Congratulations To IBANYS' New Officers & Directors!

At our final Board of Directors meeting of the current Fiscal Year -- which ends October 31 -- IBANYS this morning elected our 2023 officers/Members of our Executive Committee:

• Chairman: Anders Tomson (Chemung Canal Trust Company);
• Vice Chairman: Steven Woodard (Alden State Bank);
•  Secretary/Treasurer: Theresa Phalon (North Country Savings Bank);
•  Immediate Past Chairman: Mario Martinez (Catskill/Hudson Bank).

IBANYS also elected two new Directors to serve three-year terms on the board:

• Paul Mello (Solvay Bank);
• Joe Vitale (Seneca Savings Bank)

Congratulations and welcome to all our new officers and directors, who will officially take office November 1.

. . .Special thanks to outgoing IBANYS Chairman Mario Martinez for his outstanding leadership and support the past year; to outgoing Executive Committee Member & Past Chairman Mike Wimer (Cattaraugus County Bank), who previously served two terms as our Chair and who will remain on the board; and, to outgoing Directors Kathleen Whelehan (Upstate National Bank) and Chris Dowd (Ballston Spa National Bank), who leave the board after completing their terms. We appreciates their commitment, service and dedication to IBANYS and community banking in New York.

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

MEMBER BANKS

Your Hometown Community Bank

President Terry Phalon shares what sets North Country Savings apart from other banks in the North Country.

We are customer-based and community-driven – and it's because of this that we've been a successful community bank for over a century. Identifying ourselves as such enables us to share and serve our communities on a fundamental level. This allows us to be responsive, to listen to our customers, and adapt accordingly. We put our communities first above all else, and our dedication to maintaining this high standard has not wavered since day one.

This dedication can be found throughout every aspect of our organization and across service offerings. From a child opening their first savings account to a newly married couple applying for their first home mortgage, we provide all levels of service to our customer base, young and old. It's this attention to detail that aids us in helping our customers reach their dreams.

Alongside this, we're committed to providing our customers with safe and secure financial experiences. Staying on top of the latest technological advancements ensures we minimize threats while providing innovative technologies in our modernized and digital banking world.

If the heart of North Country Savings Bank is a customer-centric and community-driven mentality, the heartbeat is certainly our dedicated employees, who collectively serve as the driving force that allows us to move forward and thrive. Their well-being, as well as that of their families, is of the utmost importance to us. The same can be said for our customers as well as our communities, where we take pride in playing an active role in supporting local organizations and giving back.

But what sets us apart? Above all else, it's our passionate, professional, and caring staff. Relationships matter to us. That means we'll be here for you after hours and on the weekends, and that when you see us outside of the bank, whether at a community function or at the grocery store, you'll see not only your bank teller or Personal Banker, but a friendly, familiar face.

Since we were founded over a century ago, our dedication to our customers has remained paramount – and it will continue to remain paramount for the next century. We're here to serve you, to help you realize your dreams, and in the process, make our communities stronger.

Sincerely,



Theresa A. Phalon

President and CEO

North Country Savings Bank

Our headquarters can be found at 127 Main St., Canton, NY 13617.

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

Chatter around inflation and the state of the economy is causing concern, cybersecurity controls are tightening, and financial trends like cryptocurrency are driving industry changes. It’s a lot to take in, but we’re ready to help you make sense of it all — and get a jump-start on the year ahead.

Wednesday, November 9

2:00 – 3:00 p.m. EST | PMFA insights: Inflation, rising rates, and the growing risk of recession

3:30 – 4:30 p.m. EST | Cybersecurity: Rolling with the punches — Keep pace with regulatory changes and security needs

Thursday, November 10

2:00 – 3:00 p.m. EST | Accounting and tax update [Concurrent sessions]

• For financial institutions
• For insurance companies

3:30 – 4:30 p.m. EST | Emerging trends: How cryptocurrency and ESG are impacting the industry

Learn more about these sessions and customize your experience — register for one or all. If you want to be prepared for the coming year, don’t miss this expert-led event.

Learn more here

Election Day is Tuesday, November 8. Every seat in the New York State Legislature and New York Congressional Delegation and all statewide offices in New York will be on the ballot.

