IBANYS Weekly E-Newsletter |
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2022 Convention Sponsors - to date
- Bankers Healthcare Group (BHG)
- CEIS Review
- COCC
- Federal Home Loan Bank of NY
- Hartman Associates
- ICBA
- Neach
- Pillar+Aught
- Piper Sandler
- Plante Moran
- Pursuit
- Roosevelt & Cross
- SHAZAM
- Shield Compliance
- Sunwealth
- T. Gschwender & Associates
- The Baker Group
- Wolf & Co.
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TALK BUSINESS WITH KEN KRAETZER - Kevin Kerridge CEO of Altamonte Springs, Florida based SeeTek on discussing the vast "Unbanked"
"You would think half the country is covered by "Bank Deserts", Vermont, Hawaii, any major city has a bank desert challenge" That's Kevin Kerridge CEO of Altamonte Springs, Florida based SeeTek on discussing the vast "Unbanked" amounts of that United States that do not have traditional bank branches to provide account opening, deposit, and funds access.
In our #cbsiTalkingBusiness interview series Kevin describes the #OuterBanx program which provides advanced ATM type machines which in three minutes can open an account, verify ID, accept deposits and provide funds access via debit cards.
Describes the concept of "Community Hosted Financial Services, the OuterBanx ATMs can be located in super markets, community centers, even churches. A mobile app is available which can provide additional services. Processing is provided by M2systems. About sponsors he explains, "Any bank can sponsor the terminals, a small bank, a regional, a super regional, or a federally chartered national bank".
Reach Kevin Kerridge on Linked In and at 702-490-6031
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IBANYS received the following Industry Letter from DFS: https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220415_offering_bank_on. In the letter, DFS that they "reached out to the New York banking industry to determine the receptiveness and operational viability of offering such alternative accounts and assessed applicable New York laws and regulations and the Bank On National Account Standards. After this assessment, DFS has determined that all New York State regulated banking institutions, as defined under Section 14-f.9(a) of the New York Banking Law (“Banking Institutions”), will be deemed to satisfy the Basic Banking requirements under the New York Banking Law and the General Regulations of the Superintendent, by offering Bank On accounts as an alternative to Basic Banking accounts."
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ICBA's Capital Summit in Washington, D.C. is just two weeks away: May 1 – 4. IBANYS is coordinating “Hill Meetings" with the offices of key members of our New York congressional delegation, focusing on those on House Financial Services, Small Business, Agriculture, Ways & Means, Energy & Commerce and other key committees, plus Senators Schumer and Gillibrand. We'll be discussing issues such as: Credit unions & the Farm Credit System (congressional review of the NCUA and FCA, modernizing the tax code to restore a balanced, competitive financial landscape). . . Urging the Senate to pass the SAFE Banking Act for a safe harbor for legal cannabis banking. . . Supporting legislation to prevent SBA direct lending. . . Supporting the ECORA Act to provide lower interest rates and better terms on rural loans. . . Closing the Industrial Loan Company loophole to preserve separation of banking and commerce. . . Opposing a U.S. Central Bank Digital Currency, which would divert deposits from community banks to the Fed; Please join us for these important sessions!
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While this is not a big issue yet in NYS, I wanted to share a few items regarding Credit Unions acquiring banks....a few states have prevented CU's from acquiring banks thru tax legislation. Details may be found here and here.
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IBANYS Annual Convention “Mobilized, Banking for the Future” is now just over seven weeks away! Join us June 13 -15 at the Turning Stone Resort & Casino. Click here for more detailed information. . . .and, for full details on all 2022 IBANYS meetings, visit: https://ibanys.net/meetings-schedule/.
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Activity in Albany has intensified. The issues are many, and time is short since the session will end earlier this (June 2) year due to the state party nominating primaries. In Washington, we are gearing up for our meetings with key members of the New York congressional delegation on May 3. We're working hard, and will need your voice, ideas and feedback to maintain community banks strong position in your communities, and highlight all each of you banks have done, and continue to do, for your customers and communities. See today's Government Relations sections for more details.
-- John
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IBANYS Congratulates GRB on being recognized as one of the Best Companies to Work for in New York
Congratulations Team!
I am pleased to announce that GRB has been recognized as one of the Best Companies to Work for in New York for the ninth time. We earned the no. 5 position in the medium-size business category (100-249 employees), up one spot from last year.
Best Companies to Work for in New York is a survey competition to determine which participants are the best employers. The process is managed by Best Companies Group (BCG) and winners are published by New York State SHRM (NYS-SHRM). For those of you who participated in the survey process, thank you.
I always like to take the time to note achievements like this because our success in this program is directly attributed to the kind of culture we have developed – and maintained – here at GRB. Through the challenges of the past few years, we have remained consistent in our commitment to our customers, to this community, and to each other.
