This is the final edition of IBANYS' e-newsletter for 2022. We will resume publication the week of January 2 - 6, 2023.



We send you our very best wishes for safe, healthy and happy holidays!

• PLEASE NOTE: When the Senate and House 2023 schedule was recently published (see below), once again – as last year -- the House was to be out on recess for ICBA’s Capital Summit (and IBANYS’ meetings with New York congressional members). We are pleased to share the news that ICBA has successfully rescheduled the 2023 Summit (originally scheduled May 2 – 5) to May 14 – 17, 2023. More information will be coming out about this very soon.  .  .Here are the 2023 NYS Legislative and Congressional calendars: 1) U.S. Senate and House calendar;  2) https://nyassembly.gov/leg/docs/session_2023_calendar.pdf. 

• The American Banker has cited five top banking trends for 2023, noting that banks, fintechs and credit unions are cautiously investing in technology and customer experience as next year's economy remains uncertain. Read story ...the paper also noted changes begun at individual banks in 2021 gained steam during 2022, as many large and midsize banks reduced their reliance on overdraft-related charges. Federal and state policymakers were key catalysts of the sea change. Read story →

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

WNYT: Pioneer donates to six non-profits that help others in need

12.06.2022

"Capital Region businesses are in a giving mood this holiday season. Pioneer recently marked “Giving Tuesday” by making $2,500 donations to six local non-profits that deliver programs and services to help kids in need.

The checks went to: Arc of Rensselaer County, The Arts Center of the Capital Region, Capital District Miracle League, Joseph’s House, Northern Catskill Youth Association and Shenendehowa United Methodist Church.

Pioneer President and CEO Tom Amell said: “We take seriously our responsibility to lift up Capital Region children and families in need, and led by our caring and committed employees, strive to embody the spirit of ‘Giving Tuesday’ throughout the year.”

The Pioneer Charitable Foundation has provided more than $1.2 million in financial support to nearly 400 Capital Region non-profits since 2018."

View WNYT(Opens in a new Window)'s coverage below.

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

•  Governor Hochul issued veto message 104 of A.9656, legislation which would have required notice of overdraft fees.  Hochul noted while she strongly supports consumer protection measures, this bill would mandate disclosures that are duplicative of existing federal disclosure requirements contained in the Truth in Savings Act and its supporting regulations. She stated: "These existing regulations require depository institutions to disclose the total dollar amount for all fees or charges imposed on an account when there are insufficient funds, and the total dollar amount of fees and charges for returning unpaid items. This redundancy could cause consumer confusion in the marketplace and would be preempted by federal law."

• DFS Superintendent Harris released Guidance to banking organizations that wish to engage in virtual currency-related activities.  The Guidance is applicable to all New York regulated banking organizations, as well as branches and agencies of foreign banking organizations licensed by the Department. The Guidance is final; however, DFS looks forward to continuing to engage with key stakeholders on these important issues. As such, stakeholders are invited to provide comments on this Guidance to bankingcomments@dfs.ny.gov, which the Department will take into account as it continues to supplement and refine the supervisory framework applicable to Covered Institutions. A copy of the Guidance can be found on the DFS website  here.  To develop the Guidance, DFS conducted a robust analysis of the existing regulatory landscape and market trends, and engaged with consumer advocates, other state and federal regulators, industry, and academics.

• A new class of legislators heads to Albany, where officials have a busy agenda for the upcoming year. https://www.cityandstateny.com/policy/2022/12/whats-agenda-2023-legislative-session-new-york/381042/.  An analysis of the midterm election results against two recent polls shows that Hochul  needs to move back to the political center.  From housing to task forces to climate change, here’s what’s on the session agenda.

• Gov. Hochul's efforts to resist tax increases in the coming state budget talks are putting her in conflict with an advocacy effort by progressives launched this month.  Progressive activists have begun pushing once again to raise taxes on the wealthy, but Hochul is resisting their calls.  Hochul says she is not eager to raise taxes at all. Read more here.

•  Democrats in the state Senate will retain their supermajority with the victory of state Sen. John Mannion in central New York, securing his reelection by 10 votes after a recount and court battle in the 50th state Senate District, Spectrum News reports.    The incoming Democratic class of state senators will be composed entirely of women, a first for any conference in the upper house’s 245-year history,  the Times Union reports.  At least 39 “new legislators will be coming to Albany in January for the 2023 session.   Meet the newbies coming to town in 2023. . . .And,  here’s a preview of the major issues they’ll be working on.

