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
IBANYS has selected our new officers and directors for the coming 2021-22 fiscal year which begins November 1. Our newly elected officers, who also form our Executive Committee, include:
- Chairman: Mario Martinez, Chairman & CEO, Catskill Hudson Bank
- Vice Chairman: Anders Tomson, President & CEO, Chemung Canal Trust
- Treasurer: Steve Woodard, President & CEO, Alden State Bank
- Immediate Past Chairman: Mike Wimer, President & CEO, Cattaraugus County Bank
In addition, the following new board members were elected:
- Tim Dickey, President & CEO, Bank of Holland
- Steve Gobel, President & CEO, First National Bank of Groton
- Mark Lavarnway, President & CEO, Watertown Savings Bank
- Carlos Naudon, President & CEO, Ponce Bank.
. . .IBANYS thanks Chairman Mike Wimer for his two years of outstanding service and leadership of IBANYS, as well as outgoing Vice Chairman Tom Carr, Immediate Past Chair, Tom Amell and outgoing Directors, John Buhrmaster (1st National Bank of Scotia) and Paul Mello (Solvay Bank).
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New York's Bob Fisher (President & CEO of Tioga State Bank, headquartered in Spencer, New York) testified yesterday in Washington in opposition to the proposal that would force banks and credit unions to give more account information to the IRS to help boost tax compliance. Bob, a former IBANYS Chairman and current IBANYS board member who currently serves as Chairman of the ICBA, continues to provide outstanding leadership to community banks in New York and throughout the nation. Check out the "Washington section" of today's newsletter to read his testimony!
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Today's newsletter includes the latest information and legislative & regulatory updates from both Albany and Washington on programs, policies and issues and political landscapes with an impact on community banking. Get all the details in the Albany and Washington sections below. Also included in this week's newsletter is the detailed agenda and registration information for our Human Resources Update scheduled for December 7 via ZOOM. Please see details under the meetings section.
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IBANYS needs your input and participation on our committees. Find out more about the opportunities available to play an important role in advancing the interests of the New York community banking industry, IBANYS and your own institution's future. Email me (Johnw@ibanys.net) or IBANYS' Director of Administration & Membership Services Linda Gregware (Lindag@ibanys.net) for more information on how to get involved!.
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Mark your Calendars and Save the Dates - IBANYS 2022 Meeting Schedule
- December 7 - Human Resources - ZOOM
- February 8 - Compliance - ZOOM
- April 4-5 - Mid-Year Conf. - ZOOM
- April 11 - Directors - ZOOM
- May 3 - Lending - (tentative) in-person
- June 13-15 - Annual Convention - Turning Stone Resort & Casino - in-person
- July 12 - Human Resources Update - ZOOM
- September 12-13 (tentative) - West Point - in-person
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Human Resources Update
December 7, 2021
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This program will provide updates on federal, New York State and New York City employment laws. Topics will include COVID-19 vaccination issues; COVID-19 leave laws; the New York HERO Act, New York’s recreational marijuana law and guidance; and addressing the workforce shortage.
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ASSOCIATE MEMBERS & PREFERRED PARTNERS |
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“The Advisor”
Qtr 4 - 2021
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Our latest issue of “The Advisor”, framing our view and outlook for the economy, interest rates, markets, and key financial institution balance sheet management themes, is attached.
We present our strategies in Fixed Income, Equities, and ALM to help you navigate in the current environment.
This issue focuses on the economy as it continues to deal with inflation, increase in investment yields, equity optimism, and ALM planning for an uncertain 2022.
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Shield Compliance Welcomes New Talent to Support Growing Demand for Cannabis Banking Services |
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Q3 Results: Navigating Challenging Loan Growth and Margin Compression
Tuesday, November 9 at 2:00 pm ET
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Challenging loan-to-deposit ratios. Contractions in net interest margins. A supply chain crunch that’s changed the economic landscape. Ongoing shifts in regulations and competition. Do trends like these mean that community banks’ earnings performance peaked in early 2021? Or do third quarter numbers tell a different story? Join us as we use QwickAnalytics to reveal peer metrics, detect caution lights, and provide insights directed at increasing your loan activity in the months ahead. Can’t make the date? Register anyway, and we’ll send you a link to the recording and presentation.
