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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2021 "Come Back Celebration" Executive Fall Meeting
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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
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Five days away! There’s no better way to end the summer than spending it with your fellow bankers and great business partners! IBANYS’ “Comeback Celebration” September 13-14 at the 1000 Islands Harbor Hotel in Clayton, New York. All C-level suite, Senior Management, Bank Boards are welcome. We have a great line up of speakers on timely topics. . .Join us for a great line up of speakers. . .to enjoy some golf or a boat tour on the St. Lawrence . . .and to get together with your colleagues. Today's newsletter includes lots of details on the program, how to register and sponsorship opportunities! IBANYS is monitoring the status of pandemic/variant issues and will be taking every precaution to keep attendees safe. QUESTIONS? PLEASE CALL LINDA GREGWARE (518.436.4646) OR JOHN WITKOWSKI ( 716.880.0518)
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A proposal in Washington to impose reporting mandates on banks is picking up momentum. IBANYS & ICBA strongly oppose this initiative. We need your help and your voice. I am asking New York community bankers and their local customers to fully support ICBA’s grassroots effort to reach out to your local congressional representatives and urge them to oppose this proposal. See the Washington sect ion of today’s newsletter for details.
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The FDIC released the results of its annual survey of branch office deposits for all FDIC-insured institutions. The FDIC’s Summary of Deposits provides deposit totals for each of the more than 81,000 domestic offices operated by more than 4,900 FDIC-insured institutions. The latest data is up to date as of June 30.
- When the 2022 state legislative session begins in January, there will be a new Governor, Lt. Governor, Assembly Banks Committee Chair, Secretary to the Governor and Governor's Counsel since the Legislature adjourned in June. There will be new faces in key places. IBANYS will be reaching out to them to discuss the importance and value of New York community banks to our state and local communities, economies, small businesses and consumers.
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Today, the Office of the Comptroller of the Currency issued a proposal to rescind its 2020 Community Reinvestment Act Rule. Below you will find a link to the News Release. Should you have any questions please do not hesitate to contact me.
Sincerely,
Ryan J. Portell
Program Manager, Banking Relations
Office of Public Affairs
Office of the Comptroller of the Currency
Mobile: (202) 716-2295
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Stay safe and well, and we hope to see many of you at our Come Back Celebration next week!
John
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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.
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IBANYS "Come Back Celebration"
Executive Fall Meeting
September 13-14, 2021
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Confirmation letters have been mailed.
We are excited and looking forward to seeing everyone on Monday, September 14 for the start of IBANYS “Come Back Celebration” Executive Fall Meeting. It’s been a long 18-months since we have had an opportunity to meet in person.
We recognize covid is not behind us and we must remain vigilant taking every precaution to keep attendees safe. Though there are no mask mandates, we are strongly encouraging everyone to wear a mask when inside.
Our cocktail hour will be held out on the patio (weather permitting). Dinner will be inside. We’ve requested that the tables be set with no more than 8 chairs and a few tables with 6 chairs to provide seating options. Further, the educational sessions will be set classroom style seating with 3 feet between chairs.
We will continue to monitor the status of pandemic and take every precaution to keep attendees safe.
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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.
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Keith Ash
Senior Vice President Business Development,
Strategic Resource Management
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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 |
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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.).
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Bruce Paul, Managing Director
Banking Customer Research Team, Rivel, Inc.
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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. |
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Matthew VanDerbeck, Managing Director
UHY, LLC
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Cannabis — An Emerging Market |
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.
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Dan Elder, Managing Director,
Eastern Region, IntraFi Network, LLC
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Will Your Bank Emerge Stronger When the Liquidity Surge Recedes? |
Dan Elder serves as Managing Director, East Region at Promontory Network. Dan has been working for IntraFi Network for 13 years and currently manages sales staff and territories spanning over the eastern half of the country. In his prior role as Regional Director, he was responsible for developing and managing relationship with banks on funding, liquidity, client development, and asset/liability management in the Mid-Atlantic region. Prior to working for IntraFi Network, Dan worked at SunTrust Bank and First National Bank of Arizona. He currently lives in VA with his wife and 3 children. |
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Lou Costello, Director of Sales Spectrum Reach
Over 20 years in the Marketing/Advertising Industry.
