IBANYS Weekly E-Newsletter |
|
-
Visit our website at www.ibanys.net to review our daily updates on COVID-19.
|
|
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.
For the first time in ten-and-a-half years, New York State has a new Governor: Kathy Hochul, formerly the state's Lt. Governor -- and a former local official and congresswoman from western New York -- was sworn in yesterday. The Governor has reportedly chosen Senior Assistant State Senate Majority Leader Brian Benjamin (D-Harlem) as her Lt. Governor (announcement expected later this week). . .he previously worked at Morgan Stanley and was a managing partner at a real estate firm with a focus on affordable housing. The Governor has also already named her two top aides -- one who held a senior position at JPMorgan Chase, and another who was in a senior position at the the Empire State Development Corporation.
Meanwhile, Financial Services Superintendent Linda Lacewell also officially resigned Tuesday. . .and State Assembly Banks Chairman Victor Pichardo (D-Bronx) is leaving the Legislature effective September 19. See the Albany section of today's newsletter for more details on all the changes taking place in state government.
**********
Today's newsletter contains a great deal of information on IBANYS' upcoming "“Comeback Celebration” September 13-14 at the 1000 Islands Harbor Hotel in Clayton, New York – which we hope New York community banks will support. It’s our our first in-person gathering in more than 18 months. All C-level suite, Senior Management, Bank Boards are welcome. Join us for a great line up of speakers on timely topics. . . Play some golf or enjoy a boat tour on the St. Lawrence . . .and get together with your colleagues at the beautiful 1000 Islands Harbor Hotel in Clayton, N.Y. See important information below for details on the program, how to register and sponsorship opportunities!
**********
Please stay safe and healthy, and enjoy the home stretch of your summer.
John
|
|
|
|
The Buffalo Bills Alumni are hosting a weekend event on Friday, September 24 and Saturday, September 25 to support local charities of Western NY and the Cure the Blue Foundation.
Please click below for the complete brochure for registration information for the Friday night Gala, Saturday golf tourney, and sponsorship opportunities which include tickets for all events.
|
|
|
|
IBANYS "Come Back Celebration"
Executive Fall Meeting
September 13-14, 2021
|
We are calling this The Come Back Celebration for good reason. It’s been 18 months since IBANYS had our community banks together in one place. During this time, we have seen community banks lead the way in supporting their customers, small businesses and most importantly their communities through a difficult time. All of you have significantly changed or adjusted your business model to accommodate the pandemic.
This meeting is to celebrate you, your team and all the people you have supported in your community. We will cover a number of topics that will look at business before, during and the effect on banks and what to expect next.
All C-level suite, Senior Management and Bank Boards are welcome.
Please join us for the Come Back Celebration.
|
|
Keynote Speaker: Stephen A. Ingalls ("Steve"), President & CEO, Catalyzer
The Post-Pandemic, Evolving Workforce and How You Should be Leading Them
Stephen A. Ingalls joined the organization in 2010, later served as its President from 2011 to 2015, and now leads the team as its President and CEO. In addition to his strategic leadership, Mr. Ingalls leads curriculum development, program management, and oversees program execution, often facilitating engagements.
Prior to joining Catalyzer, Mr. Ingalls led and directed operations ranging from climate research in Antarctica and Greenland to attack helicopter deployments throughout the United States, Europe, and Korea. A 1982 graduate of the United States Military Academy at West Point, Lieutenant Colonel (Retired) Ingalls holds a Master of Science in Engineering Management from the University of Kansas, a Master of Military Art and Science from the United States Army Command and General Staff College at Fort Leavenworth, and a Master of Science in Aerospace Engineering from the Georgia Institute of Technology. He is a former Instructor and Assistant Professor of Aerospace Engineering at West Point and an Instructor of Tactics at the Command and General Staff College.
