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
Have you had the chance to register?
1.) IBANYS is holding our "All Banks on Deck" virtual meeting for bank employees on April 19- 20. . .GREAT SPONSORS, AWESOME AGENDA WITH FANTASTIC SPEAKERS!
2.) SIGN UP FOR ICBA'S Capital Summit
FOR MORE DETAILS, SEE INFORMATION BELOW.
IBANYS' MID YEAR MEETING - "ALL BANKS ON DECK" - IS APRIL 19-20 VIA ZOOM (8:45 a.m. - 3:00 p.m.) Here is the brochure with agenda details and registration information. We will be hearing from a number of expert speakers who will share their insights on timely and important topics. Remember: While it's a single registration fee for the bank, participation is open to as many officers/directors/employees who can benefit. . .and, participants can earn up to 11 continuing professional education (CPE) credits! We talk more about this meeting in today's newsletter. We would also like to take this time to thank the sponsors of this event. We have provided the list of sponsors and a link to their pages below. Please take a moment to visit their sites to see the services they offer to community banks.
The 2021 virtual ICBA Capital Summit livestreams April 27 with remarks from Senate Banking Committee Chairman Sherrod Brown (D-Ohio). PLEASE NOTE: IBANYS is coordinating virtual Capitol Hill "visits" with members of Congress and top staff on critical community banking advocacy priorities. New York has seven new Representatives, and six members who serve on the House Financial Services Committee, and a number of other key committees (i.e., Small Business, Agriculture). We need you to tell your story, discuss your performance during the pandemic and explain our industry's needs and priorities. Here is ICBA's open letter to Congress laying out the 2021 community banking agenda. IBANYS has contacted a number of congressional offices, and we need to know what bankers would like to participate in which sessions: Please email us with your preferences/requests. For addit ional details on the Summit, visit the 2021 ICBA Capital Summit information portal.
We have more on this session in today's newsletter as well.
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The final Revenue budget language (S.2509C / A.3009C) is now out. Points of interest include:
- Extending the sales tax exemption between financial institutions and their subsidiaries to 2024;
- Extending the deadline for secure choice savings program until 12/31/21;
- Establishing the COVID-19 Pandemic Small Business Recovery Grant program.
We provide a closer look at the details in our Albany section of today's newsletter. IBANYS will continue to examine and review the budget to determine areas of impact to community banks, and keep you informed.
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Prior to the budget agreement, Governor Cuomo signed legislation to legalize recreational marijuana for all adults over the age of 21, indicating that the marijuana industry in New York is expected to eventually generate $350 million in tax revenue annually and potentially create 30,000 to 60,000 jobs. New York will become the latest state to legalize marijuana,
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and legal sales are expected to begin a year or more from now.
With the enactment of the state budget, the Legislature will next turn its attention to the many bills working their way through the committee and legislative process. We offer a look at the latest -- and previous -- activities in our Albany section. There are -- and will be -- a number of bills of interest to community banks, and IBANYS will keep you fully informed and involved as the session unfolds.
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There's a great deal happening in Washington as well, on issues ranging from PPP to credit unions to the Estate Tax. Check out all the details in our Washington section below.
We hope you are all staying safe, and we thank you for all you do every day for your customers, your communities and our industry . . .and, of course, for IBANYS!
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IBANYS 2021 Virtual Education Meetings |
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Mark Your Calendars & Save These dates |
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A message from IBANYS Chairman of the Board – Michael Wimer, President & CEO, Cattaraugus County Bank
“ALL HANDS ON DECK”!!
That’s indeed how many of us have been operating – especially over the past year+
Which makes it indeed an appropriate title for our April (virtual) gathering of New York’s independent community banks & bankers!
John and the team have done a great job of putting together another line-up that is so full of value – the speakers are top-notch, the topics and content are relevant and focused … and the “company” of all our friends from across the state will be “don’t-miss!”
While we are all eager to be able to gather in person again (hopefully even later this year – fingers crossed!), in the never-wiser words of Geoffrey Chaucer, “Time and tide wait for no man” – and neither does IBANYS! So while we work towards literally being in person again, don’t let this ship sail without you – come sail with us, all rowing in the same direction … and don’t risk being thrown overboard!!
(We’ll work on a few more clichés before April 19 – just make sure you’re there!)
See you all then,
- mike
COMPLETE BROCHURE AND MEETING DETAILS ARE ATTACHED!!
