IBANYS is proud to announce our new partnership with Rivel, Inc., a      market research company with the world’s largest sample Banking          Benchmarks Study.

Along with price discounts for new subscription from IBANYS members, Rivel has agreed to provide each of our MEMBER BANKS a Retail Prospect Report extract. These extract reports will be sent to 5 banks each week through the end of the year. These reports will provide information that banks can review for use with their marketing strategies.

We look forward to working with Rivel, Inc. and introducing their platform of reports to our banks in NYS.

Any questions, please call me at 716.880.0518 (cell) or 518.436.4646 (office).

If you have specific questions regarding Rivel, please contact Dailey Betz at 641.529.2380 or email dbetz@rivel.com

John

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IBANYS has co-signed two opposition letters to the "Credit Card Competition Act" which ICBA has circulated to Senate Majority Leader Schumer, Senate GOP Leader McConnell, House Speaker Pelosi and House GOP Leader McCarthy. Read the letters here and here

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. . . A couple of additional items recently came across my desk, and I wanted to share them with you:

• As fears of a recession grow, banking industry observers will be on the lookout for signs of distress in credit cards and auto loans. As one analyst recently observed, "the positive trends we've been seeing are starting to erode, and the pressure is going to start building."  Read story

• Concord, New Hampshire-based Walden Mutual Bank, the first mutual bank to launch in the U.S. in 50 years has been approved for deposit insurance by the FDIC, paving the way for an official opening in the coming weeks. https://www.bankingdive.com/news/fdic-approves-walden-mutual-bank-sustainable-food-farm-loans-new-england/633527/?mkt_tok=ODUwLVRBQS01MTEAAAGHUWW-3DvYmbfNEU9t-uyCEqOA4B_4nFjABBbN8dhH3MQyeAND1tmCQOcrFDWSWmlMjSOy2oJNlZSaRmO1BdlvAdRjdW5wZOz5-VSQlKaG70Sl

MEMBER BANKS

ABOUT US

Ponce Bank, an American banking institution with community spirit, opened for business in March 1960. Today, Ponce Bank maintains branch locations in the Bronx, Manhattan, Brooklyn, Queens and Union City (New Jersey).

A Bank with Community Spirit

Our Bank has earned a reputation for serving the needs of our communities by emphasizing the importance of personal banking and by promoting local economic development. We employ a highly qualified and professional staff and offer a wide variety of products and services designed to meet the needs our customers and our communities. We place a strong emphasis on thrift and home ownership.

We are a well-capitalized bank with a strong management team, always striving to provide the best service with efficiency, convenience and courtesy. We use advances in technology to simplify routine transactions and facilitate home banking. We offer various deposit and loan products that are designed to meet the needs of most everyone. We are customer-driven and are committed and ready to provide quality and reliable service to all people in the communities we serve.

Ponce Bank has invested in training our employees in leadership, sales and credit. We fill vacancies through internal promotions whenever possible. We believe in educating our employees to master the core principals of banking and foster customers' successes by delivering to them the quality products and services they seek, and in turn encouraging long-term banking relationships.

We are honored to serve our communities and will be honored to serve you.

Does your bank have news you’d like to share? If so, please send us an email (lindag@ibanys.net) and your news will be placed in our weekly e-newsletter.

We look forward to sharing your news and all that you do for and in your communities.

IBANYS MEETINGS

 Save the date

It's time for our 2022 Balance Sheet Strategy Seminar! Join us in person for an update on the dynamic challenges and opportunities for depositories in this historic rate environment. Scott Hildenbrand and the Piper Sandler financial strategies group will discuss navigating TCE/OCI, liquidity, funding and hedging opportunities, policy management, strategies for the investment portfolio, weaponizing the ALCO process, and the broader economy’s impact on the competitive landscape. Additional highlights will include guest speakers and panelists, as well as updates on M&A and capital markets.

Date and location

Monday, December 5, 2022

Hilton Midtown

1335 Avenue of the Americas | New York, NY 10019

Registration

A registration link will be emailed to you soon.

Questions? Contact Marg Duffy at marg.duffy@psc.com.

FINANCIAL STRATEGIES

Scott Hildenbrand

Managing Director

Head of Financial Strategies 

ICBA Securities and Stifel, the ICBA’s exclusively endorsed broker, are excited to open advance registration for the 2022 Balance Sheet Academy to all attendees of this year’s Bond School held in April. This exclusive opportunity is for a limited time, so reserve your seat today.

