IBANYS Weekly E-Newsletter |
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Visit our website at www.ibanys.net to review our daily updates on COVID-19.
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The President's Message
By John Witkowski, President & CEO
A reminder: Our new address is:
Independent Bankers Association of New York State
194 Washington Ave, Suite 420
Albany, NY 12210.
- Next week, New York State will have a new Governor, as our current Lt. Governor, Kathy Hochul, will assume that office once Governor Cuomo's resignation becomes official. There will be a number of changes in personnel, and perhaps policy, as the Hochul administration takes the reins. We already know there will bea new Lt. Governor and a new Superintendent of Financial Services. Plus, there will also be a new Chairman of the State Assembly Banks Committee. IBANYS will be reaching out to the new Governor and her key team -- and, to the new Assembly Banks Committee Chair, once we know who that will be -- to ensure they have a firm understanding of the role and importance of community banks to New York's state and local economy, our small businesses, our consumers and the communities we serve. We have the latest updates from Albany, and of course Washington, in today's newsletter below.
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Nasdaq's proposal to adopt new listing rules related to board diversity requirements and disclosure has been approved by the SEC. An Alert from the law firm of Luse Gorman, PC regarding the new rules is available here.
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Our battle against the pandemic continues. The Biden administration's top health officials announced today that beginning the week of Sept. 20, Americans who received a Pfizer or Moderna vaccine should expect to be offered a booster shot eight months after their second dose. The decision reflects a desire by the administration to get ahead of declining vaccine effectiveness, as the highly contagious Delta variant drives a new surge in infections across the country. Officials expect to recommend booster shots for people who received the single-dose J&J vaccine, but are waiting for more data in the next few weeks before laying out a plan. The plan is still subject to approval by the FDA and a CDC advisory committee.
Please stay safe and healthy, and enjoy the home stretch of your summer.
John
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The Buffalo Bills Alumni are hosting a weekend event on Friday, September 24 and Saturday, September 25 to support local charities of Western NY and the Cure the Blue Foundation.
Please click below for the complete brochure for registration information for the Friday night Gala, Saturday golf tourney, and sponsorship opportunities which include tickets for all events.
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Fulton Savings Bank: Building Trust For 150 Years
Fulton Savings Bank is the city of Fulton’s oldest, locally owned, longest-standing business at 150 years, according to The Friends of History in Fulton, Inc.
The bank is governed by a board of trustees comprised of local residents and businesspeople, who oversee the its overall operations.
Over the last 150 years, Fulton Savings has helped countless couples buy their first dream home, enabled scores of students to finance their college education, helped with home improvements and business start-ups and expansions. The bank has offices in Fulton, Baldwinsville, Phoenix, Central Square, Brewerton and Constantia with eleven automated teller machines (ATMs) throughout its service area. It has assets of more than $453 million and deposits of more than $317 million.
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IBANYS "Come Back Celebration"
Executive Fall Meeting
September 13-14, 2021
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We are calling this The Come Back Celebration for good reason. It’s been 18 months since IBANYS had our community banks together in one place. During this time, we have seen community banks lead the way in supporting their customers, small businesses and most importantly their communities through a difficult time. All of you have significantly changed or adjusted your business model to accommodate the pandemic.
This meeting is to celebrate you, your team and all the people you have supported in your community. We will cover a number of topics that will look at business before, during and the effect on banks and what to expect next.
All C-level suite, Senior Management and Bank Boards are welcome.
Please join us for the Come Back Celebration.
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Keynote Speaker: Stephen A. Ingalls ("Steve"), President & CEO, Catalyzer
The Post-Pandemic, Evolving Workforce and How You Should be Leading Them
Stephen A. Ingalls joined the organization in 2010, later served as its President from 2011 to 2015, and now leads the team as its President and CEO. In addition to his strategic leadership, Mr. Ingalls leads curriculum development, program management, and oversees program execution, often facilitating engagements.
Prior to joining Catalyzer, Mr. Ingalls led and directed operations ranging from climate research in Antarctica and Greenland to attack helicopter deployments throughout the United States, Europe, and Korea. A 1982 graduate of the United States Military Academy at West Point, Lieutenant Colonel (Retired) Ingalls holds a Master of Science in Engineering Management from the University of Kansas, a Master of Military Art and Science from the United States Army Command and General Staff College at Fort Leavenworth, and a Master of Science in Aerospace Engineering from the Georgia Institute of Technology. He is a former Instructor and Assistant Professor of Aerospace Engineering at West Point and an Instructor of Tactics at the Command and General Staff College.
