July 13, 2022
IBANYS Weekly E-Newsletter
MEMBER BANK NEWS
Bank of Cattaraugus
IBANYS congratulates Colleen Young, President & CEO of the Bank of Cattaraugus, for being listed "Top 200 Most Powerful Woman in Western New York" by Buffalo Business First, honored for their influence on economic, social and cultural growth throughout Western New York.
Customers like you have always been our priority. Regardless of what financial guidance or support you need, we make a point of being there when you need us most—and helping you bank happy each and every day. It all comes down to trust, which is why we’re grateful to be recognized for it by both Newsweek and Forbes.
IBANYS MEETINGS
September 12-14, 2022
Executive Bank Symposium

LOCATION TO BE DETERMINED
ASSOCIATE & PREFERRED PARTNERS
CECL Coffee Talk Q&A
Friday, July 15 at 10:00 am ET 
Join our monthly discussion series on all things CECL. We'll begin by addressing the latest questions and concerns we've received from banks, then open things up for an audience Q&A — and hear how your CECL compliance work is going, clarify misinformation, swap suggestions and more. Each session will be different, and any banker can attend one or all, whether you use our CECLSolver tool (part of QwickAnalytics) or not. Just register to let us know you'll attend.
Unrealized Losses Continue…
Communicate and Determine the Real Impact
July 18, 2022 | Webinar
 
 
You are invited
The second quarter of 2022 saw rates climb ever higher and the unrealized losses since Q1 are even greater. This comes at a time while investment portfolios continue to comprise a larger portion of the balance sheet. With all parts of the curve up 70-145 bps since 1Q, strategies and messaging remain in focus as investment portfolio marks put pressure on equity.
Join Scott Hildenbrand , head of Piper Sandler financial strategies, for the next installment of our continued virtual client outreach. Hildenbrand will review the framework for measuring and analyzing the risk on balance sheets, methods for internal and external communication about what the AFS mark means for institutions, and the strategic options available on- and off-balance sheet for mitigating the risk.
 
Date and location
Monday, July 18, 2022
3:00 p.m. ET 
 
 
 
Hosted by
The Piper Sandler Financial Strategies Group
 
Questions? Please contact Heather Hofer via email or at +1 212 466-8047.
 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

ICBA INFORMATION
Up with Coupons
Larger interest payments can build a floor under your bond prices
By Jim Reber, ICBA Securities
Jim focuses on how larger interest payments can build a floor under your bond prices, and suggests strategies that can improve life for community banks.

ALBANY UPDATE

  • NYS Comptroller DiNapoli said after two years of extraordinary volatility in State finances, the State Fiscal Year 2022-23 Enacted Budget Financial Plan from the Division of the Budget projects fiscal stability for the next five years. It also includes plans to bolster rainy day reserves significantly,  according to a report  by DiNapoli. However, his analysis identifies several revenue, spending, and sustainability risks that could disrupt the Financial Plan that should be monitored closely.



  • Democratic state lawmakers in a letter on Monday urged Gov. Kathy Hochul's administration to repay the $8.1 billion owed to the federal Unemployment Trust Fund before a major increase in tax costs hit New York businesses later this year.  Read More

  • Next month’s state Senate primary has at least seven Democratic incumbents facing challengers, plus competitive races for open seats in Brooklyn and Staten Island. For more on who’s running, check out City & State’s new state Senate primary races tracker..  .  .Meanwhile, The U.S. has more than 3,000 counties, but here are 20 of the most important – including Dutchess County in New York – that will likely determine whether Republicans or Democrats control  the U.S.  House and Senate in 2023. Politico reports..

  • New York Court of Appeals Chief Judge Janet DiFiore will leave her post by the end of August, long before her term was due to expire.  Read More.  It comes at a time a time when the high court could decide New York’s fate on pivotal issues.  State and federal Democratic legislators want Hochul to  reshape the court and move it in a more progressive direction in response to the conservative shift on the U.S. Supreme Court, Politico New York reports.  A 12-member Commission on Judicial Nomination will screen candidates for the court opening and create a short list of potential appointees, and Hochul will then send her nominee to the Senate for confirmation. 