• Two new polls Tuesday showed the race for New York governor is getting considerably closer. A Siena College Research Institute poll found Democratic Gov. Hochul with an 11-point lead over her GOP challenger, Rep. Lee Zeldin (R-L.I.) -- down from a 17-point lead a month ago. The Quinnipiac University survey found Hochul with just a four-point lead, 50% percent to 46% lead. Democrats have won every statewide race over the past two decades. https://www.politico.com/news/2022/10/18/poll-hochul-leads-zeldin-4-points-00062302?nname=new-york-playbook&nid=0000014f-1646-d88f-a1cf-5f46b74f0000&nrid=00000152-f737-dcf0-a7d7-f73fb7700001&nlid=630317. Rep. Zeldin wants to swap Capitol Hill for Albany, running for governor on a message of law and order and cutting taxes. Read More

• "City & State" notes that there are multiple competitive New York State Senate races to watch as Election Day nears, including incumbent vs. incumbent match-ups, several open seats and efforts by former elected officials to make a political comeback. Some information is provided by the Redistricting & You maps from The Graduate Center at CUNY and the Center for Urban Research. Here is a rundown of the state Senate races to watch in 2022: https://www.cityandstateny.com/politics/2022/10/previewing-2022-state-senate-elections-new-york/378439/  

• New York State is considered a key battleground state" in the battle for control of the next Congress: 1) In Fight for Congress, a Surprising Battleground Emerges: New York. 2) the four congressional races on Long Island are crucial to Democrats’ ability to maintain control of the House of Representatives. 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. Plus, here is a "2022 Midterm Tracker" with the latest on key players and issues; which issues voters are prioritizing, and which party they most trust to handle them. Learn more.

• State DFS Superintendent Harris is looking to use the state’s role as a financial-services leader to help set the regulatory agenda nationwide, with a particular focus on bringing order to the cryptocurrency industry. One major focus for Ms. Harris is regulating emerging financial-services products, including cryptocurrency. Her agency supervises 31 crypto companies. The Wall Street Journal interviewed the Superintendent on her priorities. https://www.wsj.com/articles/new-york-financial-regulator-wants-to-lead-on-crypto-climate-change-11665739803?mod=hp_minor_pos10

• The FDIC board of directors has approved an ICBA-opposed final rule to dramatically increase deposit insurance assessments despite ICBA’s campaign against the measure. The final rule raises deposit insurance assessment rates by 2 basis points on all insured institutions. Revised rate schedules will be effective on Jan. 1, 2023, and applicable to the first quarterly assessment period of 2023, with an invoice payment date of June 30, 2023.ICBA repeatedly expressed opposition to the plan, including in a joint letter last week on the plan’s faulty assumptions about the Deposit Insurance Fund outlook, a national news release last month, a comment letter spotlighting the community bank impact, and a grassroots advocacy campaign. ICBA said in a national news release rule wrongly requires community banks to subsidize the systemic risk posed by the nation’s largest institutions: “ICBA is profoundly disappointed the FDIC didn’t consider a lower rate hike, the impact on community banks and local communities, or the more than 150 community banker comments submitted opposing the assessment increase.” ICBA will continue urging the FDIC to closely monitor DIF funding levels, reverse the assessment rate hike, rethink its procyclical rate policy, and recognize that community banks should not be subject to the same assessments levied against the nation’s largest and most complex banks.

• FDIC Chairman Gruenberg called the increase a “modest" one which should be easily absorbed by banks amid their recent strong earnings. Banking industry representatives had pushed back on the increase, saying that the FDIC’s plan would discourage lending and didn’t take into account the natural shrinkage of customers’ deposits that will occur due to inflation and rising interest rates.  Bloomberg

• ICBA recently updated it “Advocacy in Action” government relations dashboard with the latest community banking advocacy successes and priorities. It spotlights hot-button community banking advocacy issues -- many of which IBANYS discussed last spring in Washington during our meetings with members of the New York Congressional Delegation -- including 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 -- urged Congress to oppose legislation to create new credit card routing mandates that expand on Durbin Amendment interchange restrictions. The joint letter 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, which sponsors now may try to attach to the "must pass" end of year National Defense Appropriations Act.

• The National Association of Home Builders’ monthly confidence fell 8 points to 38 in October, the tenth month in a row it has fallen – a new record. A year ago, the index stood at 80. All three gauges that underpin the overall builder-confidence index fell: The one that marks current sales conditions fell by 9 points; The component that assesses sales expectations for the next six months fell by 11 points, and the gauge that measures traffic of prospective buyers fell by 6 points. All four NAHB regions posted a drop in builder confidence, led by the south and the west. https://www.marketwatch.com/story/builder-sentiment-drops-to-the-lowest-level-since-2012-home-builders-say-the-situation-is-unhealthy-and-unsustainable-11666102293?mod=panda_marketwatch_author_alert&mkt_tok=ODUwLVRBQS01MTEAAAGHj3N2mtqEb93wnSusKqXqQq0sX-pIUNKe_Y1Q16URXodhDni4CaFJAkfihGLRJt921wiEPsmi69UgxEuqJ7wNMyhwuZashM_ntmjQh-enlVcK