IBANYS Weekly E-Newsletter |
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The President's Message
By John Witkowski, President & CEO
Today's newsletter includes program descriptions and registration details on a number of important upcoming IBANYS meetings, including two in early April. The information is available on our website (www.ibanys.net) and via the link below. We hope you, your bank's officers, directors and employees, will participate in these important and timely sessions. For full details: https://ibanys.net/meetings-schedule/. . . Here’s an outline of our schedule:
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"Spring into Action" Virtual Conference – Virtual - April 4-5 – Your bank “PAYS ONE PRICE” FOR ALL BANK EMPLOYEES TO PARTICIPATE.
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Directors Conference – Virtual – April 11.
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Capital Summit/IBANYS “Hill Meetings – May 1 – 4, in Washington, D.C. & Virtual. 2022 ICBA Capital Summit. Details on IBANYS' hill meetings with New York congressional delegation to follow.
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IBANYS ANNUAL CONVENTION – In-Person - JUNE 13-15, 2022, TURNING STONE RESORT AND CASINO. Click here for more detailed information.
We will be asking for your help and participation in meetings (virtual and in-person) with members of our New York congressional delegation. We will be working to schedule these sessions before, during and after ICBA's Capital Summit May 1 - 4. Please see our Washington section for more details.
. . .As always, we thank you for your continued participation and support.
. . .John
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IBANYS Virtual Conference
April 4-5, 2022 - via ZOOM
NYS Community Banks "Spring" into Action
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"Spring into Action" Virtual Conference – April 4-5 (8:30 – 2:45 each day) – Your bank “PAYS ONE PRICE” FOR ALL BANK EMPLOYEES TO PARTICIPATE (each person must be registered and provide an email address). A registrant may attend the entire event or pick & choose which sessions they prefer to attend and may sign in and out of the meeting. We have an outstanding slate of speaker who will share their knowledge and expertise on various topics including the economy, PEP, CECL, compliance and much more. Please click the link below for the detailed agenda and registration information.
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2022 Virtual Bank Directors Conference - Live Webinar
April 11, 2022
8:30 a.m. - 1:45 p.m.
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The role of a community bank director is one that is always changing and has never been more critical to the success of your bank. The 2021 IBANYS Virtual Directors Conference is an informative and engaging event designed to help you gain the tools essential to guide your bank’s growth and profitability and sustain its vision for the future.
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COMMUNITY BANKS — MOBILIZED
BANKING FOR THE FUTURE
Below is a list of sponsors to date - THANK YOU!!
- SHAZAM
- Neach
- Federal Home Loan Bank of NY
- Bankers Healthcare Group (BHG)
- Shield Compliance
- ICBA
- The Baker Group
- T. Gschwender & Associates
- Plante Moran
- COCC
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IBANYS ANNUAL CONVENTION
June 13-15, 2022
Turning Stone Resort & Casino
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Detailed Brochure and Registration Information - Register Today!
A block of rooms have been reserved at the Turning Stone Resort & Casino. Reservations can be made by contacting the Turning Stone Resort at (800) 771-7711. Refer to group: IBANYS Convention. Room cut-off: May 19, 2022. (We cannot guarantee room availability and pricing after this date.) Tower King/Double Rooms rate= $164. Tower Junior Suites rates $244 (single/double occupancy).
WE STRONLY RECOMMEND YOU MAKE YOUR RESERVATIONS EARLY. THE ROOMS WILL SELL QUICKLY. Cancellations must be made 48 hours prior to day of arrival.
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MEET THE CONVENTION SPEAKERS |
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Bruce Paul
Head of Banking Customer Insight , Rivel
Bruce oversees Rivel’s banking research business, CXLign Banking, which utilizes the results of its vast Customer and Prospect Benchmarks survey dataset to produce focused reports on specific institutions within a particular footprint area, and helps banks measure their competitive position and track their performance over time. As one of the leading experts in banking customer research in the world, he is a regular speaker at industry conferences and has helped numerous banks and credit unions develop their customer experience and member experience programs.
Prior to joining Rivel, Bruce founded Customer Experience Solutions and created the Banking Benchmarks, the largest syndicated banking studies in the world, now part of Rivel’s CXLign Banking division. Before that, he held senior roles at the Nielsen Company, the world’s largest market research company, as well as Greenwich Associates and Qualtrics.
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Dailey Betz
New York Consultant, Rivel
Dailey consults with bank and credit union leadership, drawing from Customer and Prospect Benchmark report data to help bank executives assess, tailor and track their marketing, customer retention and branch expansion strategies.
Prior to joining Rivel, Dailey spent multiple years working at Gartner in technology consulting as an account executive partnering with C-Level executives to help drive their top business initiatives such as digital transformation, IT strategy and data security. She also worked as an account executive in the software industry with a focus on 1:1 customer engagement, customer service, and intelligent automation.
She graduated with a BS in Marketing from Florida Gulf Coast University.
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ASSOCIATE & PREFERRED PARTNERS |
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ON-DEMAND Educational Marketing Webinar:
Engaging Today’s Evolving Consumer
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Bank marketers have had to rethink traditional marketing practices and pivot to effectively engage account holders. How do you create meaningful touch points? What marketing strategies result in successful engagement with your target audience at the right time? Watch this on-demand webinar where the marketing experts at Onovative dive into these critical questions and more to address key challenges marketers face today.
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Join community bankers from across the country to advocate for our industry—in person. You have the power to share your personal story and put a name to our industry's key legislative priorities.
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Rising tide
Bonds to own for a rate hike environment
By Jim Reber
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Community bankers are nothing if not predictable, and I mean that as a compliment. They are bright, enterprising, have a nose for the risk/reward dynamic and a sense of duty and loyalty to their customers and staff. They’re also deathly afraid of rising interest rates.