Highlights of his 22-year Army career include: facilitating the Army’s analog-to-digital transition in the late-1990s; the distinction of being the first brigade-level aviation operations officer in the Army’s history to lead a 4,400-soldier brigade combat team to a major deployment at the National Training Center in Fort Irwin, California; serving as a Longbow Apache Battalion Commander – responsible to form, field, train, and lead the fourth AH64D-equipped organization and first to deploy outside of the United States; and developing a 15-year strategic plan for over 30,000 Army forces throughout Korea to address Army transformation through 2015.
He won a NASA-American Society of Engineering Educators Fellowship to Johnson Manned Spaceflight Center in the summer of 1994, where he analyzed next-generation space shuttle designs. In 2010, Mr. Ingalls was admitted into Sigma Gamma Tau, the National Honor Society in Aerospace Engineering, and he received his certification as a Project Management Professional (PMP) from the Project Management Institute in 2011.
Leaving active duty in 2004, Mr. Ingalls transitioned his uniformed experience to business, supporting manufacturing and project management functions at a Kansas City-based architectural millwork firm, serving as the Associate Director for Administration at a National Science Foundation research center on climate change, and finally working for multiple federal contracting organizations as a Program Manager and Director of Business Development before assuming a full-time role at Catalyzer in late-2017.
Today, his greatest joys are his marriage to Cara, mentoring his children into adulthood, and serving gleefully as Elijah’s, Adalynn’s, and Silas’ grandfather.
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Keith Ash
Senior Vice President Business Development,
Strategic Resource Management
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2021 Top Payment Trends for a Post Pandemic Recover |
Keith Ash has 25 years of payments expertise across issuer, network, and processor roles. Ash began his career with Household Bank, supporting the launch and growth effort of the GM Co-brand through Household Credit Services. He later joined First Data/Concord EFS where he was the SVP of Operations and Implementations for their Northeast Platform. Keith then worked for MasterCard for 14 years, where he gained extensive experience in roles ranging from Account Management to Sales, supporting regulated and unregulated issuers. His prior role at MasterCard was leading the New Business team for Community Financial Institutions. Keith joined SRM to expand the company’s payments acumen and will focus on serving regulated issuers |
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Upstate New York: Post Covid Market Perspective |
Gerald D. Verdi, President of Verdi Planning Company
Mr. Verdi has worked in banking, finance, technology and strategic planning positions for over thirty-five years. He is a graduate of the State University of New York at Buffalo (B.A.) and the Pennsylvania State University (M.S.).
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Bruce Paul, Managing Director
Banking Customer Research Team, Rivel, Inc.
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The Pandemic Impact on Customer Loyalty Across New York, for You and Your Competitors |
Bruce Paul leads the Banking Customer Research team at Rivel Inc and founded the New York Banking Benchmarks (and 23 other States). He previously was the Global Head of Financial Services Research at the Nielsen Company and the US Head of Customer Experience Research at Greenwich Associates. He has spent the last 3 decades focused on banking customer behavior and has designed the brand tracking and customer experience programs at 7 of the top 15 North American banks and dozens of smaller institutions. A former Fulbright Scholar, Bruce has degrees in Political Economy, Cantonese, and Asian Studies from Yale-in-China (CUHK) and UC Berkeley. |
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Cannabis — An Emerging Market |
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Corey Massella, Managing Director
UHY, LLC
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Corey has over 25 years of experience as an entrepreneur, tax and business advisor, and as a specialist in SEC accounting and audit services. Additionally, Corey has experience serving as a Private Equity and Technology Industry Group Practice Leader for a top 20 accounting firm.
Corey has successfully guided his clients through all facets of the mergers and acquisitions transaction cycle to help them make critical decisions while ensuring transactions are strategic and seamless. In 2015, He was selected as the winner of the SmartCEO award for Industry CPA Leader in New York. Corey has completed over 300 M&A transactions and was the lead partner at the firm awarded M&A Advisor’s Accounting/Due Diligence Firm of the Year award in 2017 as well as being nominated as Dealmaker of the Year by ACG New York and M&A Advisor.