Highlights of his 22-year Army career include: facilitating the Army’s analog-to-digital transition in the late-1990s; the distinction of being the first brigade-level aviation operations officer in the Army’s history to lead a 4,400-soldier brigade combat team to a major deployment at the National Training Center in Fort Irwin, California; serving as a Longbow Apache Battalion Commander – responsible to form, field, train, and lead the fourth AH64D-equipped organization and first to deploy outside of the United States; and developing a 15-year strategic plan for over 30,000 Army forces throughout Korea to address Army transformation through 2015.
He won a NASA-American Society of Engineering Educators Fellowship to Johnson Manned Spaceflight Center in the summer of 1994, where he analyzed next-generation space shuttle designs. In 2010, Mr. Ingalls was admitted into Sigma Gamma Tau, the National Honor Society in Aerospace Engineering, and he received his certification as a Project Management Professional (PMP) from the Project Management Institute in 2011.
Leaving active duty in 2004, Mr. Ingalls transitioned his uniformed experience to business, supporting manufacturing and project management functions at a Kansas City-based architectural millwork firm, serving as the Associate Director for Administration at a National Science Foundation research center on climate change, and finally working for multiple federal contracting organizations as a Program Manager and Director of Business Development before assuming a full-time role at Catalyzer in late-2017.
Today, his greatest joys are his marriage to Cara, mentoring his children into adulthood, and serving gleefully as Elijah’s, Adalynn’s, and Silas’ grandfather.
|
|
Keith Ash
Senior Vice President Business Development,
Strategic Resource Management
|
|
2021 Top Payment Trends for a Post Pandemic Recover |
Keith Ash has 25 years of payments expertise across issuer, network, and processor roles. Ash began his career with Household Bank, supporting the launch and growth effort of the GM Co-brand through Household Credit Services. He later joined First Data/Concord EFS where he was the SVP of Operations and Implementations for their Northeast Platform. Keith then worked for MasterCard for 14 years, where he gained extensive experience in roles ranging from Account Management to Sales, supporting regulated and unregulated issuers. His prior role at MasterCard was leading the New Business team for Community Financial Institutions. Keith joined SRM to expand the company’s payments acumen and will focus on serving regulated issuers |
|
|
|
|
|
Upstate New York: Post Covid Market Perspective |
Gerald D. Verdi, President of Verdi Planning Company
Mr. Verdi has worked in banking, finance, technology and strategic planning positions for over thirty-five years. He is a graduate of the State University of New York at Buffalo (B.A.) and the Pennsylvania State University (M.S.).
|
|
|
|
Bruce Paul, Managing Director
Banking Customer Research Team, Rivel, Inc.
|
|
The Pandemic Impact on Customer Loyalty Across New York, for You and Your Competitors |
Bruce Paul leads the Banking Customer Research team at Rivel Inc and founded the New York Banking Benchmarks (and 23 other States). He previously was the Global Head of Financial Services Research at the Nielsen Company and the US Head of Customer Experience Research at Greenwich Associates. He has spent the last 3 decades focused on banking customer behavior and has designed the brand tracking and customer experience programs at 7 of the top 15 North American banks and dozens of smaller institutions. A former Fulbright Scholar, Bruce has degrees in Political Economy, Cantonese, and Asian Studies from Yale-in-China (CUHK) and UC Berkeley. |
|
|
|
Cannabis — An Emerging Market |
|
 |
Corey Massella, Managing Director
UHY, LLC
|
Corey has over 25 years of experience as an entrepreneur, tax and business advisor, and as a specialist in SEC accounting and audit services. Additionally, Corey has experience serving as a Private Equity and Technology Industry Group Practice Leader for a top 20 accounting firm.
Corey has successfully guided his clients through all facets of the mergers and acquisitions transaction cycle to help them make critical decisions while ensuring transactions are strategic and seamless. In 2015, He was selected as the winner of the SmartCEO award for Industry CPA Leader in New York. Corey has completed over 300 M&A transactions and was the lead partner at the firm awarded M&A Advisor’s Accounting/Due Diligence Firm of the Year award in 2017 as well as being nominated as Dealmaker of the Year by ACG New York and M&A Advisor.
|
|
|
|
Matthew VanDerbeck, Managing Director
UHY, LLC
|
Matthew VanDerbeck has more than two decades of experience in accounting and auditing, with extensive experience in the non-profit, governmental and privately held for-profit industries. While working for a Big Four accounting firm for 10 years, Matthew was able to further develop his experience working on larger non-profit entities (including colleges and universities, private schools, unions, governmental entities and other non-profits), non-public and public for-profit entities.