- Monday & Tuesday, April 19-20, 2021 - "All Banks On Deck" - Community Banks Mid-Year Conference - 8:30 a.m. - 3:00 p.m. each day
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We hope you join us for this amazing event. Here are some of the topics our speakers will discuss....more speakers and topics are being added.
- ICBA Update
- Compete to Win — Digital Strategies for Community Banking
- Syncing Portfolio Analytics, Stress Testing, and Loan Review: The Exponential Power of the Three Combined
- State of the Housing Market and the FHLBNY’s new Mortgage Asset Program (MAP)
- Faster Payments
- Continued Evolution of a Bank’s Investment Portfolio
- Digital Marketing Strategies You Can Take to the Bank
- Building High Performance Teams in an Agile Virtual World
- Bank Cybersecurity: Looking Back to Look Forward
- Cares Act Section 4013 Update
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Thank you to all of our sponsors.
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Event Platform: ZOOM Live Webinar (registration is required)
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How to register: Each bank and supporting company of IBANYS will pay ONE REGISTRATION FEE. All employees of that bank/company may attend any and all sessions.
- Each person must be registered (first & last name and email are required for each registrant).
- A unique registration link will be sent to each registrant.
- You may attend the entire event or select sessions.
- You log in five minutes prior to the start of your session.
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Brian Jones, Financial Economist
Federal Home Loan Bank of NY
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Brian M. Jones is a professional economist with over three decades experience covering the U.S. economy and financial markets for a variety of domestic and foreign financial institutions, including Societe Generale, Citibank, Salomon Smith Barney, Salomon Brothers, Lloyds Bank and Irving Trust Company. Throughout his career, Brian has supported all aspects of the Fixed Income, Currencies and Commodities (FICC) businesses of his employers with regard to high-frequency U.S. macroeconomic analysis and forecasting and assisted in forming their outlooks on the economy, monetary and fiscal policy options and financial markets. Brian has been cited by MarketWatch as one of the “best in the business at forecasting the U.S. economy.” He is a fourteen-time winner of MarketWatch’s Forecaster of the Month award, most recently in August 2016. Before joining the FHLBNY, Brian worked at Episteme Capital Partners – a multi-strategy macro hedge fund – developing trading strategies for financial futures contracts.
A native New Yorker, Brian received an A.B. in Economics from Columbia College in 1983 and an M.B.A. in Finance from New York University in 1989, where he graduated with distinction and was elected to Beta Gamma Sigma.
Brian is former Board Member, Finance Committee Chair and Hall of Fame Inductee at All Hallows High School in the Bronx.
Brian’s interests include ice hockey, military history, model railroading and teaching. He lives in Westchester County with his wife Vivian and twin sons, Michael and Trevor.
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Muriel Brunken, Director of Mortgage Asset Programs (MAP) Federal Home Loan Bank of NY |
Muriel Brunken has been with the FHLBNY since September 2015 and is the Director, Mortgage Asset Program. One of Muriel’s most notable accomplishments since she has joined FHLBNY is the design, implementation and launch of the FHLBNY’s new acquired member asset program: Mortgage Asset Program also known as MAP®. She has built a team of 11 mortgage professionals to manage the program. Muriel has over 36 years of experience in the mortgage industry with the primary focus in secondary market. Prior to joining the FHLBNY Muriel was a co-founder of a mortgage banker in California and held the position of EVP, Chief Risk Officer and was Director of Sales of the Global Mortgage Conduit for Deutsche Bank. Prior to that, Muriel’s held several positions with some of the major Wall Street firms managing the sale and purchasing of mortgage loans transactions as well as the securitization of those assets. |
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Thomas Settino, Director of Member Relations
Federal Home Loan Bank of NY
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Tom Settino is Vice President and Director of Member Relations at the FHLBNY. He is responsible for managing a team of Relationship Managers who provide product support to banks, credit unions and insurance companies located throughout the FHLBNY district, which includes New York, New Jersey, Puerto Rico, and the U.S. Virgin Islands. Tom has been with the FHLBNY since January 2011.
Tom’s experience includes a long tenure working in the Banking Supervision Group at the Federal Reserve Bank of New York. Tom was also employed at the United States Trust Company of New York where he worked as VP of Treasury Services in charge of Cash Management and Asset/Liability Management.