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Matthew VanDerbeck, Managing Director
UHY, LLC
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Matthew VanDerbeck has more than two decades of experience in accounting and auditing, with extensive experience in the non-profit, governmental and privately held for-profit industries. While working for a Big Four accounting firm for 10 years, Matthew was able to further develop his experience working on larger non-profit entities (including colleges and universities, private schools, unions, governmental entities and other non-profits), non-public and public for-profit entities.
Matthew formerly headed the quality control practice for an accounting firm and served on the New York State Peer Review Committee.
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Will Your Bank Emerge Stronger When the Liquidity Surge Recedes? |
Reece McKenszie, Director, New York Territory, IntraFi Network, LLC
Reece joined IntraFi in March 2020 and is the Managing Director for the New York territory. Prior to joining IntraFi, Reece spent 29 years in the banking industry starting at HSBC where he held positions in Treasury Management, Branch management and Product manager for Liquidity. Upon his return to western NY in 2003, Reece held positions in commercial lending, commercial depository services and treasury management for a few local community banks in the Rochester region.
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Lou Costello, Director of Sales Spectrum Reach
Over 20 years in the Marketing/Advertising Industry.
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Michael Schuler,Director of Market Research and Insights Spectrum Reach
Over 15 years Conducting Market Research and Implementing Marketing Strategies.
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Ben Collins, Account Executive at Spectrum Reach
Bachelors in Marketing and Over 10 years Conducting Data infused Marketing Campaigns.
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The Independent Community Bankers of America creates and promotes an environment where community banks flourish.
ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
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ICBA Securities Corporation (ICBA Securities) a subsidiary of the ICBA (Independent Community Bankers of America) that was founded in 1989 following two years of intensive research by ICBA's Bank Services Committee. Based on the proposals submitted and lengthy interviews, the Committee selected Vining Sparks to serve as ICBA Securities' exclusively endorsed broker.
As ICBA Securities is owned by the nation’s largest trade association for community banks, it has a commitment to return all of its profits to the industry, in the form of royalties, sponsorships, or dividends. Through 2020, it had reinvested over $48 million back into its supporting state/regional partners or into the ICBA that it has received from Vining Sparks. Six of the seven ICBA Securities board directors are influential community bankers.
Slippery slope
Another yield curve shift has community bankers guessing.
By Jim Reber
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T. Gschwender & Associates, Inc. is a diversified consulting company that has been providing services to financial institutions and businesses in the Northeast United States since 1984. Our financial institutional clients include small community banks and credit unions with less than $100 million in assets to much larger regional institutions with over $5 billion in assets. Our business clients include small sole proprietorships to middle-market privately held corporations.
For our financial institutional clients, we like to describe ourselves as a highly sophisticated "Credit Department," able to handle all functions from initial borrower due diligence to collateral liquidation, and everything in between. Our goal is to provide these services in a timely and cost effective manner, allowing our clients to tap into resources they would not otherwise be able to employ internally.
For our business clients, we provide Accounting/Bookkeeping, Business Advisory, Business Valuations, and Tax Services. We also leverage on our numerous banking clients to assist businesses obtain loans at a reasonable rate. Whether you are a new business, growing rapidly, or experiencing some challenges, our Associates can help!
Our Consultants all have extensive banking and corporate management experience. Some of our Associates have been with us since the company was started, and our current staff provides a wide depth of experience, having held high level positions within banking, accounting, and regulatory institutions. With expertise spanning "both sides of the street", the company's Associates provide a well balanced and thorough approach to all that we do.
T. Gschwender & Associates, Inc. is a privately held company that was started by Tom Gschwender on November 9, 1984 and purchased by Bharpur "Bo" Singh on April 1, 2008.
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About Pentegra
Unparalleled Governance
Founded by the Federal Home Loan Bank System in 1943, we do not answer to shareholders, we answer to our clients. Our boards of directors are made up of our clients, Presidents and CEOs, who use our services and place their own futures in our hands. Our Boards serve with excellence and the highest ethical standards and set the very same ones for our organization.
Unmatched Fiduciary Protection
With a legacy built serving as an institutional fiduciary, Pentegra offers a level of fiduciary protection that is unmatched in the industry. We deliver an unrivaled level of oversight and accept a higher level of responsibility. Our fiduciary heritage shapes our culture.