Matthew formerly headed the quality control practice for an accounting firm and served on the New York State Peer Review Committee.
|
|
|
|
|
|
Will Your Bank Emerge Stronger When the Liquidity Surge Recedes? |
Reece McKenszie, Director, New York Territory, IntraFi Network, LLC
Reece joined IntraFi in March 2020 and is the Managing Director for the New York territory. Prior to joining IntraFi, Reece spent 29 years in the banking industry starting at HSBC where he held positions in Treasury Management, Branch management and Product manager for Liquidity. Upon his return to western NY in 2003, Reece held positions in commercial lending, commercial depository services and treasury management for a few local community banks in the Rochester region.
|
|
Lou Costello, Director of Sales Spectrum Reach
Over 20 years in the Marketing/Advertising Industry.
|
|
Michael Schuler,Director of Market Research and Insights Spectrum Reach
Over 15 years Conducting Market Research and Implementing Marketing Strategies.
|
|
Ben Collins, Account Executive at Spectrum Reach
Bachelors in Marketing and Over 10 years Conducting Data infused Marketing Campaigns.
|
|
|
The Independent Community Bankers of America creates and promotes an environment where community banks flourish.
ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
|
|
|
|
ICBA Securities Corporation (ICBA Securities) a subsidiary of the ICBA (Independent Community Bankers of America) that was founded in 1989 following two years of intensive research by ICBA's Bank Services Committee. Based on the proposals submitted and lengthy interviews, the Committee selected Vining Sparks to serve as ICBA Securities' exclusively endorsed broker.
As ICBA Securities is owned by the nation’s largest trade association for community banks, it has a commitment to return all of its profits to the industry, in the form of royalties, sponsorships, or dividends. Through 2020, it had reinvested over $48 million back into its supporting state/regional partners or into the ICBA that it has received from Vining Sparks. Six of the seven ICBA Securities board directors are influential community bankers.
Slippery slope
Another yield curve shift has community bankers guessing.
By Jim Reber
|
|
|
|
|
T. Gschwender & Associates, Inc. is a diversified consulting company that has been providing services to financial institutions and businesses in the Northeast United States since 1984. Our 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. Our business clients include small sole proprietorships to middle-market privately held corporations.
For our financial institutional clients, we like to describe ourselves as a highly sophisticated "Credit Department," able to handle all functions from initial borrower due diligence to collateral liquidation, and everything in between. Our goal is to provide these services in a timely and cost effective manner, allowing our clients to tap into resources they would not otherwise be able to employ internally.
For our business clients, we provide Accounting/Bookkeeping, Business Advisory, Business Valuations, and Tax Services. We also leverage on our numerous banking clients to assist businesses obtain loans at a reasonable rate. Whether you are a new business, growing rapidly, or experiencing some challenges, our Associates can help!
Our Consultants all have extensive banking and corporate management experience. Some of our Associates have been with us since the company was started, and our 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 we 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.
|
|
|
|
About Pentegra
Unparalleled Governance
Founded by the Federal Home Loan Bank System in 1943, we do not answer to shareholders, we answer to our clients. Our boards of directors are made up of our clients, Presidents and CEOs, who use our services and place their own futures in our hands. Our Boards serve with excellence and the highest ethical standards and set the very same ones for our organization.
Unmatched Fiduciary Protection
With a legacy built serving as an institutional fiduciary, Pentegra offers a level of fiduciary protection that is unmatched in the industry. We deliver an unrivaled level of oversight and accept a higher level of responsibility. Our fiduciary heritage shapes our culture.