• State lawmakers have not been told officially if a special session to vote on a pay raise for themselves has been confirmed – but sources close to the Legislature expect a special session could be held sometime this week. Pay for state lawmakers could reach $142,000 next year under a proposal introduced late Monday night -- making New York the highest paid state Legislature in the country.  The measure, introduced in time for the Democratic-led state Senate and Assembly to be voted on by Thursday, would also limit the ability of lawmakers to earn outside income with some exceptions.  Read More  There are now  calls for further action on such measures as increasing the minimum wage, extending a gas tax holiday into the new year and providing support for home heating assistance. State of Politics reports.

• Three-and-a-half years after New York State passed “the most comprehensive and aggressive climate change legislation in the nation,” the state issued a plan for implementing it, New York Focus reports. 

•  In the world of politics, they’re called “political dynasties” (e.g., the Roosevelts, Kennedys, Bushes etc.) New York politics is full of “nepo babies.” Not to mention nepo husbands, brothers and cousins.

• Congress returned to Washington this week with a singular focus of passing a sweeping bipartisan spending bill to avert a shutdown and fund the government through September, despite opposition from many House Republicans. On Tuesday, congressional leaders unveiled a government-wide $1.7 trillion spending package,  the Associated Press reports.  The Senate took its first procedural step yesterday to advance the spending package; leaders will need support from all 100 senators to keep plans on track to advance the omnibus deal to the House, which plans to return to Washington later today. Senate GOP leaders expressed hope they would be able to meet the timeline as Congress faces the Christmas weekend and a pending winter storm ahead of Friday's deadline. Politico; U.S. Senate advances $1.66 trillion government-funding bill.  

• The SAFE Banking Act was excluded from a $1.7 trillion omnibus spending bill, and most likely will need to be reintroduced after Congress' next session begins — with a Republican House majority.  Despite tireless ICBA and community banker grassroots advocacy, the push to pass the SAFE Banking Act—which would institute a cannabis banking safe harbor in states where cannabis is legal—will continue next year after Congress yesterday confirmed it is not included in the omnibus.  Outlook: The omnibus language generally sets the terms for the remainder of the current congressional session, which could conclude by the end of this week. ICBA will keep community bankers apprised of the latest legislative developments on other priority issues. Cannabis-banking bill's last chance for 2022 just went up in smoke

• Congress also left out of its end-of-year omnibus spending bill numerous ICBA-opposed legislative initiatives, including language to extend the Durbin Amendment to credit cards. Durbin Amendment: Following tireless ICBA and grassroots advocacy, lawmakers excluded from the spending deal an ICBA-opposed effort to impose new routing restrictions on credit cards. Other Key Issues: ICBA and community bank advocacy also helped ensure the omnibus:  1) Leaves out a host of other ICBA-opposed proposals, including establishing a postal banking pilot program, new overdraft restrictions, and expanded credit union authority.  2) Includes an ICBA-supported extension of the National Flood Insurance Program.  3) Provides $324 million for the Community Development Financial Institutions Fund—an increase of $29 million over the previous year—and directs the fund to address concerns raised by CDFIs and stakeholders regarding changes to the certification application. 4) Includes funding for the Office of Terrorism and Financial Intelligence for improved blockchain analysis tools, training on crypto-related investigations, and investigative support to reduce crimes related to ransomware or crypto. 

• The U.S. Senate approved three nominees for the FDIC board of directors, including FDIC Acting Chairman Martin Gruenberg’s nomination for chairman.  Votes: Gruenberg’s nomination to the board passed on a 45-39 roll-call vote. His nomination for chairman, along with the nominations of Republicans Travis Hill and Jonathan McKernan for FDIC vice chairman and FDIC board member, respectively, passed via voice vote.  The votes will round out the FDIC board of directors, marking the first time since 2015 all five of the board’s positions have been filled.

• 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.

• A forthcoming rule that will require small-business lenders to collect a range of data as part of an effort to ferret out discrimination may pose the banking industry's most daunting compliance challenge next year. The Wolters Kluwer survey, conducted between late July and early September, drew responses mainly from small banks and credit unions. Roughly 75% of the respondents were from institutions with less than $1 billion of assets. https://www.americanbanker.com/news/bankers-list-top-their-regulatory-compliance-concerns-for-2023?mkt_tok=ODUwLVRBQS01MTEAAAGIyYKSCaRnnXQZQhwC-erTe4M05mies5pSgBkquyaz08jOb6es4DOZVPDp9fbFBfl-4hOQoHStGmidcRq3UFVGAh20LapcNKOClNpS-MZ6TqQT

• Following an extraordinary New York Times investigation, Congressman-elect George Santos (R-L.I.) faced a barrage of questions, as well as an uncertain future, after an article in The New York Times revealed that he may have misrepresented key parts of his résumé on the campaign trail, The New York Times reports.