No Conflicts of Interest
We are not a “Wall Street” firm, or owned by a larger financial services organization, mutual fund or insurance company. As an independent organization, governed by our clients, our focus is to enhance the value of our clients. We partner with firms as a trusted resource to bring an objective perspective and maximum flexibility to every opportunity—to deliver the very best solution for clients.
Client-driven Culture
We were founded by our clients, are owned by our clients, and governed by our clients – simply, we exist for our clients. When we say we are “client driven,” it is not an empty marketing tagline, it’s our DNA. Our solutions begin and end with each client’s real life needs, objectives and goals. Today, we have more than 100 clients who have been with us for over 30 years and maintain a 98% client retention rate.
Deep Expertise and Bench Strength
Our team is comprised of highly-skilled professionals—ERISA attorneys, Enrolled Actuaries, Certified Plan Consultants and specialists in investments, education and compliance. The advantage—access to multiple experts guided by a relationship management team that eases the way for you.
Comprehensive Solutions
Whether you are a financial advisor seeking a fiduciary outsourcing retirement solution for your clients, a client seeking a benefits financing solution to fund an executive benefit plan, or an institutional investor looking for help with your balance sheet, our structure and collaborative culture enable us to align our full resources behind your needs. We deftly draw on our collective resources and team of highly skilled professionals to create exceptional client solutions.
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The Federal Home Loan Bank of New York (FHLBNY) helps community lenders in New Jersey, New York, Puerto Rico and the U.S. Virgin Islands advance housing and community growth. The FHLBNY is part of the congressionally chartered, nationwide Federal Home Loan Bank System, which was created in 1932 to provide a flexible credit liquidity source for member community lenders engaged in home mortgage and neighborhood lending. The FHLBNY increases the availability of mortgages and home finance to families of all income levels by offering high-value correspondent and cash management services to assist our members in more effectively serving their neighborhoods and meeting their Community Reinvestment Act responsibilities.
Our Mission
The mission of the Federal Home Loan Bank of New York is to advance housing opportunity and local community development by supporting members in serving their markets.
The FHLBNY meets our mission by providing our members with access to economical wholesale credit and assistance through our credit products, mortgage finance program, housing and community lending programs, and correspondent services to increase the availability of home finance to families of all incomes.
Our Core Values
Our Core Values formalize the principles that have long reflected our culture and guided our decision-making:
- Focus on members
- Foster a collaborative and responsive work environment
- Support diversity and inclusion in a respectful manner across our business
- Uphold our integrity and promote accountability
- Be results-oriented and mindful of our risk profile
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ROOSEVELT & CROSS AT A GLANCE
- Entirely employee-owned and directed
- The firm is structured into underwriting, trading, sales, public finance, project finance, and research departments
- 100% of our firm’s capital is committed to municipal securities
- Top ranking municipal bond underwriter in New York, New Jersey, and New England
- Co-senior manager and co-manager on major issues throughout the country
- Consistently ranked #1 underwriter of education bonds in New York
- Leading underwriter of short-term financings in New York
- Quantitative expertise in structuring and executing complicated financial transactions
- Strong distribution capabilities across major and mid-size institutional accounts, professionally managed retail accounts, and high net worth individual accounts
- The main office is located in New York City with branch offices in Buffalo (N.Y.), West Hartford (C.T.), East Greenwich (R.I.), Boston (M.A.), and Warren (N.J.)
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PROFESSIONAL CONSULTING SERVICES TO BANKERS BY BANKERS
The CEIS Review mission is to be the preeminent provider of independent outsourced loan review, loan portfolio stress testing, ALLL methodology validation or refinement, as well as being a provider of related commercial credit management techniques to financial institutions worldwide. Our commitment is to commercial banks, savings banks, credit unions, foreign branches and agencies, multinational organizations and other firms requiring a third party assessment of loan portfolio quality and process.
Our commitment to excellence includes delivering clear & concise reporting, utilizing cutting edge credit and portfolio management techniques, maintaining an objective viewpoint, providing adequate flexibility to clients needs and consistently staying ahead of emerging industry and regulatory matters.
Ultimately, we are dedicated to our client’s success and growth.
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Moving businesses upward, outward and onward
Sometimes, the audacious is worth pursuing. For more than 65 years, Pursuit, formerly known as New York Business Development Corporation, The 504 Company and Excelsior Growth Fund, has offered innovative lending solutions to help business owners in NY, NJ and PA follow their dreams.