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Michael Schuler,Director of Market Research and Insights Spectrum Reach
Over 15 years Conducting Market Research and Implementing Marketing Strategies.
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Ben Collins, Account Executive at Spectrum Reach
Bachelors in Marketing and Over 10 years Conducting Data infused Marketing Campaigns.
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Going on the Boat Tour? What you will see.... |
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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.
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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.
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ASSOCIATE MEMBERS & PREFERRED PARTNERS |
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presents
Barret Executive Leadership Academy:
Strategic Planning and Talent Development
with Mike Synk
This program is designed to provide bank executives tangible takeaways as they build talent recruitment, development, and management strategies.
Topics include:
- The Connection Between Strategy & Talent Development
- Creating a Talent Inventory
- Using Scorecards
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Do I Have the Right Mix of Talent
SEPT. 22
10:00 AM - 3:00 PM CST
(1 hour lunch break)
Via Zoom
Cost: $295
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Too Much Liquidity, Not Enough Yield?
Learn the bond math that will help you take control of your portfolio performance.
Thursday, September 23 at 11:00 AM ET
Your balance sheet has just been through one of the craziest times in banking and now you have to figure out how to deal with all the cash that’s been piling up. Are you worried about margin compression? If you invest in long bonds and rates go up, what will your ALCO/board say? What will they say, if rates stay low and you stayed in cash?
In 60 minutes, you will learn:
- How to accurately measure the impact of staying in cash if rates go up or stay the same (or even go down!)
- What NOT to buy from a list of investments that we are seeing pitched to investors across the country.
- A time-saving, disciplined process to making better long-term investment decisions.
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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
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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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Community bank customers weigh in on IRS monitoring
Community bank customers have joined the industry in expressing opposition to the Biden administration’s proposal to require banks to report their customers’ account information to the IRS.
Consumer Alert: Consumers have already sent thousands of messages to their members of Congress opposing the plan via ICBA’s new Consumer Alert webpage.
Consumer Outreach Vital: ICBA is encouraging community bankers to direct their customers to the site to demonstrate public opposition extends beyond banks themselves.
Custom Resources: Meanwhile, community bankers are using ICBA’s customizable email and social media content to raise opposition, with the #KeepMyBankingPrivate hashtag already garnering hundreds of thousands of impressions.
Details: ICBA President and CEO Rebeca Romero Rainey details the multi-faceted consumer campaign—including ICBA’s custom resources—in a post on Main Street Matters and LinkedIn.
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Portfolios Morph
Investment securities have undergone big changes this year.
By Jim Reber
If there’s a constant in the world of a community bank investment manager, it’s disappointment. If you buy a bond today and yields go down tomorrow, you wish you’d have bought more; if yields go up, you wish you had bought none. If your overall portfolio has unrealized gains, you lament the poor yields that are available; if you are presented with attractive rates on new offerings, it means you’ve got losses on the balance sheet.
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ICBA Securities and its exclusively endorsed broker/dealer, Vining Sparks, will present a webinar on September 14th for the state associations that endorse ICBA Securities, as well as all other community banks. This is the 6th webinar of the 2021 webinar series.
The municipal bond sector continues to occupy a significant portion of community bank portfolios and year after year serves as one of the better performing asset classes. A meaningful portfolio allocation to the municipal bond sector can provide a strong foundation for long term bond portfolio performance and make a positive contribution to overall portfolio yields.
In this webinar, we will provide insights into the overall credit outlook of the municipal market considering COVID’s impact, with specific focus on the state and local government sectors, including schools K-12. We will highlight the federal programs designed to support the overall municipal market through mitigation of the financial consequences of the COVID pandemic on municipal issuer credit. We will also comment on current municipal market conditions and opportunities with an emphasis on community bank portfolios.
What you’ll learn:
- The role municipal bonds play in a high performing bank investment portfolio
- The current state of the market for tax-free and taxable municipals
- The impact of the COVID pandemic on the credit quality of state and local governments, including schools K-12, and their current outlooks
- Actions to date by the federal government that provided stability and assistance to the various issuers/sectors of outstanding municipal debt in the capital market.
The webinar will last approximately 1 hour.
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Dennis Porcaro, SVP
Vining Sparks Investment Strategies
Dennis is a municipal credit analyst in Vining Sparks' Strategic Solutions Group. Prior to joining Vining Sparks he was the Director of Municipal Credit in the Central Rating Utility Group at American Express.