Tom earned his undergraduate degree from Manhattan College in New York City and also earned his MBA at Pace University in New York City.
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Janet Farrell, Director Social Media and Digital Services
RDW Group, Inc.
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As Director of Digital Services, Janet works to develop and oversee the execution of client strategies and campaigns that leverage interactive technology. She and her team collaborate to create positive change through the power of social influence, innovative digital strategies, and insight-driven reporting and analytics. Through various relationship-building technology platforms and strategies, her team works with clients to build meaningful and lasting connections, generate leads, foster relationships, and turn customers into brand advocates. Janet has applied her digital expertise across a variety of industry verticals including higher education, healthcare, banking, and B2B.
Janet earned her bachelor’s degree in communication studies and journalism from the University of Rhode Island. She’s worked on both the agency and client sides of the marketing business, thus offering a unique perspective and understanding of crafting marketing strategies for internal and external consumption.
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Lynn Butler, Senior Account Executive, RDW Group, Inc. |
Lynn has nearly 25 years’ experience in public relations and advertising, with 17 of those years at RDW Group. Her expertise lies in developing and executing strategic marketing communications and public relations plans for a wide variety of banking, B2B, healthcare, and nonprofit clients. Some of her former and current clients include Care New England, Centreville Bank, Day Kimball Healthcare, Stanley Tools, Union Savings Bank, and Warren Rogers Associates. A seasoned project manager, Lynn works closely with her clients to integrate digital strategies into their overall marketing plan to ensure that the efforts align with the company’s marketing goals and business objectives.
Lynn earned her bachelor’s degree in marketing communications and public relations from Rhode Island College and is a former member of PRSA (SENE), a member of the greater Providence Chamber of Commerce, and the Northern RI Chamber of Commerce.
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Jay Conway, SVP/Agency Principal, Account Supervisor, RDW Group, Inc. |
Jay has deep experience in the financial services category, providing strategic counsel, planning, marketing programs, and public relations support for a wide range of organizations. He currently works with Centreville Bank in Rhode Island. The Cooperative Bank of Cape Cod, and Union Savings Bank in Connecticut. Jay led the team that worked on the rebranding of Amica Insurance, which was rolled out in 19 markets. He spent 11 years on the client side with Old Stone Corporation/Old Stone Bank, which was a $4.1 billion diversified financial services company headquartered in Providence with operations in multiple markets. Jay’s experience also includes the healthcare, B2B, and professional services sectors.
Jay is a graduate of Providence College where he was president of the Providence Alumni Club and the National Alumni Association. He earned a master’s degree in public relations from Boston University, and is an accredited member of the Public Relations Society of America. He is a recipient of the Rhode Island Advertising Club’s Person of the Year Award.
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ASSOCIATE MEMBERS & PREFERRED PARTNERS |
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UPCOMING WEBINAR
You Can’t Predict, But You Can Prepare:
Getting Ready for the Rest of 2021
Thursday, April 8, 2021 • 11:00 - 11:45 a.m. ET
Presented by: Scott Hildenbrand, Managing Director and Head of Balance Sheet Analysis and Strategy, Piper Sandler
Back by popular demand, Scott Hildenbrand will be presenting a timely discussion focused on balance sheet strategies and tactics in the current operating environment. He will explore important themes, including:
- Understanding your A/L position
- Using derivatives to drive fee income, enhance NIM and to protect capital and earnings
- Measuring or allocating excess liquidity, deleverage considerations
- Capitalizing on balance sheet opportunities
Additionally, Scott will cover relevant market, accounting and regulatory updates to assist with navigating the remainder of 2021. This is a session you will not want to miss!
After registering, you will receive a personal confirmation email containing system requirements and a link to view the webinar. If you do not receive this email or have issues registering, please contact Alissa Elfant at alissa.elfant@fhlbny.com.
Should you have any questions, contact your Relationship Manager at (212) 441-6700.
Save the date for the next webinar in our 2021 series, LIBOR Transition: Fourth Quarter or Overtime? presented by Rei Shinozuka, Vice President and Director of Capital Markets Research, and Thomas Settino, Vice President and Director of Member Relations, FHLBNY on Thursday, April 22nd from 11:00 - 11:45 AM.
