IBANYS Weekly E-Newsletter |
|
|
|
November 11 - Veterans Day |
Today, is the day we set aside to remember those who gave their all and recognize those who have served or are still serving to protect our freedoms.
We thank you!
|
|
|
|
November FREE Webinars and additional information sponsored by our Preferred Partners and Associate Members at a glance:
Full details and to registered for these events, please see details under
-
November 12 - Wolf & Company - Fostering Foundation Fintech Improving Legacy Core Processing Deals in the Age of Fintech
-
November 16 - NYS Empire State Development - Small Business Recovery Grant Program
-
November 17 - Strategic Resource Management - Crypto Currents: The Basics of Cryptocurrency & Decentralized Finance
-
November 17 - Piper Sandler - Pathway to CFO Webinar
-
November 17 - ICBA Bancard - Next Steps on Your Instant Payments Journey
|
|
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
A few thoughts and observations to share this afternoon:
- Please see upcoming free webinars sponsored by our Associate and Preferred Partners below.
-
ICBA Chairman (and former IBANYS Chairman and current Director) Bob Fisher continues his good work on behalf of community banks in New York State and across the country. This afternoon, he participated in a National Taxpayers Union webinar on the “rise of bank-like credit unions.” The webinar featured two panel discussions on credit union taxation and regulation, mission creep, acquisitions of community banks, and other concerns. Bob addressed such issues as credit union acquisitions of community banks, lax oversight by the NCUA and the need for congressional hearings to examine the credit unions tax exemption.
-
There's more good reading on the outstanding efforts by community banks during the PPP effort. Small Business Administration data show that community banks led the financial services industry in Paycheck Protection Program loans responding to the COVID-19 pandemic, according to a new ICBA blog post. ICBA economist Noah Yosif breaks down data detailing how community banks assumed an outsized role in originating PPP loans, and community banking growth stemmed largely from PPP loan originations. Released as part of a three-part series on final PPP data, his previous post shows how community banks drove lending in the earliest weeks of the program.
-
Regulators have issued revised call reports related to the standardized approach for measuring counterparty credit risk. The agencies deferred consideration of any instructional changes related to the reporting of deferred tax assets.
-
The FBI warned of fraudulent schemes using cryptocurrency ATMs and QR codes to facilitate payment. The FBI said the scheme involves scammers directing victims to withdraw money and providing a QR code associated with the scammer’s cryptocurrency wallet. ICBA’s website offers more information on resources to help community banks bolster cyber and data security, including Sheltered Harbor to add a layer of protection against malware, .BANK to secure customer relationships, and more.
**********
Today's newsletter includes details on legislative & regulatory developments in Albany and Washington impacting community banking. It also included in this week's newsletter is the detailed agenda and registration information for our Human Resources Update scheduled for December 7 via ZOOM. Please see details under the meetings section.
*********
IBANYS needs your input and participation on our committees. Find out more about the opportunities available to play an important role in advancing the interests of the New York community banking industry, IBANYS and your own institution's future. Email me (Johnw@ibanys.net) or IBANYS' Director of Administration & Membership Services Linda Gregware (Lindag@ibanys.net) for more information on how to get involved!.
|
|
|
|
Mark your Calendars and Save the Dates - IBANYS 2022 Meeting Schedule
- December 7 - Human Resources - ZOOM
- February 8 - Compliance - ZOOM
- April 4-5 - Mid-Year Conf. - ZOOM
- April 11 - Directors - ZOOM
- May 3 - Lending - (tentative) in-person
- June 13-15 - Annual Convention - Turning Stone Resort & Casino - in-person
- July 12 - Human Resources Update - ZOOM
- September 12-13 (tentative) - West Point - in-person
|
|
|
|
Human Resources Update
December 7, 2021
|
This program will provide updates on federal, New York State and New York City employment laws. Topics will include COVID-19 vaccination issues; COVID-19 leave laws; the New York HERO Act, New York’s recreational marijuana law and guidance; and addressing the workforce shortage.
|
|
ASSOCIATE MEMBERS & PREFERRED PARTNERS |
|
Join IBANYS and Empire State Development on November 16 - 10:00 a.m. for a free webinar to learn more about the grant program.
