The latest news for you

Volume 1| February 5, 2020

IBANYS Weekly E-Newsletter

Visit our website at www.ibanys.net for all you educational needs. See dates and registration information (if available) for our live programs and be sure to check out our webinar offerings. Watch for IBANYS' monthly marketing newsletter for additional features and updates.

Visit our Website

IBANYS News and Updates

A Fresh New Look For Our Newsletter

IBANYS is pleased to introduce a fresh new look for our weekly e-newsletter. The new layout will provide readers with a more concise and easy read on your PC or your mobile device. The weekly newsletter will continue to provide timely updates on state and federal legislative and regulatory developments, ICBA updates, information about our upcoming meetings and articles and news that are important to the community banking industry.

In addition to the weekly e-newsletter, IBANYS will lauch a monthly e-newsletter entitled " IBANYS Partners, Products & Services." The monthly publication will feature updated information about IBANYS meetings and conferences, including highlighting speakers and topics, upcoming webinars and webinar series, new members, news and services offered by our partners for our members.

If you have news about your company, promotions, new hires ect., a service, educational offering, report or white paper that you would like us to share please send the details to Lindag@ibanys.net, Stever@ibanys.net or johnw@ibanys.net and we will include it.

Please let us know your thoughts on our newly designed newsletter. Your feedback is extremely important to us.

IBANYS Holds its First 2020 Board Meeting

IBANYS' 2020 Board of Directors met for the first time on Friday, January 31 with our 2020 Chairman, Mike Wimer , President & CEO, Cattaraugus County Bank presided. Mr. Wimer introduced the executive committee: Vice Chairman Tom Carr , President & CEO, Elmira Savings Bank; Treasurer Mario Martinez , Chairman & CEO, Catskill Hudson Bank and Immediate Past Chairman Tom Amell , President & CEO, Pioneer Bank. The Board also welcomed our newest board member: Phil Pecora , President & CEO, Genesee Regional Bank.

Upon conclusion of the introductions, the Board reviewed and approved the annual audit, discussed a number of government relations issues, importantant communications topics, 2020 educational programming, membership outreach and some of the challenges ahead for our industry and Association. As always, thanks to all our community bank industry leaders for sharing their time and expertise.

IBANYS 2020 Meetings - click the meeting to download brochure and to register

Compliance Conference

March 3 - Rochester — March 4 - Poughkeepsie - registration is open

Directors Conference

April 7 - Rochester — April 8 - Poughkeepsie - brochure & registration info will be available Monday, February 10

Secuirty Conference

May 5 - Rochester — May 6 - Poughkeepsie - brochure & registration info coming soon

IBANYS 46th Annual Convention

June 15-17, 2020 - Turning Stone Resort & Casino, Verona, NY

(details and registration information coming soon)

Albany Update

Budget Bill Includes Banking Related Initiatives

IBANYS has reviewed Governor Cuomo's proposed 2020-21 state budget for initiatives that would, if enacted, impact the operations of New York community banks.

Some or all of the proposals could remain in the state budget bill, or some could eventually be withdrawn and introduced as separate stand-alone legislation.

The initiatives would:

Give the State DFS the authority to proceed against unlicensed entities by using the same administrative procedures used against licensed entities.
Reconvene the Medicaid Redesign Team to identify $2.5 billion in savings.
Permit banks to place a hold on bank accounts of vulnerable adults if a reasonable doubt exists there may be financial exploitation, and provides immunity for banks acting in good faith.
Permit the State DFS to license debt collectors.
Establish employer mandated sick days as follows: businesses with between 5-to-99 employees would have to provide at least 5 days, and businesses with more than 100 employees must provide at least 7 days.
Make permanent the State DFS authority to use financial institution data match systems.

Other recent legislative activity:

A.9140 (Abinanti)/S.4188 (Kennedy), introduced in the Assembly, would require financial institutions to notify a customer prior to charging a fee based on account inactivity. The legislation is currently on the floor in the Senate.