Balance Sheet Academy

Oct. 17-18 | Memphis, TN

Register Here

Who Should Attend?

The in-person seminar is structured for more experienced investment managers, particularly those who have attended Bond Academy. It incorporates balance sheet strategies into the day-to-day management of an institution's investment portfolio, liquidity and interest rate risk management. Bank personnel with an intermediate level of understanding of investments who are integral to the investment and balance sheet management process will benefit the most from this advanced course. New directors serving on the investment or asset-liability committee will also find this course beneficial.

Agenda

Courses will focus on the understanding, development and implementation of strategies for balance sheet management, liquidity and capital management, loan portfolio management, investment portfolio construction, among other topics. A complete agenda is forthcoming.

Costs/Person

Members: $595

Nonmembers: $695

Members & Nonmembers: Save $150/session per additional registration from your bank.

CPE Credit

Earn up to 12 credits

Questions

(901) 762-5312

fixedincomeevents@stifel.com

ICBA Securities is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, through www.learningmarket.org

There are just 27 days until Election Day, when every seat in the New York State Legislature, New York Congressional Delegation and all statewide offices in New York will be on the ballot. Obviously, the impact of the election on New York community banks will be enormous, at both the state and federal levels. Here are the latest updates:

• A microcosm of the politics that will shape the party makeup of the next Congress, the four congressional races on Long Island are crucial to Democrats’ ability to maintain control of the House of Representatives.

• According to their filings with the State Board of Elections, Gov. Kathy Hochul has more than twice as much campaign cash as her GOP challenger, Rep. Lee Zeldin (R-L.I.), Newsday reports. With Election Day less than four weeks away, Hochul also holds a 17-point lead. Hochul’s approval rating has increased to 52 percent approve v. 37 percent disapprove from 49-38 in July.

• Just a month before November’s critical midterm elections, New York has emerged from redistricting as "perhaps the most consequential congressional battleground in the country," and Democrats are mired in an increasingly costly fight just to hold their ground, the Times reports. City & State Magazine reports on the key statewide races in New York. 1) Republicans are banking on Zeldin to defeat Hochul in November, but observers, including some within his own party, doubt he can obtain a winning coalition of independents and moderate Democrats that brought George Pataki his victory in 1994. 2) Here’s a rundown of the GOP candidates running for Lieutenant Governor, State Attorney General, State Comptroller and the U.S. Senate. ▶ Read This Week's Issue. . .Plus, here is a comprehensive rundown of key races to watch statewide, and for House and state legislative seats https://www.gothamgazette.com/state/11571-races-to-watch-new-york-2022-general-election. In Fight for Congress, a Surprising Battleground Emerges: New York. After its redistricting process, New York has many congressional battlegrounds. MorningConsult is providing a "2022 Midterm Tracker" featuring daily tracking of the generic ballot and the president's approval rating among likely voters; the latest “buzz” on key players and issues; which issues voters are prioritizing, and which party they most trust to handle them. Learn more.

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•  State Comptroller DiNapoli has ideas for curbing corruption in New York, including a proposed black-out period for campaign donations from companies who do business with the state. DiNapoli said he’d also welcome ways to give the auditing powers of his office more teeth: ‘It would be nice if we could tighten up the response to the audits that we put out there.” https://nynow.wmht.org/blogs/politics/new-yorks-state-comptroller-says-corruption-can-be-curbed-heres-how/

• Short-term inflation expectations continued to decline in September but ticked up in the medium and longer terms, the Federal Reserve Bank of New York reported. Household spending expectations fell sharply, posting their largest one-month decline since the series started in June 2013...New York Fed President John Williams said interest rates need to rise to around 4.5% over time, but the pace and ultimate peak of the tightening campaign will hinge on how the economy performs. https://news.yahoo.com/fed-williams-sees-rates-heading-144604966.html?mkt_tok=ODUwLVRBQS01MTEAAAGHYObe9TeQF9hPYaka699pP9KpQE4WVJznt7oEN9JdhVgA_aZTppFD5s-KQD18d__8sEvl-TSqXOyqUh96JkjMsfHYG1YR6DELlOJC08g0d9Vf

• Gov. Hochul has signed a trio of bills to strengthen minority and women-owned businesses, intended to prevent fraud and aid with debt. Her action coincided with the state passing its goal of at least 30% of state contracts being awarded to MWBEs this year. State of Politics reports. Read More

• ICBA updated its “Advocacy in Action” government relations dashboard with the latest community banking advocacy successes and priorities. It spotlights hot-button community banking advocacy issues, such as climate risk regulation, deposit insurance assessments, Durbin Amendment expansion, crypto, overdraft, small-business loan data collection, and more. Read more.