No Conflicts of Interest
We are not a “Wall Street” firm, or owned by a larger financial services organization, mutual fund or insurance company. As an independent organization, governed by our clients, our focus is to enhance the value of our clients. We partner with firms as a trusted resource to bring an objective perspective and maximum flexibility to every opportunity—to deliver the very best solution for clients.
Client-driven Culture
We were founded by our clients, are owned by our clients, and governed by our clients – simply, we exist for our clients. When we say we are “client driven,” it is not an empty marketing tagline, it’s our DNA. Our solutions begin and end with each client’s real life needs, objectives and goals. Today, we have more than 100 clients who have been with us for over 30 years and maintain a 98% client retention rate.
Deep Expertise and Bench Strength
Our team is comprised of highly-skilled professionals—ERISA attorneys, Enrolled Actuaries, Certified Plan Consultants and specialists in investments, education and compliance. The advantage—access to multiple experts guided by a relationship management team that eases the way for you.
Comprehensive Solutions
Whether you are a financial advisor seeking a fiduciary outsourcing retirement solution for your clients, a client seeking a benefits financing solution to fund an executive benefit plan, or an institutional investor looking for help with your balance sheet, our structure and collaborative culture enable us to align our full resources behind your needs. We deftly draw on our collective resources and team of highly skilled professionals to create exceptional client solutions.
|
|
|
|
|
The Federal Home Loan Bank of New York (FHLBNY) helps community lenders in New Jersey, New York, Puerto Rico and the U.S. Virgin Islands advance housing and community growth. The FHLBNY is part of the congressionally chartered, nationwide Federal Home Loan Bank System, which was created in 1932 to provide a flexible credit liquidity source for member community lenders engaged in home mortgage and neighborhood lending. The FHLBNY increases the availability of mortgages and home finance to families of all income levels by offering high-value correspondent and cash management services to assist our members in more effectively serving their neighborhoods and meeting their Community Reinvestment Act responsibilities.
Our Mission
The mission of the Federal Home Loan Bank of New York is to advance housing opportunity and local community development by supporting members in serving their markets.
The FHLBNY meets our mission by providing our members with access to economical wholesale credit and assistance through our credit products, mortgage finance program, housing and community lending programs, and correspondent services to increase the availability of home finance to families of all incomes.
Our Core Values
Our Core Values formalize the principles that have long reflected our culture and guided our decision-making:
- Focus on members
- Foster a collaborative and responsive work environment
- Support diversity and inclusion in a respectful manner across our business
- Uphold our integrity and promote accountability
- Be results-oriented and mindful of our risk profile
|
|
|
|
ROOSEVELT & CROSS AT A GLANCE
- Entirely employee-owned and directed
- The firm is structured into underwriting, trading, sales, public finance, project finance, and research departments
- 100% of our firm’s capital is committed to municipal securities
- Top ranking municipal bond underwriter in New York, New Jersey, and New England
- Co-senior manager and co-manager on major issues throughout the country
- Consistently ranked #1 underwriter of education bonds in New York
- Leading underwriter of short-term financings in New York
- Quantitative expertise in structuring and executing complicated financial transactions
- Strong distribution capabilities across major and mid-size institutional accounts, professionally managed retail accounts, and high net worth individual accounts
- The main office is located in New York City with branch offices in Buffalo (N.Y.), West Hartford (C.T.), East Greenwich (R.I.), Boston (M.A.), and Warren (N.J.)
|
|
|
|
|
PROFESSIONAL CONSULTING SERVICES TO BANKERS BY BANKERS
The CEIS Review mission is to be the preeminent provider of independent outsourced loan review, loan portfolio stress testing, ALLL methodology validation or refinement, as well as being a provider of related commercial credit management techniques to financial institutions worldwide. Our commitment is to commercial banks, savings banks, credit unions, foreign branches and agencies, multinational organizations and other firms requiring a third party assessment of loan portfolio quality and process.
Our commitment to excellence includes delivering clear & concise reporting, utilizing cutting edge credit and portfolio management techniques, maintaining an objective viewpoint, providing adequate flexibility to clients needs and consistently staying ahead of emerging industry and regulatory matters.