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Founded in 1978 and led by active and engaged problem solvers, we bring a unique passion and approach to our work. For 40 years and counting, we have been listening to our clients and partnering with them to create solutions that address their financial and business challenges.
This dedication has not only contributed to our growth, but has led us to become a Top 50 National Accounting firm.
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Grow your business with the best content, insights, products & people.
No matter who you need to reach, we’re here to help you connect. Work with a local advertising expert or create your campaign online.
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The Baker Group has been a trusted financial partner helping community financial institutions improve their decision-making, interest rate risk management, and investment portfolio performance since 1979.
Today, The Baker Group is one of the largest independently owned securities firms. After decades of industry service, they continue to grow and adapt in order to better serve their financial partners.
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Onovative, an automated marketing and communication software provider, put controls back in the hands of bank marketers. Onovative’s affordable marketing software for planning, automation and execution empowers you to manage data for strategizing throughout the consumer lifecycle and engage with consumers through multiple channels. With software that integrates directly with your existing core banking systems, Onovative helps banks drive results by bolstering growth with their current account holders and within their markets. |
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Serving clients is our fundamental purpose
As a leading investment bank, we enable growth and success for our clients through deep sector expertise, candid advice and a differentiated, highly productive culture.
OUR VALUES
We create and implement superior financial solutions for our clients. Serving clients is our fundamental purpose. We earn our clients’ trust by delivering the best guidance and service. Great people working together as a team are our competitive advantage.
As we serve, we are committed to these core values:
- Always place our clients’ interests first.
- Conduct ourselves with integrity and treat others with respect.
- Work in partnership with our clients and each other.
- Maintain a high quality environment that attracts, retains and develops the best people.
- Contribute our talents and resources to serve the communities in which we live and work.
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Since 2001, Bankers Healthcare Group (BHG) has been an industry-leading financing partner of healthcare practitioners and other highly-skilled professionals, providing over $7 billion in working capital loans to tens of thousands of borrowers. Leveraging nearly 20 years’ worth of historical borrower data, BHG only targets high-earning borrowers and top-tier credit profiles.
These loans are then packaged and sold to community banks throughout the country who make up the BHG Bank Network– with 1,190+ having trusted in this program for nearly two decades. Banks have access to quality medical and professional loans through the BHG Loan Hub, a secure, state-of-the-art delivery platform with a variety of purchase options. Banks can quickly analyze complete, compliant credit files, and make informed purchasing decisions easily, with consistent loan packages.
By joining the BHG Bank Network, members have the opportunity to invest their excess liquidity in these loans, strengthening and diversifying their portfolio.
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At Wolf, we leverage over 100 years of experience to address the business challenges of today. Our innovative public accounting, risk management, and consulting services provide unparalleled guidance to organizations of all sizes across industries, regions, and the globe. We work with you as a trusted partner and expert, building strong relationships for lasting success.
Our culture of innovation and respect extends to each of our offices and employees. From impactful development opportunities and philanthropic events, to a generous benefits package and work-life balance, our inclusive atmosphere empowers employees to grow, exceed goals, and give back.
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Since 1998, Main Street, Inc. has partnered with more than 2,100 financial institutions to enhance account holder relationships with affordable, simple and efficient checking programs. By focusing on serving community banks and credit unions, we uniquely understand the needs and values of community financial institutions. Whether it’s to improve service to account holders, streamline team’s workload or boost profitability, we are here to help you achieve your goals. We deliver cost-effective, straightforward check products at competitive prices coupled with a seamless level of service. Our check program is easy to manage and leaves out the hidden fees you’ll find in other programs.
In 2017, Main Street recognized a common need from both our new and longtime customers – to enhance growth with current account holders and within the markets our financial institutions serve. Our team of marketing experts expanded our offerings to include simple, turnkey, data-driven marketing solutions to save cost and time. This ultimately led us to join forces with Onovative, an automated marketing software provider, to further enhance our marketing services. In 2020, we officially added Onovative to the Main Street family. Onovative has been serving community banks and credit unions with affordable marketing software for planning, automation and execution since 2012. From data management, to consumer lifecycle strategy, to consumer engagement, Onovative’s customized marketing and communication software integrates with existing core banking systems to help financial institutions achieve their targeted goals. Learn more at onovative.com.