• ICBA and 44 state community banking associations – including IBANYS --  called on Congress to oppose legislation that would create new credit card routing mandates that expand on Durbin Amendment interchange restrictions.  The joint letter to the House and Senate said the Credit Card Competition Act of 2022 (H.R. 8874/S. 4674) would impose new costs on consumers and community banks, pose security risks, and end credit card rewards programs solely to bolster big-box retailers’ profits. The ICBA-opposed bill would require banks with over $100 billion in assets to offer merchants at least two networks to process credit cards, at least one of which cannot be owned by Visa or Mastercard. Sens. Durbin (D-Ill.) and Marshall (R-Kan.) want to attach the measure to the pending National Defense Authorization Act. Community bankers can use ICBA’s Be Heard grassroots action center and share its social media call to action on the bill to rally opposition in Congress. Separately, the Electronic Payments Coalition—of which ICBA is a member—offers a “Hands Off My Rewards” campaign with resources encouraging consumers to weigh in against the legislation.  CONTACT CONGRESS

• Michael Hsu, acting head of the OCC, said the agency is considering how it can collect a steady flow of information from banks regarding their crypto-related activities. Hsu said while current regulations overseeing how banks interact with digital assets have been effective, more data is needed "to track the risk of cross-contagion." Banking Dive

• Dozens of community bankers and housing experts offered their opinions on the Federal Home Loan Bank System, the first review in nearly 100 years. But the insurers, nonbanks and megabanks that use the system the most were largely absent from the debate. Read story

• Fed Chairman Powell is "slamming the brakes" on the U.S. economy harder than any of his predecessors in more than 40 years to kill raging inflation, and there’s been little public criticism among Democrats in Congress – even though they’re the ones most likely to pay a political price, Politico reports.  Meanwhile, two Fed officials suggested the Fed needs to proceed with caution as it raises interest rates. Vice Chair Brainard noted the rate hikes will slow the economy in ways that can't be observed yet. Chicago Fed President Evans warned of the impacts of "overshooting" on rate increases and said that it would be appropriate for the Fed to halt rate increases by March once the benchmark interest rate hits slightly more than 4.5%. The Wall Street Journal

• The federal deficit declined to $1.4 trillion in the just-ended fiscal year, as tax revenues increased and pandemic-related spending fell sharply, according to estimates from the nonpartisan Congressional Budget Office. https://www.wsj.com/articles/federal-deficit-fell-by-1-4-trillion-in-fiscal-year-2022-cbo-estimates-11665527740?mkt_tok=ODUwLVRBQS01MTEAAAGHayx_pyfo3lqs1E1GUdJrVcWMESyLB-8bO-xcstToNRk9hcBllXJzMa3ghpNxol1oKgGSzO4naVrTfPDXEZcpnS6T932RoU_RO5K1OX1u3qhq

• The average contract rate on a 30-year fixed-rate mortgage rose by 6 basis points to 6.81% for the week ended Oct. 7. The MBA's Market Composite Index measuring mortgage loan application volume fell 2.0% from a week earlier and is down roughly 69% from one year ago. The Mortgage Bankers Association said the average interest rate on the most popular U.S. home loan rose to its highest level since 2006 as the housing sector continued to bear the brunt of tightening financial conditions. Mortgage rates have more than doubled since the beginning of the year as the Federal Reserve pursues an aggressive path of interest rate hikes to bring down stubbornly high inflation. https://www.reuters.com/markets/us/us-mortgage-interest-rates-rise-highest-level-since-2006-2022-10-12/?mkt_tok=ODUwLVRBQS01MTEAAAGHayx_p2MmYxawjLrj_y9lhhlSSBsKlFBn3Vx7yXueDtXoEzSjuBUWEcvRF6WYwf0ygAyUm8oQt8UjykV8FkXvQ2XmKaK25hkmrts_uYF2grDD