYBDC's nonprofit Community Development Financial Institution and IBANYS' exclusive online lending partner. Their  mission is to help businesses in New York, New Jersey and Pennsylvania grow by providing small business loans and advisory services. As a nonprofit organization and a U.S. Treasury-certified Community Development Financial Institution  (CDFI) , they're a responsible lender you can trust. Their  products are affordable and flexible, and their advisory services can help you reach your business goals. Their signature product, the EGF SmartLoan™, provides up to $100,000 through a streamlined online platform.  Loans are approved in 1-2 days and funded in a week.  For more details, please visit: http://excelsiorgrowthfund.org/egf_smartloan/ 

The First National Bank of Groton is locally owned, customer driven, community bank. We maintain a local focus that promotes growth by investing back into the same neighborhoods where our deposits come from. All decisions are made by people who know the local market and understand the needs of our customers. We know our customers by name, and vice-versa. We take pride in providing a superior level of personalized customer service, along with a blend of traditional banking products and innovative online and mobile services. As of December 31, 2017, our assets totaled over $170 million. All of our employees are area residents, which means we have the same personal investment in the community as our customers.

Established in 1865, The First National Bank of Groton has served the surrounding communities for over 150 years. "Customers for life, one day at a time" is our mission. Our long history includes many interesting details:

• In 1896, when she was elected President of The First National Bank of Groton, Welthea M. Marsh became one of the first women in the United States to serve as President of a national bank.
• Following the Emergency Banking Act of 1933, The First National Bank of Groton was one of the first financial institutions determined by the Treasury Department to be solvent, making it one of the first to be re-opened.
• Our annual Customer Appreciation Day is widely recognized and eagerly awaited each year! Employees grill and serve the famous "quarter-pound" hot dogs for our customers and the entire community at each of our offices.
• We open our lobbies to customers and the community as a way to showcase their artwork, their collections, and local memorabilia. Our Groton office features a thirty-foot mural, painted by a local artist, depicting the Village of Groton in 1900.

 

For more information, visit our website at www.grotonbank.com or call us at (607) 898-5871.

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

Do you think your federal and state legislators know?