Ultimately, we are dedicated to our client’s success and growth.
|
|
|
|
Moving businesses upward, outward and onward
Sometimes, the audacious is worth pursuing. For more than 65 years, Pursuit, formerly known as New York Business Development Corporation, The 504 Company and Excelsior Growth Fund, has offered innovative lending solutions to help business owners in NY, NJ and PA follow their dreams.
|
|
|
|
|
Founded in 1978 and led by active and engaged problem solvers, we bring a unique passion and approach to our work. For 40 years and counting, we have been listening to our clients and partnering with them to create solutions that address their financial and business challenges.
This dedication has not only contributed to our growth, but has led us to become a Top 50 National Accounting firm.
|
|
|
|
Grow your business with the best content, insights, products & people.
No matter who you need to reach, we’re here to help you connect. Work with a local advertising expert or create your campaign online.
|
|
|
|
|
The Baker Group has been a trusted financial partner helping community financial institutions improve their decision-making, interest rate risk management, and investment portfolio performance since 1979.
Today, The Baker Group is one of the largest independently owned securities firms. After decades of industry service, they continue to grow and adapt in order to better serve their financial partners.
|
|
|
|
Onovative, an automated marketing and communication software provider, put controls back in the hands of bank marketers. Onovative’s affordable marketing software for planning, automation and execution empowers you to manage data for strategizing throughout the consumer lifecycle and engage with consumers through multiple channels. With software that integrates directly with your existing core banking systems, Onovative helps banks drive results by bolstering growth with their current account holders and within their markets. |
|
|
|
|
Serving clients is our fundamental purpose
As a leading investment bank, we enable growth and success for our clients through deep sector expertise, candid advice and a differentiated, highly productive culture.
OUR VALUES
We create and implement superior financial solutions for our clients. Serving clients is our fundamental purpose. We earn our clients’ trust by delivering the best guidance and service. Great people working together as a team are our competitive advantage.
As we serve, we are committed to these core values:
- Always place our clients’ interests first.
- Conduct ourselves with integrity and treat others with respect.
- Work in partnership with our clients and each other.
- Maintain a high quality environment that attracts, retains and develops the best people.
- Contribute our talents and resources to serve the communities in which we live and work.
|
|
|
|
Since 2001, Bankers Healthcare Group (BHG) has been an industry-leading financing partner of healthcare practitioners and other highly-skilled professionals, providing over $7 billion in working capital loans to tens of thousands of borrowers. Leveraging nearly 20 years’ worth of historical borrower data, BHG only targets high-earning borrowers and top-tier credit profiles.
These loans are then packaged and sold to community banks throughout the country who make up the BHG Bank Network– with 1,190+ having trusted in this program for nearly two decades. Banks have access to quality medical and professional loans through the BHG Loan Hub, a secure, state-of-the-art delivery platform with a variety of purchase options. Banks can quickly analyze complete, compliant credit files, and make informed purchasing decisions easily, with consistent loan packages.
By joining the BHG Bank Network, members have the opportunity to invest their excess liquidity in these loans, strengthening and diversifying their portfolio.
|
|
|
|
|
At Wolf, we leverage over 100 years of experience to address the business challenges of today. Our innovative public accounting, risk management, and consulting services provide unparalleled guidance to organizations of all sizes across industries, regions, and the globe. We work with you as a trusted partner and expert, building strong relationships for lasting success.
Our culture of innovation and respect extends to each of our offices and employees. From impactful development opportunities and philanthropic events, to a generous benefits package and work-life balance, our inclusive atmosphere empowers employees to grow, exceed goals, and give back.
|
|
|
|
Since 1998, Main Street, Inc. has partnered with more than 2,100 financial institutions to enhance account holder relationships with affordable, simple and efficient checking programs. By focusing on serving community banks and credit unions, we uniquely understand the needs and values of community financial institutions. Whether it’s to improve service to account holders, streamline team’s workload or boost profitability, we are here to help you achieve your goals. We deliver cost-effective, straightforward check products at competitive prices coupled with a seamless level of service. Our check program is easy to manage and leaves out the hidden fees you’ll find in other programs.