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Navigating a Cash Tsunami & Upgrade Overview
November 9, 2021 - 9:00 a.m. EST
Free Webinar
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This is an opportunity for attendees to learn about alternative balance sheet management strategies that can help manage excess liquidity in the face of increasing deposits and low yields, and also provides an overview of the latest in digital underwriting. We’ll go over how Upgrade is utilizing cutting edge credit models, digital acquisition strategies, and innovative product development to provide affordable and responsible consumer credit while also helping banks with balance sheet diversification and customer acquisition.
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Wolf & Company's 2021 Financial Services Leadership Annual Summit
Join Wolf & Company every Friday in November from 1 - 3 p.m. for a panel discussion and educational session!
The financial services industry is evolving, and in order to excel, institutions must analyze their operations, anticipate the changing needs of their customers, and embrace the advancements emerging in their sector.
Wolf’s Annual Leadership Summit will offer a series of sessions and panels harnessing advanced expertise from both fintechs and financial institutions. From efficient IT system management and cybersecurity enhancements, to workplace culture evolution and fintech integration initiatives, we’ll offer inventive ways to promote growth and new techniques to adapt in this ever-changing environment.
During our 3 – part series experts and executives involved in the financial services, technology, and fintech industries will gather to discuss:
- The latest trends affecting financial institutions today
- Creative techniques employed by executives to foster innovation
- Ways to improve and empower your strategic vision
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Part I
Friday, November 5, 2021
1:00 p.m. - 3:00 p.m. EST
Platform: Zoom
TOPICS:
Initiating Efficient IT: A CIO’s Perspective
Preparing to Mitigate and Respond to Ransomware
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Part II
Friday, November 12, 2021
1:00 p.m. - 3:00 p.m. EST
Platform: Zoom
TOPICS:
Fostering Foundation Fintech
Improving Legacy Core Processing Deals in the Age of Fintech
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Part III
Friday, November 19, 2021
1:00 p.m. - 3:00 p.m. EST
Platform: Zoom
TOPICS:
Engaging Employees & Evolving Your Workplace Culture
Cryptocurrency Session
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View this week's Balance Sheet Insights report here.
Save the date
It's time for our 2021 Balance Sheet Strategy Seminar! Join us in person for an update on the challenges and opportunities in today's depository landscape. Scott Hildenbrand and the Piper Sandler financial strategies group will discuss weaponizing the ALCO process, liquidity, strategies vs tactics, policy management, relative value in the investment portfolio, funding and hedging opportunities, balance sheet advisory services, and the broader economy.
Additional highlights will include guest speakers and panelists, as well as updates on M&A and capital markets.
Date and location
Monday, December 6, 2021
111 East 48th Street | New York, NY 10017
Registration information coming soon.
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Join us in San Antonio for the largest annual convention for community bankers! Held Feb. 27 - March 3, 2022, ICBA LIVE is the best place to renew connections and make new ones.
Join together with ICBA and your industry colleagues from across the nation to celebrate our industry in person.
Our industry is ever changing: Learn about new trends and sharpen your knowledge in your area of expertise.
Explore the city take a walk across the River Walk, enjoy the vast selection of food and drink and take in the gorgeous San Antonio weather.
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Next Steps on Your Instant Payments Journey
2 part webinar series
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These webinars will be moderated by Nick Denning, Senior Vice President, Payments Industry Relations at ICBA Bancard, and Brian Laverdure, Vice President, Payments & Technology Policy at ICBA. Joining the moderators for the first webinar will be Keith Gray, Vice President of The Clearing House with responsibility for RTP® Network Strategic Partnerships, and we will hear from Connie Theien, Senior Vice President and Director, Payments Industry Relations at the Federal Reserve during the 2nd webinar.