The New York State COVID-19 Pandemic Small Business Recovery Grant Program is administered by Empire State Development (ESD) and powered by Lendistry. The program was created to provide flexible grant assistance to currently viable businesses in the State of New York who experienced gross receipts losses of at least 25% due to the COVID-19 pandemic. Grant awards can be:
- 2019 Annual gross receipts: $25,000 – $49,999.99: Award is $5,000 / business
- 2019 Annual gross receipts: $50,000 – $99,999.99: Award is $10,000 / business
- 2019 Annual gross receipts: $100,000 – $2,500,000: Award is 10% of gross receipts (maximum grant is $50,000)
As funds are still available, applications are still being accepted. All small businesses in New York State who have suffered gross receipts losses and received no or minimal federal funding support should visit www.nysmallbusinessrecovery.com or call 1-877-721-0097 for more information on eligibility and to apply.
Click the link for the program guide which goes over the program and application process step by step.
|
|
The emerging legal cannabis industry brings significant growth potential, along with challenging operational demands and complex regulations.
But cannabis banking does not have to mean high-risk banking.
Compliant banking operations require enhanced due diligence to guard against risks common to the legal cannabis industry—the illegal market, bad actors, and legacy cash. To ensure the processes, procedures, technology, and trained staff are in place to serve this industry, bankers need to start with a plan.
|
|
|
|
Get the Cannabis Banking Playbook
Learn how to gain a first-mover advantage serving this rapidly growing industry. Download now
|
|
Informed by the experience of pioneering bankers, this cannabis banking playbook defines a path forward for financial institutions to serve cannabis-related businesses compliantly and gain the financial rewards of this market. |
|
|
|
Holiday Promotions and Communications to Create Engagement |
The most wonderful time of year is drawing near and now is the time to start your holiday marketing planning. Leverage holiday promotions and communications to boost your account holder engagement, drive product adoption, and increase your fee and interest income with minimal time and effort. Discover four product campaign promotions to execute this holiday season and download our free holiday direct mail and social media templates to get started on your holiday marketing activities.
|
|
Crypto Currents: The Basics of Cryptocurrency & Decentralized Finance
Wednesday, November 17, from 11:00 am to 12:00 pm EDT.
Larry Pruss, SRM Crypto Lead and Senior Vice President, will lead this informative webinar
2021 has been a year filled with challenges, changes, and new movements in our world. And one of those movements is the interest in and adoption of cryptocurrency among the global populace.
SRM wants to help our partners and their members identify the threats of this industry, but more importantly, size up opportunities that bring in revenue that might otherwise be lost.
In our upcoming webinar, we'll provide attendees with a comprehensive overview of:
- Cryptocurrency and blockchain concepts
- Decentralized finance
- The six key areas of opportunity for financial institutions
|
|
November 9, 2021
In this issue:
State of the States Q3 2021
The State of the States report presents key economic and financial data regarding the 50 states in a dashboard format for quick reference. This report summarizes any rating changes that occurred in the period since the prior report, as well as listing the highest and lowest performing states in terms of key metrics. Additionally, the November 2021 update captures the State of the States at various stages of the continued reaction to the COVID-19 outbreak, the resultant economic dislocation, and the recent economic rebound as the vaccine becomes more prevalent. Access the full report below...
Join us at one of our upcoming public speaking events:
Nov 17
Virtual
FMS: Pathway to CFO Webinar
Speaker: Scott Hildenbrand
December 6
New York City
2021 Balance Sheet Seminar
Speaker: Scott Hildenbrand & Piper Sandler Financial Strategies Team
|
|
Wolf & Company's 2021 Financial Services Leadership Annual Summit
Join Wolf & Company every Friday in November from 1 - 3 p.m. for a panel discussion and educational session!
The financial services industry is evolving, and in order to excel, institutions must analyze their operations, anticipate the changing needs of their customers, and embrace the advancements emerging in their sector.
Wolf’s Annual Leadership Summit will offer a series of sessions and panels harnessing advanced expertise from both fintechs and financial institutions. From efficient IT system management and cybersecurity enhancements, to workplace culture evolution and fintech integration initiatives, we’ll offer inventive ways to promote growth and new techniques to adapt in this ever-changing environment.
During our 3 – part series experts and executives involved in the financial services, technology, and fintech industries will gather to discuss:
- The latest trends affecting financial institutions today
- Creative techniques employed by executives to foster innovation
- Ways to improve and empower your strategic vision
|
|
Part I
Friday, November 5, 2021
1:00 p.m. - 3:00 p.m. EST
Platform: Zoom
TOPICS:
Initiating Efficient IT: A CIO’s Perspective
Preparing to Mitigate and Respond to Ransomware
|
|
Part II
Friday, November 12, 2021
1:00 p.m. - 3:00 p.m. EST
Platform: Zoom
TOPICS:
Fostering Foundation Fintech
Improving Legacy Core Processing Deals in the Age of Fintech
|
|
Part III
Friday, November 19, 2021
1:00 p.m. - 3:00 p.m. EST
Platform: Zoom
TOPICS:
Engaging Employees & Evolving Your Workplace Culture
Cryptocurrency Session
|
|
|
|
|
Join us in San Antonio for the largest annual convention for community bankers! Held Feb. 27 - March 3, 2022, ICBA LIVE is the best place to renew connections and make new ones.