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Going on the Boat Tour? What you will see.... |
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At the turn-of-the-century, George C. Boldt, millionaire proprietor of the world famous Waldorf Astoria Hotel in New York City, set out to build a full size rhineland castle in Alexandria Bay, on picturesque Heart Island. The grandiose structure was to be a display of his love for his wife, Louise.
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The Boldt’s family yachts and enormous houseboat were housed here in the slips 128 feet long. Towering bay doors on the decorative facade provided access to the river. The building, rising 64 feet, also featured a shop to build racing launches and quarters for crew and staff. The grandeur of the Gilded Age is fully embodied in the structure’s shingle-style architecture, tremendous towers and spires and the steep-pitched gables.
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ASSOCIATE MEMBERS & PREFERRED PARTNERS |
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How to Develop a Successful HELOC Promotion |
With the hot housing market and home values continuing to increase, your account holders may be more ready than ever to tap into the equity they have built up in their home. Now is the time to strategically build communications to promote your Home Equity Line of Credit (HELOC) offers to support the needs of your account holders and build deeper relationships. Discover the key components of a successful HELOC promotion and get started by downloading free HELOC direct mail templates.
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WELCOME TO OUR NEWEST MEMBER
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New York banks beat out neighboring states in Community Contribution |
- The most recent NY Banking Benchmarks show that NY consumers see more community contribution from their banks than do their counterparts in neighboring states.
- New Jersey banks did the least for their communities, according to the NJ Banking Benchmarks.
- Community Contribution scores varied across the state, with banks in Buffalo and Albany leading the other major metro areas. Long Island banks were seen as the least charitable (but still better than New Jersey!)
- Men across the state were more likely to notice good works of banks than women, though that gap is narrowing over time.
- Business owners were also more likely to take note of the community contribution of banks, and were much more likely to consider charitable banks as a result.
- Some of the banks that have the best image for contributing to their local community are: American Community Bank, Rondout Savings Bank, NorthEast Community Bank, Adirondack Bank, Champlain National Bank, New York Community Bank, Ballston Spa National Bank
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To see your local data: bpaul@rivel.com.
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Cannabis Banking in New York: Practical Guidance
Tuesday, September 28, 2021 2PM EST | 2 Hours
In March of 2021, New York became the 15th state to legalize adult-use cannabis — joining a growing number of states that have expanded from their initial medical-only programs. While retail sales aren’t expected to start until 2022, New York is predicted to become one of the nation’s largest markets in short order.
To help financial institutions operating in New York to prepare for a new, multi-billion dollar industry, the Independent Bankers Association of New York State and Green Check Verified are hosting the complimentary webinar, “Cannabis Banking in New York: Practical Guidance,” on September 28 at 2pm (EST).
Taught by Green Check Verified subject matter experts, this three part educational event covers the following topics:
Session 1: The Fundamentals of Cannabis Banking (60 minutes)
- Essential terminology: cannabis/marijuana/hemp, THC/CBD
- Defining cannabis businesses and identifying their needs
- Federal and state cannabis law, guidance, and regulations
- FinCEN’s 2014 marijuana banking guidance: what you need to know
- Locating and onboarding cannabis businesses
- Ongoing monitoring and working with your examiner
Session 2: Special Considerations in New York (30 Minutes)
Every state’s legal cannabis market has its own particular challenges and opportunities, and New York is no different — especially given the potential size of the program. In this session, we explore where the New York market is headed based on comparable state programs, and what banks operating in the state need to know to safely and effectively work with this industry.
Session 3: Quantifying the Risks and Rewards (30 minutes)
We’ll review a case study, based on an institution that’s currently banking cannabis in a state with a new adult-use program, and use that information to conduct both a financial modeling and risk assessment exercise. From the financial modeling exercise, you will learn to identify the products and services you can (and should) offer to cannabis businesses beyond simply accepting deposits, as well as what fees can be assessed. We’ll also review the primary costs associated with running a program. The risk assessment exercise will not only help you provide a point-in-time assessment of your readiness to bank the industry but also highlight the operational decisions that must be made when working with cannabis-related funds.
Session 3: Special Considerations in New York (30 Minutes)
Every state’s legal cannabis market has its own particular challenges and opportunities, and New York is no different — especially given the potential size of the program. In this session, we explore where the New York market is headed based on comparable state programs, and what banks operating in the state need to know to safely and effectively work with this industry.