In 2017, Main Street recognized a common need from both our new and longtime customers – to enhance growth with current account holders and within the markets our financial institutions serve. Our team of marketing experts expanded our offerings to include simple, turnkey, data-driven marketing solutions to save cost and time. This ultimately led us to join forces with Onovative, an automated marketing software provider, to further enhance our marketing services. In 2020, we officially added Onovative to the Main Street family. Onovative has been serving community banks and credit unions with affordable marketing software for planning, automation and execution since 2012. From data management, to consumer lifecycle strategy, to consumer engagement, Onovative’s customized marketing and communication software integrates with existing core banking systems to help financial institutions achieve their targeted goals. Learn more at onovative.com.
|
|
|
|
Since 2001, Bankers Healthcare Group (BHG) has been an industry-leading financing partner of healthcare practitioners and other highly-skilled professionals, providing over $7 billion in working capital loans to tens of thousands of borrowers. Leveraging nearly 20 years’ worth of historical borrower data, BHG only targets high-earning borrowers and top-tier credit profiles.
These loans are then packaged and sold to community banks throughout the country who make up the BHG Bank Network– with 1,190+ having trusted in this program for nearly two decades. Banks have access to quality medical and professional loans through the BHG Loan Hub, a secure, state-of-the-art delivery platform with a variety of purchase options. Banks can quickly analyze complete, compliant credit files, and make informed purchasing decisions easily, with consistent loan packages.
By joining the BHG Bank Network, members have the opportunity to invest their excess liquidity in these loans, strengthening and diversifying their portfolio.
|
|
Going on the Boat Tour? What you will see.... |
|
|
|
At the turn-of-the-century, George C. Boldt, millionaire proprietor of the world famous Waldorf Astoria Hotel in New York City, set out to build a full size rhineland castle in Alexandria Bay, on picturesque Heart Island. The grandiose structure was to be a display of his love for his wife, Louise.
|
|
|
|
The Boldt’s family yachts and enormous houseboat were housed here in the slips 128 feet long. Towering bay doors on the decorative facade provided access to the river. The building, rising 64 feet, also featured a shop to build racing launches and quarters for crew and staff. The grandeur of the Gilded Age is fully embodied in the structure’s shingle-style architecture, tremendous towers and spires and the steep-pitched gables.
|
|
|
|
ASSOCIATE MEMBERS & PREFERRED PARTNERS |
|
Actionable insights, advice and tools to help you plan
and execute successful business and IT strategies.
|
|
New York ties Massachusetts for most Trustworthy banks |
- The most recent NY Banking Benchmarks show that NY consumers see their banks and more trustworthy than their New Jersey, Pennsylvania and Connecticut counterparts (in the NJ, PA, and CT Banking Benchmarks). Massachusetts was the only state in the region on par with New York.
- Trustworthiness varies widely across the state with greater Binghamton scores outpacing all other major metros, and Long Island far trailing all other areas.
- While there was no gender or income divide when it comes to judging banks trustworthy, Millennials were slightly less like to rate banks as high as other age groups (even the younger Gen Z group).
- Trustworthiness remains an important brand element for NY households and businesses looking to switch to a new bank.
- Some of the banks that are seen as especially trustworthy by their local prospects: Carthage Savings Bank, Fairport Savings Bank, Canandaigua National Bank & Trust, Cattaraugus County Bank, Tioga State Bank, Adirondack Trust Company, Chemung Canal Trust Company
-
To see your local data: bpaul@rivel.com.
|
|
Cannabis Banking in New York: Practical Guidance
Tuesday, September 28, 2021 2PM EST | 2 Hours
In March of 2021, New York became the 15th state to legalize adult-use cannabis — joining a growing number of states that have expanded from their initial medical-only programs. While retail sales aren’t expected to start until 2022, New York is predicted to become one of the nation’s largest markets in short order.