Thank you for a great year and for making GRB a great place to work.
Cheers!
Phil
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OTHER EVENTS/OPPORTUNITIES |
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There are two opportunities to be a part of something special. Both great events and both include inviting customers and/or provide a great reward for employees. |
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Buffalo Bills Alumni Foundation Gala and Golf weekend – July 22nd-23, 2022. Buffalo Bills Alumni raise money and give 100% of proceeds to charities in the Buffalo/Rochester region. Great 2-day event with former players and memorabilia. Please contact John Witkowski (johnw@ibanys.net) for registration and sponsorship information.
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2023 PGA Championship at Oak Hill Country Club – In May of 2023, the most talented field in men's golf returns to Oak Hill Country Club for the PGA Championship.
With the overwhelming interest in our 2023 PGA Championship Corporate Hospitality Experiences, we are nearly sold out of on-course entertainment.
Club PGA Reserved Tables are our final remaining hospitality experience, providing world-class client entertainment and maximum B2B networking steps away from the world's-best making history as a Major Champion.
Club PGA Reserved Table Amenities:
12 Grounds Tickets per day, Mon. - Wed.
12 Club PGA Reserved Table Hospitality Tickets per day, Thurs. - Sun.
Private climate-controlled venue located on Hole 6 of Oak Hill's newly renovated East Course
Premium all-inclusive Food and Bar Experience
Premium amenities including WiFi, executive private restrooms, and TVs
Spacious outdoor viewing deck
4 Corporate Parking Passes, Mon. - Sun.
Complimentary premium daily shuttle service, Mon. - Sun.
Access to the 2023 PGA Championship Dual Logo Merchandise Program
Access to purchase up to 2 all-week ticket packages to the
2025 Ryder Cup at Bethpage Black
$62,400, Nearing Capacity
If anyone is interested, I will put in touch with the McCall Harwell PGA Events Rep to review the details. This can be split into smaller ticket amounts – you don’t have to buy the whole package of 12.
Let me know!
Thank you
John
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Please Join Us for IBANYS’ 2022 Annual Convention — June 13-15, 2022 —
Turning Stone Resort & Casino, Verona, NY
It’s time to get back together again.
IBANYS' ANNUAL CONVENTION, "Mobilized, Banking for the Future" is being held at the Turning Stone Resort and Casino from June 13-15.
We have a few exciting days of networking, education and entertainment planned for our participants. The agenda is jam packed with great subject matter experts on a variety of topics that impact community banks today.
There are 30 exhibitor spaces available at the Tradeshow (over half have already been sold) and we anticipate that all the booths will be filled. Reserve your booth today, they are sold on a first-come-first serve basis.
Our event features opening and closing key-note speakers, Derek Williams, ICBA Chairman Elect will address the attendees on Monday evening and Jack Hubbard, Chief Experience Officer from St. Meyer and Hubbard close out the meeting on Wednesday.
Join us Tuesday evening after dinner as Michael Gutenplan, “Mentalist” entertains us with a fun, interactive, and high-energy show designed to entertain the most skeptical, demanding, and sophisticated audiences.
PAC Auction - Please consider donating an item for this event, (see page 11) of the brochure for suggested items. This is an important part of our convention and provides a perfect opportunity to showcase items from your region, while supporting an essential committee that focuses and advocates for community banks in NYS legislative affairs. The PAC auction takes place on Tuesday evening during our cocktail reception which is held on the Trade Show floor. Items are placed in exhibitor booths to be viewed and bid on.
It’s been more than two years since we have had an opportunity to get our bankers, preferred partners, associate members and sponsors together. We are excited to share with you, that the response to date, has been fantastic!
Attached is the convention brochure, containing everything you need to know about our signature event of the year including registrations forms, program agenda, hotel booking, and dress attire. PLEASE REGISTER FOR THE ANNUAL CONVENTION BY COMPLETING THE APPROPRIATE REGISTRATION form (Attendee or exhibitor) and email (lindag@ibanys.net) or mail to Linda Gregware, 194 Washington Ave., Albany, NY 12210.
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MEET THE CONVENTION SPEAKERS |
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Joe Russo, Head of Sales, DocFox
Joe Russo is Head of Sales at DocFox, the fintech that empowers over 250 financial institutions to rapidly open business accounts, regardless of complexity. A lawyer by training, Joe spent 4 years at McKinsey & Company working with financial institutions and private equity firms investing in the fintech industry. During his final year at McKinsey, Joe closed a 7-figure consulting contract and caught the sales bug, leaving consulting to start building sales teams at fintech startups. Notable successes include SmartAsset (personal financial advice, currently valued >$1bn) and Ocrolus (financial document intelligence, currently valued >$500m). Now at DocFox, Joe leads the sales organization, which has more than tripled in the past year. Joe holds a BA from the University of Pennsylvania and a joint JD/MBA from New York University.
