IBANYS Weekly E-Newsletter |
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President's Message
IBANYS 46th Annual Convention will be “MOBILIZED” in five days! We will gather in person from Monday, June 13 - Wednesday, June 15 at the Turning Stone Resort & Casino. This event is developed by bankers for bankers and is a “must attend” event. Why is this a “must attend” event….IBANYS President & CEO John Witkowski shares some thoughts on why you should attend. CLICK HERE
SILENT AUTION - Support your industry's political action efforts!! Please consider donating a gift. This is our signature event on Tuesday evening during the Trade Show. Walk the trade show floor, meet all the vendors and bid on those items you would like to have - we have some really unique items that have been donated...DO you have something unique you would like to donate. Complete the attached form and email to Linda Gregware (lindag@ibanys.net) and drop your donated gift to Linda in the Tuscarora Room (IBANYS office throughout the convention) and your item will be displayed on Tuesday evening. If you are a vendor donating the gift, that gift will be displayed at your booth on Tuesday evening.
Don't miss the "Save the Date" reminder for IBANYS' major fall meeting: Our Executive Bank Symposium September 12 - 13 in Lake George.
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The New York State Legislature officially adjourned for 2022 without giving final approval to two major proposals strongly opposed by IBANYS: 1) Allowing credit unions to bid on municipal deposits, and 2) establishing a state bank or public banking at the state or local levels. Thanks to all the our IBANYS member banks who took part in our government process, helped develop policies and positions, and participated in discussions with the Banks Committee Chairs, other key legislators and your local representatives . Your voice made a difference! See our Albany section for full details.
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The Fed will release a second tool next week to help community financial institutions implement the Current Expected Credit Losses (CECL) accounting standard. The spreadsheet-based Expected Losses Estimator will use financial institution loan-level data and management assumptions to help community financial institutions calculate their CECL allowances. The Fed said it will launch the ELE tool during an "Ask the Fed" webinar Thursday, June 16.
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ICBA announced Anne Balcer will succeed Karen Thomas as ICBA Senior EVP of of Government Relations & Public Policy effective July 11. Karen will retire after 30 years of service to ICBA and community banks, but will serve as senior advisor in the transition. Anne has served in an executive role at Forbright Bank—formerly Congressional Bank—in Chevy Chase, Maryland since 2013, advising the executive management team and board, and managing all aspects of legal, regulatory and compliance oversight. She is also a former Maryland Deputy Commissioner of Financial Regulation. IBANYS wishes Karen well, and congratulates and looks forward to working Anne in the future.
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On behalf of IBANYS members, Board of Directors and staff we want to extend our thanks to all the sponsors of IBANYS 46th Annual Convention and for all they do for all New York Community Banks.
Please click on each of the companies to learn more about the company and how they can help you.
This week we are highlighting our Golf Sponsors
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Company
ATM Consultants
Lee & Mason Financial Services, Inc.
NEACH
iBusiness Funding
COCC
Advanced Media New York
Hartman Executive Advisors
BancCard of America
Travelers Insurance Company
Rivel, Inc.
Pentegra Retirement Services
Atlantic Community Bankers Bank
Comptroller of the Currency
Magee Company
Dox Electronics, Inc.
Bankers Healthcare Group
SHAZAM
Genesis PPG
Howard Technology Solutions
Shield Compliance LLC
Investors Title Insurance Company
Federal Home Loan Bank of NY
IntraFi Network
ICBA
The Bonadio Group
Brown Security Solutions, LLC
T. Gschwender & Associates, Inc.
The Baker Group LP
PM Internal Audit Services LLC
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September 12-13, 2022
Executive Bank Symposium
Lake George, NY
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ASSOCIATE & PREFERRED PARTNERS |
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Aug 8-11, 2022 Virtual/Live Training
HR Management 2022
This workshop is designed to provide intensive training for employees in Human Resources Management.
TOPICS INCLUDE
- Employee Recruitment, Selection, and Placement
- Situational and Behavioral Interviewing
- Driving Employee Engagement
- Creating an Accountability Culture
AUDIENCE
- Human Resource Managers
- Branch Managers
- Department/Division Managers
- Management/Hiring/Coaching/
- Counseling Responsibilities
Instructor, Kerry Sauley, is the Marjorie B. Ourso Excellence in Teaching Professor at Rucks Department of Management, Louisiana State University, Baton Rouge, LA.