Join together with ICBA and your industry colleagues from across the nation to celebrate our industry in person.
Our industry is ever changing: Learn about new trends and sharpen your knowledge in your area of expertise.
Explore the city take a walk across the River Walk, enjoy the vast selection of food and drink and take in the gorgeous San Antonio weather.
|
|
|
|
|
|
Next Steps on Your Instant Payments Journey
2 part webinar series
|
These webinars will be moderated by Nick Denning, Senior Vice President, Payments Industry Relations at ICBA Bancard, and Brian Laverdure, Vice President, Payments & Technology Policy at ICBA. Joining the moderators for the first webinar will be Keith Gray, Vice President of The Clearing House with responsibility for RTP® Network Strategic Partnerships, and we will hear from Connie Theien, Senior Vice President and Director, Payments Industry Relations at the Federal Reserve during the 2nd webinar.
|
|
|
|
Fed Taper Tactics
A review of past QE wind-down strategies.
By Jim Reber
|
Maybe the U.S. economy has improved to the point where further quantitative easing isn’t as critical to the Federal Reserve’s policy of “accommodation.” It certainly looks like the Fed has some further work to do on the portion of its mandate that relates to price stability, given the overshoot of its inflation goals. Fed Chairman Jay Powell said as much as early as this August, when he commented that “substantial further progress” has been achieved, and a month later stated that “moderation in the pace of asset purchases may soon be warranted.”
|
|
|
|
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.)
|
|
-
According to the Oct. 29-Nov. 7 polling, 50% of New York voters approve of Hochul’s job performance, up 6 percentage points from responses gathered during her first 10 days in office. Hochul’s approval rating among New York voters is just below that of President Biden (54%) and Senate Democratic Leader Schumer (52%), and just above Democratic Sen. Gillibrand (47%). 29% disapprove of how she has handled her job, up 14 points over the course of about 11 weeks. The increasing disapproval has been driven by independents (34% approve, 35 % disapprove) and Republicans (58 percent disapprove 27% approve). https://morningconsult.com/2021/11/08/kathy-hochul-approval-rating/
-
When Congress passed President Biden’s $1 trillion infrastructure bill, an interesting aspect of the vote was the New York lawmakers who crossed party lines: Two Democrats voted against it, and four Republicans voted for it.
-
Former state Department of Financial Services Superintendent Maria Vullo has created a campaign committee to raise money for a likely attorney general bid in 2022, the Times Union reports.
-
New Assembly Banks Chair Patricia Fahy (D-Albany) has introduced a number of bills in preparation for the 2022 legislative session. The bills include establishing a public/state bank, and allowing credit unions to accept municipal deposits. Read the newly introduced legislation. IBANYS is coordinating a meeting with Chair Fahy for our leadership and with a number of New York community banks in her district.
-
State Attorney General James says that Section 8 tenants who are seeking emergency rental assistance should have their evictions halted during the process and that late payment fees during national emergencies should be eliminated, State of Politics reports.
-
Voters have won at least one small political victory in the wake of last week’s thumping of Democrats: Gov. Hochul has vowed not to raise taxes – and you can bet her pledge was inspired by the election in neighboring New Jersey, The Wall Street Journal writes.
-
New York State appears to be...saving money?! New York’s revenue collections halfway through the fiscal year continue to exceed budget projections, according to the Citizens Budget Commission’s Patrick Orecki. He breaks down the latest financial update from the Hochul administration.
-
This afternoon, NYS Attorney General Letitia James’ office just released Wednesday a trove of transcripts and evidence collected during its five-month investigation into sexual misconduct complaints against former Gov. Andrew Cuomo. Click here to read this story.
|
|
-
A new ICBA blog post provides the state of play on the debate over the reconciliation package’s IRS reporting proposal and tax provisions. Details: ICBA President and CEO Rebeca Romero Rainey writes that while ICBA’s months-long efforts are bearing fruit, the grassroots push must continue due to ongoing policy threats. Grassroots: The post encourages community bankers to: Continue calling their members of Congress and rallying consumers in opposition to the IRS proposal; Use ICBA’s Be Heard resource center to speak out against numerous tax increases included in the budget bill’s draft framework. More: “Community bankers are again proving to be powerful and effective advocates,” Romero Rainey writes. “Now let’s work together to finish the job on these harmful policies.”