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Kristin Parker, CAMS, CAFP, CCBP, Director of Compliance, RiskScout
Kristin Parker plays an integral part of RiskScout as the Director of Compliance, offering a unique skill set of risk-based consulting, client outreach, and thought leadership on emerging industries. Parker has had a flourishing career in community bank BSA/AML arenas, including In early 2019 when, she successfully created and implemented one of the first Federal Reserve Bank approved hemp onboarding and ongoing monitoring programs.
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ASSOCIATE & PREFERRED PARTNERS |
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6 Strategies for Leveraging Your Financial Literacy Program |
As a trusted community advisor, banks are a valuable resource to raise awareness and encourage financial action through financial literacy programs. Not only will financial literacy programs help your account holders make wise financial decisions and foster good-will but will also result in more profitable account holders. Check out six key strategies to help you incorporate financial literacy topics into your overall marketing plan and drive results from your bank in this article.
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What The Experts Are Saying
Nelson Green, Regulatory Compliance Associate at Green Check Verified
"More financial institutions across the US are offering banking services to cannabis related businesses. The latest quarterly data on SAR filings collected by the US Department of Treasury, showed that 553 banks (roughly 11% of total US banks) and 202 credit unions (roughly 4% of total US credit unions) recorded marijuana-related suspicious activity reports (SARs) during this period. This is an increase from 2021’s first quarter data in which 510 banks and 174 credit unions reported marijuana-related SARs. Because marijuana-related SARs must be filed on accounts with suspicious activity regardless of whether or not a financial institution has an active cannabis banking program, the data infers that more financial institutions are both actively banking cannabis related businesses as well as properly identifying and removing accounts when needed.
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Friday, May 13 at 10:00 am ET
Duration: 45 minutes
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Grab a beverage and join our monthly discussion series on all things CECL. We'll begin each session 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.
Time's Almost Up for CECL: See How CECLSolver Can Help
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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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With the state budget behind us, we are now in an intense six-week legislative session through June 2. Key issues including public banking, climate change, municipal deposits for credit unions, foreclosures, crypto and cannabis are expected to be on the agenda. There are a number of different proposals in the Legislature related to establishing a state public bank; enabling local municipalities to establish their own local public banks; are two proposals related to establishing public banks, or conduct an independent “feasibility study” of the concept of public banking, after which DFS would eventually make the final decision. Read IBANYS’s Memo in Opposition… And: Read IBANYS Background & Talking Points Opposing this legislation. IBANYS is working with other allied groups to provide alternative solutions and proposed possible approaches to help meet the needs of unbanked and underbanked communities using various existing vehicles.
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It has been a week since Brian Benjamin was arrested and resigned as Lt. Gov. There is little indication Gov. Hochul is close to a decision on his replacement, or whether Benjamin's name can be removed from the June primary ballot. Common Cause New York says the state’s election laws for removing candidates from the ballot are too strict and should be changed. Read More
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Appellate judges in Rochester will hear arguments Wednesday to decide whether or not to uphold a lower court ruling invalidating new state Legislature and congressional maps – and those hoping to toss the maps are feeling confident, State of Politics reports. As the court case continues, a state judge has appointed a special master to possibly redraw New York’s congressional lines.
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The U.S. Supreme Court will not revive an attempt by New York and three other states to overturn the $10,000 cap on state and local tax deductions. Connecticut, Maryland, New Jersey and New York sought to lift the limit on federal state and local tax deductions that were introduced as part of the 2017 federal tax law, and had asked the Court to review a lower court's ruling that Congress had authority over taxes, and that the deduction was not unconstitutional.. The states were opposed by the Biden administration in asking for a challenge to the $10,000 SALT ceiling, Reuters
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Ahead of the 2022 midterm elections, POLITICO has forecast how every single midterm race is leaning. New York’s governor’s race is rated likely Democratic. POLITICO senior campaigns and elections editor and chief polling analyst notes Republicans haven't won a governor's race in New York since 2002, and Democratic Gov. Hochul is spending her first year in office building her credentials to withstand a likely Republican wave. New York’s Senate race, where Sen. Chuck Schumer is up for reelection, is rated solid Democratic.
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Cybersecurity Symposium: Marking the 5th year anniversary of DFS's Cybersecurity Regulation
New York's Cybersecurity Regulation (23 NYCRR Part 500). The Symposium will take place virtually over the course of three Tuesday mornings. A recording of the first morning, which occurred in March, can be found here.
Attorneys attending these events will be eligible to earn CLE credit. Please note that, due to overwhelming interest? We are now hosting the symposium in a new environment. If you registered prior to April 14th, you need to reregister. We apologize for the inconvenience.