PRICE:
IN PERSON: $695
VIRTUAL (VIA ZOOM): $595
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Live Bank Marketing Webinar: Driving Growth with Marketing Automation
June 22, 2022, 11 AM EST
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Need an extra hand with your marketing? As the role of marketing continues to evolve, bank marketers are faced with the need to drive account holder growth and revenue with limited time and resources. Marketing automation can help you strategically tap into your data, execute your marketing programs and yield greater results. Join experts at Onovative on June 22nd for a live demo webinar where they will dive into everything you need to know about leveraging marketing automation at your bank to drive growth.
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How Can Financial Institutions Capitalize on the Economic Clout of Generation Z? |
Gen Z does not have much interest in traditional banking. They were grandfathered into their families’ brick-and-mortar personal bank, and banking options and alternatives in the past were limited. Not anymore.
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Mortgage Market Update and Opportunities
Tuesday, June 14 | 11:00 a.m. - 12:00 p.m. ET
ICBA Securities and its exclusively endorsed broker, Stifel, will present the webinar Mortgage Market Update and Opportunities exclusively for the state associations that endorse ICBA Securities, as well as other community banks. This is the fifth presentation in the 2022 webinar series.
Mortgage-backed securities are a core sector allocation for high performing depository investment portfolios. In this presentation, we will discuss the impact of various factors influencing performance in the MBS market, including the increase in interest rates, the shape of the yield curve, prepayment speeds and the wind-down of the Fed’s QE4 MBS purchase program.
After reviewing factors driving the market, we will analyze relative value relationships among various products in the MBS sector and offer strategy recommendations geared toward maximizing portfolio performance. This webcast will review:
- The role of MBS in depository investment portfolios
- Factors driving performance in the MBS market
Ways to analyze relative value within MBS
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Cost
There is no cost for Stifel customers and prospects.
Prerequisites
Those working as CEOs, CFOs, investment managers, directors, and anyone responsible for balance sheet or investment portfolio management who have 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 Stifel 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: FixedIncomeEvents@stifel.com.
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The New York State Legislature has adjourned for 2022 and is not scheduled to return to Albany until the 2023 session in January. The Legislature finished its business without giving final approval of two major proposals strongly opposed by IBANYS: 1) Allowing credit unions to bid on municipal deposits, and 2) establishing a state bank or public banking at the state or local levels.
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Credit Unions/Municipal Deposits Legislation: Before leaving Albany, the Senate passed legislation in the closing hours to allow credit unions to accept and secure deposits from municipal corporations. However, the bill was never taken up by the Assembly. Following extensive discussions with IBANYS, New York community bankers and our allies, Assembly Banks Chair Pat Fahy (D-Albany) withdrew her Assembly version of the bill in May, saying it needed more work before being resubmitted for consideration. The bill was never put back on the agenda.
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Legislation To Establish Public/State Banking In New York: Legislation to establish a state bank, and/or to allow localities to establish public banks at the level was introduced in both houses. IBANYS, New York community bankers and our allies met repeatedly with both the Senate and Assembly Banks Committee Chairs (Senator Sanders, D-Brooklyn, and Assemblywoman Pat Fahy, D-Albany) to explain our position and concerns, and to propose alternative approaches to meet the needs of unbanked and underbanked communities by utilizing existing vehicles. In the end, the only bill considered in either chamber was one to create a temporary special commission "to conduct a feasibility study on the formation and control of a state public bank." The State Senate passed that legislation, but the Assembly did not bring it to the floor for a vote.
The Legislature passed more than 1,000 bills in both chambers during the 2022 session, the highest rate of production in the last 25 years in Albany. IBANYS will be reporting on additional legislation of interest as we examine and analyze the full results of the 2022 session. Thanks to all of you who participated in our meetings, discussions and efforts this year.
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Gov. Hochul said legislation to place a two-year moratorium on a process approved in the closing days of the session is under review, and she did not commit to signing it: “We'll be looking at all the bills, looking very, very closely, so we have a lot of work to do over the next six months.” The industry is expected to invest heavily in efforts to persuade her to reject the measure and to seek to influence other industry-friendly regulations in Albany.