Federal Home Loan Bank of New York | 101 Park Avenue | New York | NY | 10178 | www.fhlbny.com
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Walden Savings Bank Chooses COCC As Technology Partner |
SOUTHINGTON, CT – COCC is proud to announce that Walden Savings Bank, a mutual bank headquartered in Montgomery, NY, has selected COCC as its next core partner. Walden Savings currently operates 11 branches in the Hudson Valley region with $752 million in assets. As it pivots to COCC as its technology partner, the bank views COCC’s flexible and innovative solution as a way to provide for its customers and its community and to be more strategic with technology and personnel.
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Marketing Technology Provider Evaluation Checklist |
Today, marketing technology is critical for efficiently driving successful marketing efforts. But with over 8,000+ marketing technology providers available, how do you go about strategic evaluation to ensure your bank invests in the best solution to meet the specific needs and targeted goals? Explore four key areas that will allow you to select the best provider and reap the benefits of a comprehensive marketing technology solution by downloading this checklist..
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2021 ICBA Capital Summit - Virtual
April 27, 2021
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Join ICBA and fellow community bankers as we advocate for change in these areas through our Plan for Prosperity legislative platform. By coming together and espousing the community bank message, we will make change happen for our business, our customers and our communities.
While the last year was unexpected and unprecedented to say the least, community banks continued to show up and support their communities as they have before. This year is the start of a new Congress, and new and incumbent members of Congress need to hear about the importance of our industry directly from community bankers like you.
Community banks invest in and support their communities in good times and bad. Community banks build more resilient communities, and the COVID-19 pandemic demonstrated this positive economic impact firsthand as community banks once again rose to the challenge—saving tens of thousands of local small businesses and jobs across the nation.
Join us for the 2021 ICBA Capital Summit, the preeminent annual event to advocate for our industry and your community.
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ICBA Securities - Bond Academy
April 19-22, 2021 Virtual Event
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We are excited to introduce our virtual Bond Academy, an 8-part series designed to provide bank portfolio managers with the basic knowledge needed to help plan and create effective investment portfolios.
A high performance investment portfolio can provide a meaningful increase to your institution’s bottom line and serve as a valuable risk management tool. These hour-long sessions will provide you with the tools to understand how debt instruments work and their overall role in complementing the entire balance sheet.
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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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One week past the "deadline" to enact a new state budget for Fiscal Year 2021-22, the State Legislature is finalizing the largest state budget in New York’s history -- one totaling $212 billion. The Senate finished last night, the Assembly will today. The budget raises taxes by $4 billion, mostly carried by businesses and some of the state's wealthiest residents, and generates additional revenue through legalization of mobile sports betting. For business organizations, the budget is another sign New York is a costly state to operate in. Read More. . .Here's a look at how some of that money will be spent and where part of the revenue will come from. . . Read More
Meanwhile, with the final Revenue budget language (S.2509C / A.3009C) now out, IBANYS is reviewing particular points of interest that are included. Please see below.
Extends sales tax exemption between financial institutions and their subsidiaries to 2024:
Extends deadline for secure choice savings program until 12/31/21
Small business recovery part program
Latest State Legislative Activity
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New York residents struggling to pay rent during the COVID-19 pandemic will soon have access to up to a year of rent and utility assistance, courtesy of a federally funded program included in the state's new budget. Gannett Albany reports.
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Assemblyman Zebrowski (D-Rockland) and Senator Thomas (D-L.I.) announced their legislation to provide stability in hundreds of billions of dollars of financial contracts as the London Inter-Bank Offered Rate (LIBOR) is permanently discontinued at the end of this year has beensigned into law (A164B/S297B) and will take effect immediately. Zebrowski stated the law "will ensure that millions of affected financial contracts, everything from mortgages, student loans, credit cards, and business loans, will not face any legal uncertainty or devastating impacts." Senator Thomas added: "This critical legislation will protect New York consumers and businesses from falling into legal limbo when LIBOR is phased out at the end of the year. https://dingo.telicon.com/NY/library/2021/2021040770.PDF.
Earlier State Legislative Activity:
Bill introductions for March 8th through March 26th, as well as bill activity for last week and committee agendas for this week, are provided:
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A06617A prohibits bank set off and execution of judgments against emergency relief funds and is on the Assembly Codes agenda.
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S.2061/A.6281 would amend the State Banking Law (section 9-L) to prohibit a bank from imposing a fee on a non-customer of the bank when cashing a check drawn on an account of the bank. IBANYS is preparing a Memo in Opposition.