To help financial institutions operating in New York to prepare for a new, multi-billion dollar industry, the Independent Bankers Association of New York State and Green Check Verified are hosting the complimentary webinar, “Cannabis Banking in New York: Practical Guidance,” on September 28 at 2pm (EST).
Taught by Green Check Verified subject matter experts, this three part educational event covers the following topics:
Session 1: The Fundamentals of Cannabis Banking (60 minutes)
- Essential terminology: cannabis/marijuana/hemp, THC/CBD
- Defining cannabis businesses and identifying their needs
- Federal and state cannabis law, guidance, and regulations
- FinCEN’s 2014 marijuana banking guidance: what you need to know
- Locating and onboarding cannabis businesses
- Ongoing monitoring and working with your examiner
Session 2: Special Considerations in New York (30 Minutes)
Every state’s legal cannabis market has its own particular challenges and opportunities, and New York is no different — especially given the potential size of the program. In this session, we explore where the New York market is headed based on comparable state programs, and what banks operating in the state need to know to safely and effectively work with this industry.
Session 3: Quantifying the Risks and Rewards (30 minutes)
We’ll review a case study, based on an institution that’s currently banking cannabis in a state with a new adult-use program, and use that information to conduct both a financial modeling and risk assessment exercise. From the financial modeling exercise, you will learn to identify the products and services you can (and should) offer to cannabis businesses beyond simply accepting deposits, as well as what fees can be assessed. We’ll also review the primary costs associated with running a program. The risk assessment exercise will not only help you provide a point-in-time assessment of your readiness to bank the industry but also highlight the operational decisions that must be made when working with cannabis-related funds.
Session 3: Special Considerations in New York (30 Minutes)
Every state’s legal cannabis market has its own particular challenges and opportunities, and New York is no different — especially given the potential size of the program. In this session, we explore where the New York market is headed based on comparable state programs, and what banks operating in the state need to know to safely and effectively work with this industry.
Takeaways
- Copies of all presentation materials
- A cannabis banking policy template
- A copy of the sample financial model developed during the session
- A copy of the sample risk assessment developed during the session
- 90-day access to a recording of both sessions
Audience
- Board members
- CEO
- CFO
- Compliance and risk officers
- Branch operations managers
- Business development teams
|
|
|
|
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. |
|
|
|
|
|
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.
|
|
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.
|
|
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.)
|
|
-
After officially taking office yesterday, Gov. Hochul outlined her priorities, including leading the state out of a pandemic and transforming Albany’s political culture. Her top priority is Covid-19. “New York is launching a back to school COVID-19 testing program to make testing for students and staff widely available and convenient. . .I'm also immediately directing the Department of Health to institute universal masking for anyone entering our schools.” Here are five takeaways from Hochul’s address.
-
According to multiple media reports, Governor Hochul has named State Sen. Brian Benjamin (D-Harlem) as her Lieutenant Governor. https://www.nytimes.com/2021/08/25/nyregion/brian-benjamin-lt-governor-ny.html He would be the second African-American to serve in the office. His selection, first reported by NY1 this morning, means more diversity than ever at the upper echelons of government and adds downstate balance for Hochul, a Western New Yorker, as she prepares to run for reelection next year. Hochul The newly will announce her pick at a Thursday event in Harlem, according to The City. . . .>>Read more here.
-
In her first extensive interview since getting sworn in, Hochul described herself as a “Biden Democrat” and said she has already decided who her lieutenant governor will be, The New York Times reports.
-
Governor Hochul announced some key appointments and begun filling the top posts in her fledgling administration. Her top aide will be Karen Persichilli Keogh as Secretary to the Governor (equivalent to Chief of Staff). Keogh is a veteran of Hillary Clinton and Kirsten Gillibrand's U.S. Senate offices who most recently was head of global philanthropy at JPMorgan Chase & Co. Here are five things to know about her new top aide. Elizabeth Fine was named the Governor’s Counsel. She had been serving as EVP & General Counsel for the Empire State Development Agency. Read more; The New York Times reports. Hochul’s current COS Jeff Lewis is expected to remain. Hochul is expected to take up to 45 days to finalize her cabinet and other top appointments. State Health commissioner Zucker and State Budget Director Mujica will remain in office, for now.