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New York State will receive approximately $119 million in additional rent relief funds from the federal government -- which is significantly less than the sum Gov. Hochul originally requested earlier this year. She had asked the Treasury Department for $1.6 billion in additional rental aid in January to assist 174,000 tenants, stressing the need for assistance among “those still reeling from the financial impact of the pandemic. . .We need to ensure that all eligible tenants and landlords are able to tap into this critical assistance.” The $1.6 billion sum would , she said. The state exhausted the $2.4 billion originally allocated to the effort.
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IBANYS has been asked by NYS DFS to coordinate feedback from state chartered bank executives, and to participate in a round table on managing the financial risks from climate change. DFS guidelines have been developed, including which size of banks the guidance should apply to like OCC’s Principles for Climate-Related Financial Risk Management for Large Banks. DFS is addressing these potential concerns in the draft guidance by emphasizing a proportionate, risk-based, and iterative approach. The guidance is for supervisory dialogue, and institutions can start qualitatively with existing data, then gradually evolve to be more sophisticated. DFS is not setting a timeline for implementing the expectations in the guidance right now, which is to give institutions time to do the work at a pace that makes sense to them. Read the guidance
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Financial Services Superintendent Harris said DFS recovered nearly $6 million in restitution from enforcement actions and $127 million in penalties against financial institutions and service providers. DFS processed 40,000+ complaints against insurance companies, banks, and other financial institutions. https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202203101
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New York's jobless rate picture remains a tale of two states as unemployment rates are far higher in the five boroughs of New York City than the rest of the state. Read More
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With budget negotiations moving toward the final stages in advance of the April 1 deadline, other legislative issues will be moving to the front burner. Senate Banks Chairman Sanders is focusing more on his legislation to create a state/public bank -- rather than on establishing local municipal public banks -- IBANYS continues to oppose to the legislation and has drafted a Memo in Opposition. . . . Also Read IBANYS Background & Talking Points Opposing this legislation and proposed possible alternative approaches to help meet the needs of unbanked and underbanked populations.
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ICBA was scheduled to testify before Congress at 10 a.m. (Eastern time) today, March 16, on community bank leadership in Paycheck Protection Program lending.
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Robert Barnes, president and CEO of PriorityOne Bank in North Magee, Miss., will testify on behalf of ICBA. The House Small Business subcommittee hearing will provide an empirical review of the PPP’s effectiveness in preserving jobs and reaching underserved small-business owners. Recent ICBA blog posts break down how community banks:
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According to the Federal Reserve Bank of New York's Survey of Consumer Expectations, consumers increased their short- and medium-term inflation expectations in February. Respondents reversed some of previous month’s sharp declines in inflation expectations.
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Sarah Bloom Raskin has withdrawn as President Biden’s pick to be the Fed’s Vice Chair/Supervision, ending a standoff with Republicans over the president’s slate of central bank nominees.
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President Biden signed into law the $1.5 trillion government funding omnibus with ICBA-advocated provisions related to the SBA’s 504 loan program and LIBOR.
504 Program: Due to unusually high demand, the 504 program was on pace to exhaust its $7.5 billion lending authorization level in June, which would have shuttered it more than three months before the fiscal year ends Sept. 30.
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After ICBA and other groups called on Congress to increase the 504 program’s authorization level, the omnibus sets funding authorizations at $11 billion for the regular 504 program and $5 billion for debt refinancing.
LIBOR: Meanwhile, the absence of clear guidance and a consistent federal standard for “tough legacy” contracts with interest rates based on LIBOR has posed uncertainty, reduced liquidity, and increased volatility for investors, consumers, and securities issuers.
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The omnibus includes an ICBA-supported provision directing the Federal Reserve to determine replacement rates that can be used for contracts lacking fallback language, by providing a safe harbor should the contract not specify a non-LIBOR replacement rate.
Flood Insurance: The omnibus also includes an ICBA-supported extension of the National Flood Insurance Program through Sept. 30.
Cyber Reporting: Additionally, a provision requiring cyber incident reporting for critical infrastructure avoids excessive burdens on community banks, includes liability protections, and requires harmonized regulations, as advocated by ICBA.
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The Fed is preparing to announce new economic data on Wednesday acknowledging that inflation is growing and will continue to grow in the near future. The quarterly data are another painful sign for the White House, which for months argued that rising prices were simply a momentary side effect of the pandemic that would quickly subside.
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The White House is raising alarm bells about the consequences if Congress fails to pass emergency coronavirus funding, warning in a fact sheet it would hamper access to vaccines, boosters, testing and treatments.
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President Biden finally has a permanent Director for the Office of Management and Budget. The Senate confirmed SHALANDA YOUNG 61-36 with 14 Republicans voting for her.
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Several speakers are set for the 2022 ICBA Capital Summit keynote and breakout sessions, including: Senate Banking Committee member Mike Rounds (R-S.D.); Acting Comptroller of the Currency Michael Hsu; FDIC Acting Chairman Martin Gruenberg, and Assistant Treasury Secretary for Financial Institutions Graham Steele. Registration is open for the 2022 ICBA Capital Summit May 1-4. The Capital Summit will bring community bankers from across the country to Washington to interact with leading policymakers and to advocate for our priorities. Learn more. . . .
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The House will not be in session that week, while the Senate will be. IBANYS is working to coordinate a combination of virtual and in-person “hill” meetings with key New Yorkers on the Financial Services, Small Business, Agriculture, Energy, Homeland Security, Labor, Budget and Ways & Means Committees, as well as with Senators Schumer and Gillibrand. . Stay tuned for more details.
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