Takeaways
- Copies of all presentation materials
- A cannabis banking policy template
- A copy of the sample financial model developed during the session
- A copy of the sample risk assessment developed during the session
- 90-day access to a recording of both sessions
Audience
- Board members
- CEO
- CFO
- Compliance and risk officers
- Branch operations managers
- Business development teams
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Leadership is a lifestyle! The ICBA LEAD FWD Summit is back for its ninth year and is your ticket to becoming the best leader you can be. |
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Slippery slope
Another yield curve shift has community bankers guessing.
By Jim Reber
And now for something completely different. Except it’s not; it just hasn’t been around for a number of years. But it most assuredly has an impact on your community bank’s bond portfolio and on the securities you’ll be thinking about purchasing the next time you’re in the market.
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IBANYS Webinars
Are you participating in IBANYS webinars? Now is the time! IBANYS webinars provide timely, important information on subjects of interest to New York community bankers including human resources, business development, investment, compliance and security and much more. They are valuable not only for their content, but for their convenience and low-cost. Take part from the comfort and privacy of your office, without leaving the bank.
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Subscription Tokens
The More You Buy, The More You Save
How does it work:
Tokens can be used to purchase live or recorded webinars anytime, with no expiration! Tokens for both live and recorded webinars are available for an additional fee. (What’s the difference? Click here for the full description.)
Once you have your Subscription Token code, you can immediately register for webinars by using the code at checkout! (Subscription tokens not applicable for full series registrations, or other specials.)
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These are the final days of the ten-and-a-half year tenure of Andrew Cuomo as Governor of New York State.
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Lt. Governor Kathy Hochul will become the state's 57th Governor, the first woman Governor in New York history and the first Western New Yorker to hold the position in a century. The new Governor has already announced she plans to run for a full term next year, pledged to name a new Lt. Governor from New York City, and will no doubt make a number of changes as she builds out her cabinet, top advisors and other key personnel. A look at Hochul's rise to the governorship: https://www.nytimes.com/2021/08/16/nyregion/kathy-hochul-governor-ny-cuomo.html
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We have already learned that Superintendent of Financial Services Linda Lacewell will be resigning from DFS the same day the Governor leaves. Lacewell, a longtime close aide to Cuomo, was among those mentioned in the Attorney General's investigation as having exceeded her official duties in Cuomo’s defense. https://spectrumlocalnews.com/nys/central-ny/ny-state-of-politics/2021/08/13/longtime-cuomo-advisor-linda-lacewell-to-resign-aug--24. IBANYS will closely monitor developments as the Hochul administration takes shape and will reach out to the new Governor and her key team members to ensure they understand and recognize the vital role community banks play in communities and economies throughout New York in terms of consumer, homeownership and small business lending -- both during the pandemic and throughout the years.
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Here are some of the leading possibilities Hochul may be considering as she prepares to name her Lt. Governor -- perhaps as early as next week: https://www.wwnytv.com/2021/08/16/hochul-narrows-search-new-yorks-lieutenant-governor/ . . .and also here -- a narrower list: https://www.cityandstateny.com/politics/2021/08/who-will-hochul-pick-lieutenant-governor/184551/
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Hochul plans to keep some of Cuomo's agency heads. “What I will do is put together an administration that has some continuity because we are in a crisis situation,” referring to the coronavirus pandemic. “However, I’m going to be signing an executive order to keep people in place for 45 days and continue to evaluate during that time.” She has asked State Health Commissioner Zucker to stay on, even though he’s embroiled in a scandal over nursing home fatalities.
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In another significant change in Albany that will impact community banks, NYS Assembly Banks Committee Chairman Member Victor Pichardo Jr. announced he plans to step down from the Assembl on September 10, citing an inability to balance his responsibilities as a lawmaker with his duties to his family. More details: the Bronx Times reports. . .and, here is a link to Chairman Pichardo's thread: https://twitter.com/Vpichardo86/status/1426282429627703300
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Over the last several days, Lt. Governor Hochul has met with officials in New York City who have feuded with outgoing Governor Cuomo or who ran against her. She did some retail politicking and fundraising in western New York. The tour seems designed in large to demonstrate she plans to be different from the outgoing Governor. Read More
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The state's business community hopes the change in administration in the next week "will help end a leadership vacuum and provide more certainty" as Lt. Gov. Kathy Hochul has pledged a renewed focus on addressing the COVID-19 pandemic. Read more.