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Legislation permitting credit unions to participate in the Linked Deposit Program was reported by the NYS Assembly Economic Development Committee to the Assembly Ways & Means Committee with no negative votes. IBANYS is monitoring this issue closely and will be prepared to offer our opposition, as we have successfully done in previous years.
Previous legislative activity
State Comptroller DiNapoli reported that job losses from the pandemic and the ensuing economic shutdown were swift and deep: employment in New York declined by nearly 2 million jobs from February to April 2020. New data released by the State Department of Labor show less than half of the jobs lost during that time have been recovered, and employment remains more than 1 million jobs below pre-pandemic levels. The finance and insurance industries, within the broader category of financial services, lost about 7,000 jobs since May 2020, in addition to the 8,100 job decline in March and April, on a seasonally adjusted basis. Read the full report: www.osc.state.ny.us
IBANYS will monitor developments, and will keep you fully informed.
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April 27 is the 2021 ICBA Virtual Capital Summit. We urge you to participate -- and, to join in IBANYS' grassroots push in virtual "congressional visits" with members of our New York Congressional Delegation. See list. In the face of the pandemic, New York community banks once again demonstrated our positive economic impact, saving thousands of local small businesses and jobs throughout our state. Our New York Representatives need to hear about the importance of our New York community banking industry -- FROM YOU. We have seven new Representatives from New York. . . six who serve on the House Financial Services Committee. . .three on the House Small Business Committee (including Chair Nydia Velazquez). . .and three on the Agriculture Committee. IBANYS is currently scheduling meetings. Click here to learn more & register. . .then, let us know which congressional office "visits" you would like to join.
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SBA warns of PPP funding crunch. The SBA is warning Congress that the recently extended Paycheck Protection Program is starting to run low on funds with nearly two months left for borrowers to apply. Funding: This week’s SBA report on PPP data shows the program has less than $70 billion in remaining funds of the $292 billion appropriated for the current round of lending. Extension: Meanwhile, an ICBA-supported extension signed into law last week allows borrowers to apply for loans through May 31 and gives the SBA until June 30 to consider applications. Outlook: As reported by Politico, congressional support for another round of funding for a program that has funded nearly $750 billion in lending remains an open question. While Senate Small Business Chairman Ben Cardin (D-Md.) has said he is open to more funding, the National Federation of Independent Business and U.S. Chamber of Commerce are not advocating additional funds due to limited business interest. ICBA Advocacy: With the PPP extended, ICBA continues urging Congress and the SBA to make program fixes related to eligibility, use of proceeds, farm partnerships, and Schedule C borrowers. More: PPP information and resources are available on the SBA and Treasury sites and ICBA's PPP and EIP News page.
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Credit union hearing push intensifies. ICBA is encouraging community bankers to call on Congress to hold hearings on credit union acquisitions of taxpaying community banks. Taking Action: ICBA’s Be Heard grassroots action center makes it easy for community bankers to contact their members of Congress. New Acquisition: ICBA last week renewed its call for policymakers to investigate credit union acquisitions of community banks following the purchase of a $1.6 billion community bank in Jonesboro, Ga., by a Florida credit union with more than $10 billion in assets. ICBA Advocacy: ICBA continued its call for Congress to hold hearings on this trend and to request a GAO study on the evolution of the credit union industry and National Credit Union Administration supervision. Next: Community bankers can continue the campaign against the credit union tax exemption at this month’s ICBA Capital Summit, which is set to livestream April 27 with remarks from top policymakers and virtual meetings with congressional offices. CONTACT CONGRESS
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ICBA backs estate tax repeal bill. ICBA and other groups thanked Sen. John Thune (R-S.D.) and Reps. Jason Smith (R-Mo.) and Sanford Bishop (D-Ga.) for introducing legislation to permanently repeal the estate tax, which taxes the value of an estate at the time of death. Background: ICBA strongly supported temporary estate tax relief in the Tax Cuts and Jobs Act, which doubled the exemption to $11.7 million for tax year 2021 and indexed future increases for inflation through 2025. Impact: These changes provide significant relief to family-owned businesses, though the temporary increase in the exemption amount will expire at the end of 2025 without further congressional action. ICBA Position: While ICBA and the rest of the Family Business Estate Tax Coalition support making the estate tax relief permanent, they believe a repeal is the best solution to protect family-owned businesses.
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