  • Small businesses, including firms in New York, continue to struggle with high inflation costs to operate and difficult-to-fill job openings, according to a survey released Tuesday by the National Federation of Independent Business. Read More

  • Gov. Hochul continues to track New York's COVID-19 infection and hospitalization numbers daily and while cases are trending up, but it doesn't appear the current sub-variant of the virus is causing as serious illness as previous ones.   Read More.  New York state is launching a $1 million campaign to bring attention to treatment options for people who have tested positive for COVID-19.  Read More.  .  .Meanwhile, NYS Senate Majority Leader Stewart-Cousins tested positive for COVID-19. She has been vaccinated and received a booster shot. She’s the latest New York elected official to test positive, following news that  U.S. Senate Majority Leader Schumer also tested positive.  Read More
The US Small Business Administration has created a pilot program using the Ascent online learning platform. The pilot is targeted at women-owned, rural small businesses who are located throughout the U.S. and territories. If you have candidates you would like to recommend, please feel free to share the attached flyer and information below.

Feel free to reach out with any questions you may have.

More about the Ascent Pilot:
The Ascent Pilot is the first of its kind NO COST program that will be a combination of online, self-guided learning using the Ascent platform and group virtual sessions using the Teams platform. Ascent’s group virtual sessions will provide a forum where program participants will meet with other women who have been selected for the Ascent cohort with representation from across the nation. During the Ascent Pilot Program, the virtual sessions will be presented in an interactive workshop format where subject matter experts in business, finance and contracting will discuss the Ascent modules, as well as share information that small business owners need to know to start, grow and succeed.

This pilot will be a small cohort of 1 or 2 women from each of SBA’s 10 regions with a maximum of 20 students. If there is enough interest, the program may be expanded.

Program requirements:
  1. Women-Owned Small Business Located in a rural area Eligibility (usda.gov)
  2. In Business between 1 to 5 years,
  3. Average Revenue from last 5 years less than $50,000 (To calculate, annual gross revenue / years in business = average revenue)
  4. Note - if in business less than five years, state number of years in business and average revenue based on those years. For partial years in business round down to the number of full years in business.
  5. *(If start up and pre-revenue, state $0)
  6. Willingness to commit to staying in the program for the entire duration and to meeting at least 5 of the 6 times for virtual sessions (8/17-11/9/22). Mandatory virtual sessions will be held on Wednesdays - 8/17, 8/24, 9/7, 9/21, 10/5, 10/19, 11/2, 11/9 from 2:00 to 5:00 pm EST. 8/17 and 11/9 are not mandatory sessions.
  7. Agreement to proactively work with a SBA Resource Partner (WBC, SBDC, VBOC, SCORE, Community Navigator) for support and guidance through the program. The purpose is to have a local resource for the Cohort Participants to leverage for assistance and advice.

Application/Selection Process:
  1. Applicant applies using the Microsoft Form (Ascent Rural Pilot (office.com) and submitting.
  2. Applicants can choose to attend an online event to learn more and have questions answered (https://www.eventbrite.com/e/377360684967). Sessions are daily July 18-22 (see below).
  3. Applicant Interviews will be scheduled and held (7/25 – 8/12).
  4. Applicants will be notified of their selection or not selection by phone or email.
  5. Pre-program get-acquainted networking held on 8/17 to launch program. 


Katrina Ballard
Outreach and Marketing Specialist/Public Information Officer
Syracuse District Office
U.S. Small Business Administration
Office: (315) 295-1475
Cell: (202) 941-8091
WASHINGTON UPDATE

  • A group of congressional Democrats, led by Rep. Carolyn Maloney of New York and Sen. Elizabeth Warren of Massachusetts, are optimistic that an overdraft bill will be taken up in the U.S. House later this month.  Read story →

  • ICBA testifies today before Congress on the interagency proposal to modernize Community Reinvestment Act regulations.  Quentin Leighty of the First National Bank of Las Animas, Colo., is slated to appear before the House Financial Services Subcommittee on Consumer Protection and Financial Institutions. ICBA offers a summary of the CRA proposal to help community bankers submit personalized comments by the Aug. 5 comment deadline.

  • The CFPB plans to issue a final rule implementing Section 1071 small-business reporting requirements by March 31, 2023, according to court filing.  The CFPB agreed to the deadline as part of a lawsuit designed to compel the bureau to finalize the rulemaking, which is required by Section 1071 of the Dodd-Frank Act. The deadline is consistent with an Office of Management and Budget timeline released last month. ICBA continues advocating relief from CFPB regulations, including its 1071 plan, in which the bureau is proposing to nearly double the number of reporting data points required by Congress.  In an American Banker op-ed last month, ICBA President and CEO Rebeca Romero Rainey said that while Dodd-Frank directs the CFPB to implement new reporting rules, the bureau should exercise its authority to tailor its rulemaking to avoid restricting access to credit.