-
There will be lots of new faces in key places within state government when the 2022 session begins in January. In addition to a new Governor, Lt. Governor and senior gubernatorial aides, Financial Services Superintendent Linda Lacewell also officially resigned yesterday. Among the "major accomplishments" she listed for DFS under her tenure, noting as the pandemic unfolded DFS took comprehensive action to help consumers suddenly out of work; deferred health, life, and property insurance premiums, mortgage payments, and student loan payments; waived ATM, overdraft, and credit card fees, and made COVID testing and vaccines free of charge for the insured. https://www.timesunion.com/state/article/Linda-Lacewell-top-Cuomo-confidante-quits-state-16408388.php
-
IBANYS will be reaching out to the key members of the new Hochul administration to ensure they have a firm understanding of the role and importance of new York community banks regarding the state and local economy, our communities and small businesses. We will also be scheduling a follow-up session of our Government Relations Committee to continue the process of identifying and refining proactive issues for our 2022 New York State community banking legislative and regulatory agenda.
|
|
-
ICBA and other groups expressed opposition to a Department of Housing and Urban Development proposal to reimplement its 2013 rule on discriminatory effects. Proposal: HUD in June proposed rescinding its 2020 rule interpreting the Fair Housing Act’s "disparate impact" standard and restoring the 2013 rule. 2013 Rule: Under HUD's 2013 rule, lenders could be held liable for neutral practices that have a disparate impact on certain classes of borrowers, even if the lenders had no intent to discriminate. Court Case: The 2020 rule was designed to conform with a 2015 Supreme Court ruling. In Texas Department of Housing and Community Affairs v. Inclusive Communities Project, the high court upheld the disparate-impact approach while ruling that such cases must demonstrate a robust causal link between practices and alleged discriminatory impact. 2020 Rule: In response to the Supreme Court ruling, HUD's ICBA-supported 2020 final rule required plaintiffs to meet a five-step framework that established legal liability for facially neutral practices that have unintended discriminatory effects. The rule was blocked by a Massachusetts district court before taking effect. Joint Letter: ICBA and other groups said the 2013 rule is inconsistent with the Inclusive Communities decision, which requires plaintiffs to demonstrate “robust causality” and “direct” proximate cause between the defendant’s challenged conduct and the plaintiff’s asserted injury. Therefore, the rule must be updated, they said. The groups also said: 1) The updated rule should specify that disparate-impact claims may not be based solely on a statistical disparity. 2) Disparate-impact claims require plaintiffs to plead facts supporting their claims at the pleading stage, which isn’t addressed in HUD’s proposed rule. 3) Remedies in disparate-impact cases should focus on the elimination of the offending practice, which isn’t provided for in the 2013 rule. READ COMMENTS
-
The House passed the $3.5 trillion budget framework, ending a stalemate among Democrats when Speaker Pelosi reached an agreement with a group of centrist members of the party to commit to a vote on the bipartisan $1 trillion infrastructure package by Sept. 27. With a vote in favor of the budget, lawmakers will now move forward on writing a more complete legislative proposal to be pursued via reconciliation, which is expected to include an expansion of Medicare and a variety of other education, climate and family-centered social policy plans. The Washington Post
-
The Consumer Financial Protection Bureau issued new technical specifications for complying with credit card agreement and data submission requirements under TILA and the CARD Act (Regulation Z). Updates: The technical specifications include registration information and the URL for the website at which issuers (or their designees) can submit the required information. Background: Credit card issuers that are required to make quarterly credit card submissions to the bureau must register for the bureau’s “Collect” website by Nov. 1.
-
ICBA continues encouraging community bankers to use its Be Heard grassroots action center to urge opposition to the IRS reporting proposal and to express opposition in district meetings during the August recess.
|
|
|
|
|
|
|