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State Financial Services Superintendent Harris recently issued new DFS Regulatory Guidance setting foundational criteria for USD-backed stablecoins issued by DFS-regulated entities. Harris said the new guidance “creates clear criteria for virtual currency companies looking to issue USD-backed stablecoins in New York.” It addresses Backing and Redeemability; Reserve Requirements, and Independent Audits. Read the press release on the NYS DFS website: https://www.dfs.ny.gov under publications and reports/press releases.
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Gov. Hochul has called special elections to fill vacancies in the 19th and 23rd congressional districts for August 23, the same say as the congressional primaries. Meanwhile, GOP Rep. Chris Jacobs, the incumbent in the 27th C.D., will not seek reelection in the newly formed 23rd D.D. following backlash over his position on gun reform. Former GOP gubernatorial candidate Carl Paladino is running, and State GOP Chair Nick Langworthy also reportedly plans to run.
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With the House moving to advance legislation to expand credit unions powers, ICBA continues calling on community bankers to urge their lawmakers to oppose the bill. The House Rules Committee said it is likely to meet next week to consider legislation that includes the ICBA-opposed Expanding Financial Access for Underserved Communities Act (H.R. 7003). ICBA is urging community bankers to use its Be Heard grassroots action center to express opposition to H.R. 7003, which would expand credit union powers to serve low-income and underserved areas without requiring proper documentation or oversight. As ICBA told the House Financial Services Committee before that committee took up and advanced the bill last month, H.R. 7003 focuses on low-income areas rather than low-income families and individuals, with geography a poor proxy for household income.
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ICBA and 44 state banking groups (including IBANYS) wrote to the FDIC to express concerns that the agency’s proposed climate risk management framework for large banks could “choke off” lawful but climate-disfavored industries from the banking system. ICBA also expressed concern that the framework would eventually, and inappropriately, “trickle down” to community banks. "Banks should have the ability to lend to any consumer or corporate citizen who is creditworthy and engaged in lawful activity, without fear of political or regulatory retribution," the coalition said. ICBA and the state banking group urged the FDIC to review its 100-year bank data and: 1) Conduct further studies and gather empirical data to better understand the efficacy of the current risk management framework and practices in managing climate-related financial risk; and 2) Address any specific gaps in the current framework and the degree that climate-related risk may or may not threaten the safety and soundness of the financial system.
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ICBA and a coalition of 44 state community banking associations (including IBANYS) have also urged Congress to include a cannabis banking safe harbor in the America COMPETES Act conference report. In today’s letter to congressional leaders following a separate letter from ICBA last month, the groups note that the House has passed the bipartisan SAFE Banking Act six times to establish a safe harbor for financial institutions that serve cannabis-related businesses in states where cannabis is legal. The legislation is designed to address a conflict between state and federal law that presents legal uncertainty for community banks, inhibits access to the banking system for cannabis-related businesses, and creates public safety concerns by forcing these businesses to rely on cash. ICBA was the first national banking trade group to support the SAFE Banking Act and to testify before Congress on its behalf. The bill, which the Conference of State Banking Supervisors recently endorsed, has more than 180 co-sponsors in the House and more than 40 in the Senate. A 107-member bicameral conference committee is convening to merge the House-passed COMPETES Act and Senate-passed U.S. Innovation and Competition Act into a final, compromise bill. Those measures are designed to bolster U.S. competitiveness with China.
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The Senate Banking Committee today is scheduled to consider the nomination of former Treasury official Michael Barr as Federal Reserve Vice Chairman of Supervision. Barr has reportedly won the support of three GOP members of the Senate Banking Committee (Senators Toomey (PA), Rounds (SD) and Lummis (R-WY), putting him on track for an easy confirmation by the full Senate. The committee also plans to consider the nominations of Jaime Lizárraga and Mark Toshiro Uyeda for the Securities and Exchange Commission.
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Senators Gillibrand (D-NY) and Lummis (R-WY) introduced legislation to give the Commodity Futures Trading Commission - rather than the Securities Exchange Commission - primary responsibility for regulating cryptocurrencies, which the senators said "are much more similar to commodities than securities." The legislation would require crypto trading platforms to register with the CFTC and have the regulator monitor the cryptocurrency spot market. However, the bill reportedly has little chance of advancing this year through the Senate. Similar legislation in the House has languished.
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