  • ICBA and other groups today are calling on the House to include a cannabis banking safe harbor in the fiscal 2023 National Defense Authorization Act (H.R. 7900).  In a letter going to congressional leaders today, the groups are urging House leaders to include an amendment that would add to H.R. 7900 the bipartisan SAFE Banking Act, which the House has already passed six times.  The letter also calls on lawmakers to advance an amendment to add the SECURE Notarization Act, which would expand consumer access to online notarization and establish nationwide anti-fraud measures.

  • ICBA called on the National Credit Union Administration to finalize a proposed rule issued more than two years ago to provide more transparency and disclosures when credit unions acquire bank assets.  The NCUA proposal would formalize processes for considering these applications that were previously employed on a case-by-case basis. It includes provisions on regulator approval, assuming deposits, and federal share insurance.  In a new comment letter, ICBA said the proposal would be a good first step but the NCUA should go further given the acceleration in credit union acquisitions of community banks, court and state agency struggles to interpret this gray area, and the ongoing federal review of merger guidance. ICBA called on the NCUA to increase the transparency of these deals by increasing credit union communications and disclosures and by collaborating with federal and state banking agencies. In a Medium op-ed last month, ICBA President and CEO Rebeca Romero Rainey wrote that Congress should join the growing number of states pushing back against credit union overreach.  Community bankers can continue urging Congress to hold hearings on the credit union tax exemption using a customizable message to lawmakers on ICBA’s Wake Up page and its Wake Up Messaging Playbook.

  • The U.S. Bureau of Labor Statistics reported today that inflation surged to a new pandemic-era peak in June. U.S. consumer prices jumped by 9.1% year-over-year -- the highest level in more than 40 years and higher than the 8.8% economists had predicted, according to Refinitiv. Much of the increase was driven by gasoline prices, up nearly 60% over the year.  https://www.cnn.com/2022/07/13/economy/cpi-inflation-june/index.html;  https://www.nytimes.com/live/2022/07/12/business/cpi-report-inflation

  • Nearly 100% of small-bank executives who responded to a recent IntraFi survey say they expect the U.S. economy to fall into a recession by next year. The top reason why: an overcorrection by the Federal Reserve as the central bank tries to tame inflation. Read story →

  • Consumers expect inflation to slow over the long run, according to the Federal Reserve Bank of New York's June Survey of Consumer Expectations. Respondents reported that they see inflation rising at a rate of 3.6% three years from now and an inflation rate of 2.8% in five years, with both figures dropping slightly from May's survey, though they expect inflation to reach a rate of 6.8% a year from now, the highest-ever reading for the survey, which dates back to 2013. The Wall Street Journal

  • The Financial Stability Board will issue recommendations on supervising stablecoins and other crypto assets in October.  Citing recent turmoil in the crypto markets, the global financial risk monitor said it will issue its report to the G20 finance ministers and central bank governors.  ICBA has repeatedly called on policymakers to bring digital assets within the regulatory perimeter and recently published a series of blog posts on the collapse of TerraUSD, its ongoing impact on financial markets, and how it affects community banks and the regulatory debate.


  • Michael Barr, a former Treasury official in the Obama administration and current university administrator, has been confirmed by the full Senate as the next Vice Chair for Supervision for the Federal Reserve. The Senate confirmed him this morning as a member of the Fed Board of Governors by a 66-28 vote, and later today confirmed his position as Vice Chair/Supervision by the same margin . Barr’s confirmation gives the Fed Board a full complement of seven governors for the first time since August 2013, and fills President Biden’s last remaining bank regulator vacancy. 



  • The annual congressional summer recess in August is now just around the corner. In August, your local Members of Congress will be back home in the district. It's a great opportunity to re-connect with them, remind them of all your banks do for your communities, and discuss important federal legislative issues and priorities. Aaron Stetter (ICBA’s EVP of advocacy and strategic engagement -- and a Buffalo native) shares ideas and tips for making lasting personal connections with lawmakers to support top ICBA policy priorities in this month’s  Independent Banker magazine.  . .  Read more. 

  • ICBA’s third quarter   “Advocacy in Action   government relations dashboard and recent   advocacy briefing   provide community banks with an update on ICBA’s advocacy successes, along with more information about our community bank-focused policy positions before Congress and the financial agencies. The briefings cover ICBA’s efforts on critical policy issues, including:  Leveling the playing field with credit unions;  Closing the industry company loophole, and  Addressing concerns with the FDIC’s climate risk management framework.