IBANYS Weekly E-Newsletter |
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Visit our website at www.ibanys.net to review our daily updates on COVID-19.
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The President's Message
By John Witkowski, President & CEO
A reminder: Our new address is:
Independent Bankers Association of New York State
194 Washington Ave, Suite 420
Albany, NY 12210.
With summer now in full swing, there are a few reminders we wanted to share with you.
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IBANYS will hold a meeting of our reconstituted Government Relations Committee and all IBANYS member banks on Monday, July 19 at 10:00 a.m. Please see the Albany section of today's newsletter for details.
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IBANYS' "Come Back" Celebration for Community Banks will be our first "in person" event in 16 months. It will take place September 13 - 14 -- at the Harbor Hotel in Clayton, NY. Save the date and look for more details in today's newsletter.
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DFS’s "voluntary and anonymous" Climate-Related Financial Risks Survey due this Friday, July 16. On June 1, 2021, DFS requested New York State regulated financial institutions to provide voluntary and anonymous responses to DFS’s Climate-Related Financial Risks Survey. The survey covers four areas: (A) institutional profile, (B) the impact of climate change on your institution’s business, (C) your institution’s current initiatives and expected progress on managing the financial risks from climate change, and (D) how DFS can support you. Direct questions or comments to Dr. Yue (Nina) Chen, Director of Sustainability and Climate Initiatives, at climate@dfs.ny.gov, 518-530-3475, nina.chen@dfs.ny.gov
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Federal regulators released materials pertaining to call reports for the June 30 report date. Call reports are due by Friday, July 30.
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Please stay safe and healthy, and as always, thank you for all that you do for New York's community banking industry, those that we serve . . .and for IBANYS, your association.
John
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IBANYS "Come Back Celebration"
Executive Fall Meeting
September 13-14, 2021
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Mark you calendars and save the date to join IBANYS for our "Come Back Celebration" Executive Fall Meeting, our first in-person meeting since the pandemic, will be held September 13-14, 2021 at the beautiful 1000 Island Harbor Hotel, 200 Riverside Drive, Clayton, NY 13624.
A block of rooms has been reserved at the Harbor Hotel 1000 Islands. Reservations can be made by contacting the Harbor Hotel 1000 Islands at (315) 686-1100. Refer to group: Independent Bankers Association. Room cut-off: August 15, 2021. (We cannot guarantee room availability and pricing after this date.) Single/Double rate= Village View—$174/ River View—$194 / River View with Balcony—$214
WE STRONLY RECOMMEND YOU MAKE YOUR RESERVATIONS EARLY. THE ROOMS WILL SELL QUICKLY. Cancellations must be made 7 days prior to day of arrival.
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ASSOCIATE MEMBERS & PREFERRED PARTNERS |
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[Webinar] FDIC Deposit Insurance Coverage and Related Matters
This free webinar* is designed for CPAs, all levels of bank employees, and executives who would like to learn more about FDIC deposit insurance coverage and related matters. CPAs can receive 1 CPE credit (approved by NASBA). This session will cover:
- Coverage Background
- Basic Coverage Rules
- Agency or Custodial Accounts
- Coverage for Government Accounts
- Examination Preparation
- Reciprocal Deposits
Select your date:
July 13 – 11:00 AM ET
August 17 – 2:00 PM ET
September 14 – 11:00 AM ET
October 19 – 2:00 PM ET
November 16 – 11:00 AM ET
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About the Speaker:
Joe DiNuzzo, a former attorney with the FDIC and an expert in FDIC insurance regulations, will lead the session. The session will include a Q&A segment to address your specific concerns. Upon completion you will have a thorough understanding of how FDIC insurance coverage works and other matters relating to FDIC insurance.
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Align Post-COVID Loan Activity with Industry Best Practices
CEIS' Loan Review helps clarify the next steps for your lending programs
Emerging from the economic hibernation triggered by COVID-19, Banks are eager to resume normal business operations. Of particular interest is the New & Renewed Commercial Loan activity. Regulators have publicly commented on their concerns that Institutions may lessen their credit standards as those Institutions resume operations and strive to meet shareholder expectations.
Your portfolio’s loan activity should meet your Institution’s established risk appetite, should align with the most recent regulatory guidance, and should incorporate pertinent, industry-leading best practices.
CEIS Loan Review equips our clients’ Bank Management with expert analysis and insights presented in a timely, professional manner. This empowers Client Institutions to make informed decisions regarding individual borrowers, specialty segments, and entire portfolios.
When looking at your current programs, ask yourself:
- Do your loan review and stress testing programs take into account today’s unique pandemic-related stresses?
- Do you receive reporting in a timely manner, allowing you to make informed and appropriate portfolio decisions?
- Does your loan review function have the adequate breadth of industry knowledge and experience?
- Does your stress testing program consider the impact on provisioning, losses, and capital?
Contact us today to learn how CEIS Review may be able to assist you and your Institution.
CEIS Review - Est. 1989, domestic and international commercial loan portfolio engagements.
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Leadership is a lifestyle! The ICBA LEAD FWD Summit is back for its ninth year and is your ticket to becoming the best leader you can be. |
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Slippery slope
Another yield curve shift has community bankers guessing.
By Jim Reber
And now for something completely different. Except it’s not; it just hasn’t been around for a number of years. But it most assuredly has an impact on your community bank’s bond portfolio and on the securities you’ll be thinking about purchasing the next time you’re in the market.