-
U.S. regulators continued raising concerns about digital assets as policymakers work to develop a regulatory framework. SEC: In a public statement, SEC Commissioner Caroline Crenshaw spotlighted risks posed by decentralized finance and smart contracts, noting that few people can understand the code on which these instruments are based and even experts can miss flaws or hazards. Fed: Separately, this week’s Federal Reserve Financial Stability Report rates stablecoins and cryptocurrency as the fifth-most-cited potential financial shock over the next 12-18 months, ahead of climate, political uncertainty, and cyberattacks. ICBA Position: ICBA is encouraging regulators to collaborate on a comprehensive approach to unregulated platforms and expressed support for efforts to ensure a consistent federal regulatory framework for stablecoins. More: A new ICBA blog post breaks down the basics of smart contracts—computer programs that automatically execute specific actions.
-
The Congressional Budget Office will issue rolling estimates for the costs of different parts of President Biden's "Build Back Better" legislation, but did not say when it would issue a full score of the package which some moderate Democrats in Congress insist they want to see before a vote. That could delay House passage of the legislation, though Speaker Pelosi said Democrats still plan to vote on the roughly $1.9 trillion climate and social spending bill next week. CNN
- Lawmakers reached an agreement on bipartisan cyber incident reporting legislation that includes ICBA-advocated updates to avoid excessive burdens on community banks. Background: Based on the Cyber Incident Reporting Act (S. 2875), the amendment to the fiscal 2022 National Defense Authorization Act would: Establish a cyber incident response office at the Cybersecurity and Infrastructure Security Agency, and require critical infrastructure, including financial institutions, to report cyber incidents within 72 hours. As ICBA advocated in a letter to lawmakers last month, the legislation: Directs CISA to rapidly share information on cyber threats; Requires reporting of “substantial” cyber incidents, not potential or minor incidents; Requires CISA to harmonize regulations to avoid duplicative reporting requirements; Directs CISA to account for the size and complexity of cyber incidents in imposing penalties; Includes liability protections; Requires CISA to include trade associations in its rulemaking outreach. Next, the amendment will be considered by the House and Senate conference committee, which is meeting to resolve differences between each chamber’s versions of the NDAA. Once a final compromise is agreed to, the legislation will be voted on for final passage.
-
Randal Quarles submitted his resignation as a member of the Federal Reserve Board, effective at the end of December. Quarles has been a board member since October 2017 and served as the board's first vice chair for supervision. He has also served as chair of the Financial Stability Board, with his three-year term ending on Dec. 2.
-
The community banking industry continued its media push against the IRS bank reporting proposal, which remains a threat even after it was recently left out of the framework guiding Democratic discussions. Op-ed: In the Biloxi [Miss.]Sun Herald, Mississippi Bankers Association President and CEO Gordon Fellows said proposed tweaks to the plan will not ease community banker opposition. Ongoing Efforts: reported last week that Treasury and Sens. Tom Carper (D-Del.), Angus King (I-Maine), and Mark Warner (D-Va.) are pressing to include the plan in the Senate’s version of the reconciliation bill—illustrating its continued threat. IRS Grassroots: Community bankers can continue calling their members of Congress and rallying consumers in opposition to the proposal. Tax Hikes: Meanwhile, ICBA continues encouraging community bankers to use its Be Heard resource center to speak out against numerous tax increases included in the budget reconciliation bill’s draft framework.
-
Federal Reserve Governor Michelle Bowman expressed concern with differences in prudential oversight of banks and nonbanks in the mortgage market. Remarks Speaking in Washington, Bowman said the mortgage finance system must have a place for both banks and nonbanks to serve the varying needs of different customers. But like activities should be treated in a like manner, she said, reiterating concerns with financial stability risks they could pose.
-
Office of the Comptroller of the Currency nominee Saule Omarova said one of her priorities will be making sure banks aren't "socializing" their losses on taxpayers, referring to the bank bailouts of the financial crisis, adding that she wants to "protect the American taxpayer, basically, from holding the bag." Omarova, who could have a confirmation hearing as soon as this month, faces opposition from Republicans and the banking industry due to some of her past positions, though she said there has been a "misunderstanding" and said that she's a "huge supporter of community banks that channel credit to American families and businesses in their communities." The Wall Street Journal
|
|
|
|
|
|
|