A.9141 (Abinanti)/S.1589 (Sanders) would establish the State Financial Literacy Commission to improve the financial literacy and financial capability of New York residents.

A.9596 (Jean-Pierre)/S.2133 (Sanders) would create the Consumer Overdraft Protection Act. It would limit overdraft fees over the course of one year to $100, including any other additional charges and/or fees.

IBANYS will meet with the new Assembly Banks Chairman, Assemblyman Tom Abinanti (D-Westchester County) to provide him with background information on the important role community banks play in New York State's economy, home ownership and small businesses. We will provide background information on tax-exempt credit unions and the need to level the playing field between community banks and credit unions.

The income tax hike for the wealthiest New Yorkers being pushed by some legislators, to close the budget gap and fund health care and schools, is unlikely to be in a final state budget agreement . Budget Director Robert Mujica noted: "When it comes to what people call the millionaires’ tax right, we have to look at the impact overall in New York state. The federal government just eliminated state and local deductibility for New Yorkers, that has dramatically decreased our competitiveness vis-à-vis other states.” The Governor has said the cap on deductions and a state tax hike could lead to more wealthy New Yorkers leaving the state.

Washington, DC Update

Michelle “Miki” Bowman was sworn in for her second term as a member of the Federal Reserve Board of Governors. Governor Bowman made history in 2018 as the first person to fill the Fed’s community banking seat, which was established because of ICBA’s (and IBANYS') successful advocacy. Bowman's new term expires Jan. 31, 2034.

The Consumer Financial Protection Bureau has added the following to its executive team: Susan M. Bernard, assistant director for regulations; Donna Roy, chief information officer; Rachelle Vaughan, chief procurement officer; Thomas G. Ward, assistant director of enforcement; and David Wernecke, chief experience officer.

The House Financial Services Committee has hearings this week on state consumer protections and interest rate caps. Among those testifying will be Consumer Financial Protection Bureau Director (CFPB) Director Kathy Kraninger.

ICBA Updates

State Regs Can Block Credit Unions From Buying Community Banks

A new ICBA analysis reviews how community banks can use state laws and regulations to challenge credit union acquisitions of community banks. The Colorado State Banking Board recently blocked a credit union-community bank acquisition, saying it would have violated Colorado law prohibiting banks from selling to non-banks.

Latest On "Wake Up" Campaign

I CBA has urged Congress to hold hearings on the surge in tax-exempt credit unions purchasing tax-paying community banks, and encouraged congressional committees to consider legislative solutions including taxing the largest and most growth-oriented credit unions and expanding regulatory scrutiny of these transactions. New York community bankers can learn more about ICBA’s “Wake Up” campaign – including press coverage that has generated – https://www.icba.org/news/news-details/2020/02/04/how-states-can-challenge-credit-union-bank-acquisitions

Join IBANYS In Washington For ICBA's Capital Summit, Meetings "On the Hill"

With New York Congressional Delegation

Top federal policymakers will speak at the ICBA Capital Summit, including House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.), Senate Banking Committee member Mike Rounds (R-S.D.) and Federal Reserve Governor Michelle "Miki" Bowman. McHenry and Rounds are long-time champions of community bank regulatory relief. Bowman is the first person ever to fill the Fed’s community banking seat. New York community bankers: Join your colleagues from across the country for these sessions, and advocate with members of the New York Congressional Delegation on Bank Secrecy Act reform, a cannabis-banking safe harbor, the industrial loan company loophole, credit union and Farm Credit System tax advantages, and more.

Make your voice heard...Join on April 28 - May 1 in Washington DC

Click below for details and to register.

2020 Capital Summit

IBANYS Preferred Partners

(click the company logo to learn more about our parnters)

ICBA LiveLearn more & to register click

The Community Bank Leverage Ratio Captial Framework- Does it Make Sense for Your Bank? Read article here

Underscoring the Importance of BOLI Third Party AdministratorsRead Article Here

‌