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IBANYS Webinars
Are you participating in IBANYS webinars? Now is the time! IBANYS webinars provide timely, important information on subjects of interest to New York community bankers including human resources, business development, investment, compliance and security and much more. They are valuable not only for their content, but for their convenience and low-cost. Take part from the comfort and privacy of your office, without leaving the bank.
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Subscription Tokens
The More You Buy, The More You Save
How does it work:
Tokens can be used to purchase live or recorded webinars anytime, with no expiration! Tokens for both live and recorded webinars are available for an additional fee. (What’s the difference? Click here for the full description.)
Once you have your Subscription Token code, you can immediately register for webinars by using the code at checkout! (Subscription tokens not applicable for full series registrations, or other specials.)
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This coming Monday, July 19 at 10:00 a.m. IBANYS is holding a Zoom meeting of our reconstituted Government Relations Committee and all member banks to review the legislation of interest to New York community banks that passed in both the NYS Senate and Assembly during the 2021 legislative session and which now await action by the Governor. We invite your comments and suggestions on these bills. We will also discuss ideas and suggestions for proactive legislation to benefit your institutions and our industry -- which could then be included in our agenda for 2022 state legislative session that begins in January. Please plan to participate. Questions? Suggestions? Please email John Witkowski (Johnw@ibanys.net) or Steve Rice (Stever@ibanys.net). Click here to register in advance for this meeting: REGISTER HERE After registering, you will receive a confirmation email containing information about joining the meeting.
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It will be weeks before New York issues any payments from the state’s $2.4 billion COVID-19 rent relief fund, adding to delays in a program that has been beset by technical glitches with its online application portal, The Associated Press reports.
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Personal income surpassed pre-pandemic levels by almost 13 percent in the first quarter of 2021 according to State Comptroller Dinapoli.
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Few governors in recent New York history have dominated the news cycle — and the levers of government — like current three-term Governor Andrew Cuomo. Yet in the summer of 2021, with an embattled Governor Cuomo eyeing reelection next year, the future of state politics rests with another statewide official. https://www.politico.com/news/2021/07/11/tish-james-report-cuomo-499032.
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U.S. Senate Democrats, including Majority Leader Schumer, plan to reveal a draft bill today to end the federal prohibition on marijuana. The move comes as 18 states have already legalized pot for recreational use -- including New York, which did so during the 2021 state legislative session. Politico reports.
- Rep. Carolyn Maloney (D-Manhattan) announced New Yorkers have received nearly 10 million Economic Impact Payments totaling more than $22 billion in 2021 as part of the American Rescue Plan, noting: “The $22 billion…helped keep families and small businesses afloat, but we still have work to do to make a full economic recovery.”
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Rep. Tom Suozzi (D-Glen Cove) is standing firm on a demand to restore the full state and local tax deduction for federal taxpayers. Suozzi made clear he would not vote for any tax reform legislation that did not include the lifting of the limit on the deduction, known as SALT. “We made it clear that if you want to make any changes to the tax code – no SALT, no deal. If you don’t change the SALT deduction, restore it to what it was, you’re not going to have our votes on other changes to the tax code.” https://theislandnow.com/rop/suozzi-no-salt-no-deal/
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ICBA called on lawmakers not to advance a postal banking pilot project under fiscal 2022 spending legislation. In a letter to Senate appropriators, ICBA said: Postal banking would jeopardize the postal service’s core mission; The postal service is ill-suited to provide financial services; Banking the unbanked is too important a policy goal to entrust to an untested proposal; Community bank-fintech partnerships and expanded access to affordable broadband would better promote access to banking services. In a recent issue brief to Congress, ICBA said the pursuit of postal banking would harm the already-stressed primary function of the postal service—mail delivery. Future ICBA issue briefs will focus on how the USPS is unfit for financial services and on more realistic alternatives to postal banking.
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President Biden directed the U.S. Justice Department and federal banking regulators to more closely scrutinize bank mergers and make it easier for customers to switch banks. As part of a broad executive order to promote competition, the president encouraged DOJ and the banking agencies to update guidelines on bank mergers to provide more robust scrutiny, and encouraged the CFPB to issue rules allowing customers to download their banking data and take it with them when they switch banks. In a fact sheet noting that federal agencies have not formally denied a bank merger application in more than 15 years, the White House said excessive consolidation raises costs for consumers, restricts access to credit, and harms low-income communities. ICBA last fall encouraged DOJ to update its guidelines on reviewing bank mergers; prioritize mergers in small markets that preserve the financial viability of small banks, and institute parity in its considerations of credit unions, Farm Credit System lenders, and online banks.
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A former National Credit Union Administration official continued a series of blog posts raising concerns over credit union acquisitions of community banks. In his latest post, former NCUA Central Liquidity Fund President Chip Filson cited recent acquisitions that raised questions about a lack of transparency and information to evaluate the transactions, the safety and soundness impact of inflated purchase offers of acquired banks, and credit unions expanding outside their longtime operational base. Previous posts on Wednesday and Thursday noted these transactions convert firms subject to market monitoring into private entities and exclude credit union member-owners. ICBA last week urged the Treasury Department to examine credit union acquisitions of community banks and proposed legislation to implement an “exit fee” that would offset these transactions’ tax losses. Community bankers can continue urging Congress to hold hearings on credit union acquisitions via a customizable message to lawmakers on ICBA’s Wake Up page and recently published Wake Up Messaging Playbook.
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