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New York’s eviction moratorium is set to expire at the end of August and money from the rental assistance fund is struggling to get out the door. Read More
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Revenue from the sales tax in New York has continued to surge compared to this point a year ago when the state's economy was largely frozen in the first months of the COVID-19 pandemic.However, that monthly increase is getting smaller as the spread of the delta variant of the virus has introduced a new level of uncertainty for businesses and public health officials. Read more.
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Upstate New York is expected to lose a congressional seat in the coming round of redistricting, as the state's population growth has been primarily driven by the New York City region, according to an analysis released on Tuesday by the New York Public Interest Research Group found. Read more
- IBANYS will be scheduling a follow-up session of our Government Relations Committee to continue the process of identifying and refining proactive issues for our 2022 New York State community banking legislative and regulatory agenda.
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- The House is not in session, but will return Aug. 23.
- The Senate gaveled out at 5:56 a.m. and will have pro formas only until Monday, Sept. 13.
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The FDIC is seeking feedback on pandemic exam approach. The FDIC requested feedback from financial institutions on its supervisory approach to examinations during the pandemic. The agency is seeking comments on the impact of off-site exams on institution operations, the technology used to carry out off-site activities, and the effectiveness of its communication methods. Comments are due by October 12.
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New report details unbanked, underbanked populations. Roughly 10% of U.S. adults lack a checking or savings account, and another 24% use alternative financial services despite having a traditional account, according to Morning Consult. The polling data break out the unbanked and underbanked populations by gender, income, generation, and race and ethnicity. Fully Banked: The remaining 66% of U.S. adults have a bank or credit union account and have not used alternative financial services over the past year, Morning Consult said. Households: According to the report, half of unbanked adults said someone in their household has a checking or savings account, leaving 5 percent of reported households without access to a checking or savings account. FDIC Data: When broken out by household, the data appears to track an October 2020 FDIC report that found 95 percent of U.S. households had a bank or credit union account in 2019—the highest percentage since that survey was first conducted in 2009. #GetBanked: The FDIC #GetBanked initiative offers consumers information and resources on the benefits of opening an account with an FDIC-insured bank. ICBA Directory: Meanwhile, ICBA offers a directory of community banks that can open accounts remotely with a starting balance of $25 or less. Community banks can add their bank to the directory by completing an online form.
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A federal judge last Friday allowed the Biden administration's new eviction moratorium to remain in place, amid a legal challenge by the housing industry. The judge said the ban implemented by the CDC could continue because it was strikingly similar to an earlier version that the D.C. Circuit Court of Appeals ruled could stay in force. https://www.politico.com/news/2021/08/13/biden-eviction-ban-survives-initial-court-challenge-504415. Realtors in Alabama and Georgia have appealed Friday’s decision, and a ruling is expected this week from a three-judge panel with the U.S. Court of Appeals for the District of Columbia. The new moratorium is set to expire October 3. If the D.C. Circuit doesn’t rule in their favor, landlords are expected to pursue their case at the Supreme Court.
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Grassroots webinar scheduled with August recess underway. ICBA members have exclusive access to a complimentary Congressional Management Foundation webinar on congressional decision making. Details: Scheduled for 3 p.m. (Eastern time) Wednesday, Sept. 1, the webinar will focus on how constituents can use practical strategies to influence legislative outcomes. District Meetings: Meanwhile, ICBA is encouraging community bankers to arrange in-district meetings during the August recess using: A list of congressional schedulers; A list of district town hall meetings; An ICBA toolkit to help set up meetings; Tips to help community bankers tell their story. More: Community bankers should contact ICBA’s John Coleman at john.coleman@icba.org for assistance and to report meetings.
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Financial technology companies were significantly more likely than traditional lenders to greenlight suspicious loans through the Paycheck Protection Program, according to a new study. The report estimated that up to 1.8 million questionable loans with a total value of $76 billion were issued through the PPP, and that 9 out of the 10 lenders with the highest rates of suspect loans were fintechs. Bloomberg
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ICBA continues encouraging community bankers to use its Be Heard grassroots action center to urge opposition to the IRS reporting proposal and to express opposition in district meetings during the August recess.
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