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Justin Sparks, VP
Vining Sparks Trading
Justin is a Vining Sparks trader specializing in the municipal market. Previously Justin was a member of the Strategic Solutions Group where he provided guidance on municipals, pre-purchase analysis, and monitoring requirements.
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Date and Time
September 14, 2021 at 10:00 AM CDT
Cost
There is no cost for Vining Sparks' customers and prospects.
Prerequisites
Those working as CEOs, CFOs, investment managers, directors, and anyone responsible for balance sheet or investment portfolio management who possess the working knowledge necessary to benefit from the content of this webinar.
Instructions for Audio/Video
You will receive instructions to access the webinar after your registration is confirmed. If you do not receive a registration confirmation email, please contact your account representative.
Additional Information
Field of Study: Specialized Knowledge
Advance Preparation: None
Program Level: Intermediate
Delivery Method: Group Internet-Based
Conference participants can earn up to 1 hour of CPE credit based on a 50-minute hour.
Questions?
For additional questions regarding this webinar, concerns and/or cancellation policies, please contact Jim Reber at info@viningsparks.com or 800-829-0321.
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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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Late last week, Governor Hochul signed legislation to extend New York’s eviction moratorium through Jan. 15 and to expand the state’s rental assistance program. In this new eviction moratorium bill, the Legislature created a path for landlords to challenge whether tenants have truly been impacted by the pandemic in court. https://www.governor.ny.gov/news/governor-hochul-signs-new-moratorium-covid-related-residential-and-commercial-evictions-law . . . Read More;
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The New York State Health Department declared COVID-19 a “highly contagious disease that presents a serious risk to public health.” Advocates have been waiting for months for this certification so it can jumpstart the NY HERO Act . Read More
- NYS Assembly Speaker Carl Heastie named Assemblywoman Patricia Fahy (D-Albany) as the new Chair of the Assembly Banks Committee. She will succeed Victor Pichardo (D-Bronx), who is resigning from the Legislature this week.
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Roughly $463 million in weekly unemployment assistance for New York City residents is ending, threatening to upend the city’s fledgling economic rebound and slashing the only source of income for some to pay rent and buy groceries in a city rife with inequality, The New York Times reports. Governor Hochul said the state will not pay to extend COVID-19 unemployment benefits for the 1.6 million state residents receiving them when the related federal programs expired at the end of Sunday, the Post reports.
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A mandate that required New York state employees to either be vaccinated or tested weekly for COVID-19 was pushed back from Sept. 7 to Oct. 12. Read More
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Notice Includes:
1. The annual service fee (also known as the “on-going guaranty fee”) and
2. The upfront guaranty fee for 7(a) loans for fiscal year 2022 (FY2022), and
3. The exceptions to those fees authorized for FY2022 for the 7(a) loan program.
VIP: Please read the notice in its entirety. Below are highlights from the notice:
FY2022 Annual Service and Upfront Guaranty Fees for 7(a) Loans
Fees are effective for all 7(a) loans approved October 1, 2021, through September 30, 2022:
1. Annual Service Fee: The annual service fee will be
a) For loans of $350,000 and less: 0.00%.
b) For loans of $350,001 up to and including $1,000,000: 0.49% of the guaranteed portion of the outstanding balance of the loan.
c) For loans over $1,000,000: 0.55% of the guaranteed portion of the outstanding balance of the loan.
Lenders must manually adjust this fee in the current Authorization Wizard.
2. Upfront Guaranty Fee: Except for Export Working Capital Program (EWCP) loans and SBA Express loans made to veteran-owned businesses, as defined in the attachment to this Notice, the upfront guaranty fee will continue to depend on the loan amount and the maturity of the loan.
a) For loans with a maturity that exceeds 12 months, the upfront guaranty fees are:
i) For loans of $350,000 or less: 0.00%.
ii) For loans of $350,001 to $700,000: 2.77% of the guaranteed portion.
iii) For loans of $700,001 to $1,000,000: 3.27% of the guaranteed portion.
iv) For loans of $1,000,001 to $5,000,000: 3.5% of the guaranteed portion up to $1,000,000, plus 3.75% of the guaranteed portion over $1,000,000.
b) For loans with a maturity of 12 months or less, the upfront guaranty fees are:
i) For loans of $350,000 or less: 0.00%.
ii) For loans greater than $350,000: 0.25% of the guaranteed portion.