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ICBA's 2022 ICBA Capital Summit is May 1-4 in Washington, D.C. Speakers will include CNN political analyst and USA Today columnist Kirsten Powers. . .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. New York Community Banks: IBANYS is coordinating hill meetings on Tuesday, May 3 with New Yorkers on the House Financial Services, Small Business, Agriculture, Energy, Homeland Security, Labor, Budget and Ways & Means Committees, and with Senators Schumer and Gillibrand. Join us in Washington! Register with ICBA for the Summit. Here are the issues we will be discussing in our congressional meetings.
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President Biden announced his intent to nominate former Treasury official Michael Barr as the next Vice Chair for Supervision of the Federal Reserve. Barr is Dean of the University of Michigan's public policy school, and previously served in the Obama Administration as Treasury Assistant Secretary for Financial Institutions. President Biden noted Barr's role as a key architect of the Dodd-Frank Act and in the creation of the Consumer Financial Protection Bureau. Barr may not be progressives' first choice, he has reportedly gained their support. What his exact policy prescriptions and priorities in the post-Dodd-Frank world will be, however, is unclear. Read story →
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Acting Comptroller of the Currency Michael Hsu said he expects an interagency proposal on modernizing the Community Reinvestment Act “soon.” In public remarks on expanding access to homeownership for minorities, Hsu said the proposal would allow regulators to better evaluate the CRA performance of banks that offer mortgage loans outside traditional, branch-based assessment areas. Hsu has previously said the Federal Reserve’s 2020 proposal on modernizing CRA regulations has served as a basic framework for regulators as they pursue reforms. ICBA has repeatedly called on regulators to work together on updated CRA regulations that reflect banking industry changes, recognize the disproportionate reporting burden on community banks, and improve transparency. Hsu will address the upcoming ICBA Capital Summit.
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Regulators in a half dozen states have now thrown at least temporary roadblocks in front of credit unions’ effort to buy community banks. Read story → . . .ICBA has issued a customizable op-ed that community bankers can use to raise awareness of the harmful impact of credit union acquisitions of community banks on local customers and tax revenues. The custom op-ed is available on ICBA’s Wake Up page. It follows last week’s American Banker op-ed on credit union acquisitions by ICBA Chairman Brad Bolton. ICBA also continues running a digital campaign featuring a recently released ICBA video urging Americans to advocate congressional hearings on how credit unions are taxed and regulated. 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.
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ICBA called on Treasury to exercise flexibility in Emergency Capital Investment Program (ECIP) participation. In a joint letter, ICBA noted several Subchapter S banks have been assigned to one of the first two ECIP closing windows even though Sub S and mutual banks have not received clarity on the terms of the program. Because these institutions are limited to receiving subordinated debt—rather than preferred equity—they are heavily disfavored under the terms of the program, which will provide more than $8.7 billion in investments to minority and community development financial institutions. The groups previously urged the Fed to address the problem by creating ECIP-specific exceptions for S-corps and mutuals, but the Fed has not provided policy guidance. Further, many affected banks that have requested waivers from their reserve banks have not heard back. “We strongly urge the Treasury to recognize the unique circumstances of each bank seeking to participate in ECIP,” the groups said. “We ask that Treasury make every effort to grant any requests by these recipients for additional time and/or accommodations during the closing process.”
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ICBA rejected the CFPB’s characterization of overdraft and non-sufficient-funds fees as “junk fees” similar to resort fees on hotel bills and concert ticket service fees. Among its comments responding to the CFPB’s request for information on its “junk fee” initiative, ICBA said: The community bank business model is built on trust, which would be damaged by charging opaque or excessive fees; Bank fees do not meet the CFPB’s definition of a “junk fee” because they are disclosed, subject to price competition, and only assessed when there is a specific customer action; Customers must voluntarily opt in to benefit from overdraft services for ATM or one-time debit card transactions and may opt out at any time. Customers overdrawing their checking account and paying the associated fee is often the least financially harmful choice available; Limiting the ability of community banks to offer services could push consumers toward less scrupulous institutions. ICBA has previously called the request for information a "misguided effort that paints a distorted and misleading picture” while reiterating that community banks already follow multiple federal laws and the CFPB's own rules on terms and fees.
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ICBA and others called on the House Financial Services Committee to pass legislation to close the industrial loan company loophole. Sponsored by Reps. García (D-Ill.) and Gooden (R-Texas), the ICBA-advocated “Close the ILC Loophole Act “(H.R. 5912) would remove the Bank Holding Company Act’s exemption of ILCs from the definition of “bank,” permanently closing the ILC loophole. In a joint letter the groups said the ILC loophole allows commercial entities to provide financial products and services, while avoiding regulatory supervision—contrary to longstanding U.S. policy separating banking and commerce. ICBA also offers a comprehensive white paper detailing why policymakers should close the ILC loophole.
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