When two or more SBA-guaranteed loans for an applicant (including its affiliates) are approved within 90 days of each other, the guaranty percentage and guaranty fee are determined based on the aggregate amount of the loans. Lenders are not permitted to split loans for the purpose of avoiding fees. This rule applies regardless of whether the loans were approved by the same or different 7(a) Lenders. This represents no change to current policy.
6. Upfront Guaranty Fee for SBA Express Loans Made to Veteran-owned Small Businesses:
For all SBA Express loans made to veteran-owned small businesses, the upfront guaranty fee will be zero in accordance with section 7(a)(31)(G) of the Small Business Act (15 U.S.C. § 636(a)(31)(G)).
Lenders must document in their loan file the veteran eligibility for fee relief using the documentation in the Attachment to this Notice and must include a copy of that documentation with any guaranty purchase request.
SBA Information Notice 5000-818642 is attached as an FYI for 504 fees effective October 1, 2021 – September 30, 2022.
For all 504 loans, the following fees are effective for loans approved October 1, 2021 through September 30, 2022:
For 504 loans (other than loans made under the 504 Debt Refinance without Expansion Program) approved in FY2022:
1) The upfront guaranty fee will be 0.50% (50 basis points).
2) The annual service fee will be 0.2475% (24.75 basis points) of the outstanding balance of the loan.
For 504 loans approved in FY2022 under the 504 Debt Refinance without Expansion Program:
1) The upfront guaranty fee will be 0.50% (50 basis points).
2) The annual service fee will be 0.2475% plus 0.0115%, for a total of 0.2590% (24.75 basis points plus 1.15 basis points for a total of 25.90 basis points) of the outstanding balance of the loan.
Valerie Shoudy, Lender Relations Specialist Grace Conners, Lender Relations Specialist
U.S. Small Business Administration
224 Harrison St., Suite 506 | Syracuse, NY 13202
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As Congress announced plans to begin voting to advance a $3.5 trillion spending bill this week, consumers reached a milestone in ICBA’s campaign opposing a provision that would require banks to report customer account information to the IRS. Markup: The House Ways and Means Committee will begin considering the spending measure tomorrow, the panel’s chairman announced—indicating the urgency of ICBA’s campaign calling on consumers to contact Congress in opposition to the IRS reporting proposal. Milestone: Meanwhile, ICBA’s push against the IRS reporting plan on Tuesday topped 100,000 custom messages to lawmakers from more than 30,000 community bank customers and other consumers. Poll: Consumers hit the milestone after ICBA announced poll results showing 67% of voters oppose the proposal, 64% do not trust the IRS to monitor their account information, and 54% don’t trust the agency to protect their financial data. Campaign: The polling and messaging data are reflected in ICBA’s consumer-facing campaign against the IRS proposal, including its Consumer Alert webpage with a custom message to Congress and customizable email and social media content community bankers can use to spread the word. Urgency: With Congress beginning to take up the spending bill—which can pass with a simple majority under budget reconciliation rules—ICBA is urging community bankers to continue using the resources to alert their customers. More: ICBA President and CEO Rebeca Romero Rainey details the multi-faceted consumer campaign—including ICBA’s custom resources—in a post on Main Street Matters and LinkedIn.
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The Consumer Financial Protection Bureau issued a Federal Register notice affirming that two debt collection final rules will take effect as planned on Nov. 30. Background: The rules implement provisions of the Fair Debt Collection Practices Act restricting certain debt collection practices and requiring detailed disclosures at the outset of collection communications. ICBA Position: As advocated by ICBA, the CFPB structured the rules to apply only to third-party debt collectors, not community banks and other first-party debt collectors. Proposed Delay: The CFPB in April 2021 proposed extending the effective dates to Jan. 29, 2022, but earlier this summer said the extension is unnecessary.
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Federal regulators announced they will extend the comment period on proposed guidance designed to help banks manage risks associated with third-party relationships. Deadline: The agencies extended the comment deadline by 30 days to Oct. 18, as requested by ICBA and other groups in a joint letter. Proposal: The proposed guidance is designed to offer a framework of sound risk management principles and would replace each agency’s existing guidance on this topic.
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