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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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Governor Hochul signed S.191, which permits credit unions to participate in the Excelsior Linked Deposit Program as chapter 495. The legislation was passed by the legislature during the 2021 session. https://www.governor.ny.gov/news/governor-hochul-signs-legislation-authorizing-credit-unions-participate-excelsior-linked
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IBANYS is preparing to send a comment letter to Governor Hochul's Counsel, Liuz Fine, in support of the Governor signing A. 6247A (Peoples-Stokes) that would extend the state's Community Reinvestment Act *(CRA) coverage to include mortgage bankers licensed bt the State Department of Financial Services (DFS). Read the letter.
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New Assembly Banks Chair Patricia Fahey (D-Albany) recently introduced a number of bills in preparation for the 2022 legislative session. The bills include establishing a public/state bank, and allowing credit unions to accept municipal deposits. Read the newly introduced legislation
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The NYS Department of Financial Services (DFS) published guidance on Section 500.02 of its Cybersecurity Regulation, 23 NYCRR Part 500, regarding an organization’s use of the cybersecurity program of an affiliated entity. Pursuant to Section 500.2(c), a DFS-regulated entity is permitted to adopt all or part of the cybersecurity program maintained by an affiliate, including parent corporations, head offices, and foreign banks. The guidance addresses a licensed entity’s responsibilities under such an adoption. Read the guidance below: https://www.dfs.ny.gov/industry_guidance/industry_letters/il20211022_affiliates_cybersecurity_program.
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On October 20, 2021, the New York Department of Financial Services published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470–B, which requires consumer-like disclosures for “commercial financing” transactions of $2.5 million or less. Comments on the proposal must be submitted by December 19, 2021. S 5740-B becomes effective on January 1, 2022.
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Acting Financial Services Superintendent Adrienne Harris announced that DFS is mandating continuing education in flood insurance for property/casualty insurance producers in response to the increasing risk of flooding due to climate change. She also noted that DFS is also the first state regulator to require education in diversity, inclusion and the elimination of bias for its insurance producer and public adjuster licensees. https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202110131
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According to State Comptroller DiNapoli, the state's tax collections since the start of the current fiscal year in April have been $1.8 billion more than initially projected, and reached $7.2 billion by the end of September, mid-way through the FY. The Comptroller said the receipts are a sign that New York is on the road to economic recovery. State of Politics reports.
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While New York’s political elite awaits some definitive word from state Attorney General Letitia James about whether she intends to run for governor next year, her campaign team is being less guarded as she has made four significant new hires in recent weeks, The New York Times reports.
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Click here for SBA Procedural Notice 5000-821918 Extension of and Update to Guidance Related to Paycheck Protection Program Loans and Changes of Ownership. The purpose of this Notice is to extend the guidance of Notice 5000-20057 through October 1, 2022, and to clarify that the guidance applies to entities that have received First and Second Draw PPP Loans (a “PPP Borrower”). In the event that a PPP Borrower was the recipient of both a First Draw PPP Loan and a Second Draw PPP Loan and obtained the loans from different PPP Lenders, the seller is responsible for notifying and coordinating with both of the respective PPP Lenders, as well as SBA and the buyer, and may be required to set up separate escrow accounts, as prescribed, below. In addition, this Notice provides guidance on changes of ownership when the individual PPP Borrower or an owner of the PPP Borrower is deceased.
SBA continues to encourage PPP Borrowers to submit their application(s) for forgiveness as soon as they have used the funds during their covered period(s), including through the Direct Forgiveness Portal (www.directforgiveness.sba.gov) for loans of $150,000 and under. In the event that a PPP Borrower engaging in a change of ownership has not applied for and received forgiveness, or has received only partial forgiveness, the procedures set forth in this Notice are applicable.
Please review the complete text of the attached notice.
Valerie Shoudy, Lender Relations Specialist Grace Conners, Lender Relations Specialist
U.S. Small Business Administration
224 Harrison St., Suite 506 | Syracuse, NY 13202
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Bob Fisher Testifies On IRS Reporting ICBA Chairman Bob Fisher (President & CEO of Tioga State Bank, and a former IBANYS Chairman and current IBANYS Director) testified against the widely opposed IRS reporting proposal while a key Democratic senator raised objections to the policy. Roundtable: ICBA Chairman Robert Fisher said at a House Ways and Means Committee Republican roundtable that tweaks to the harmful IRS plan won’t quell the opposition and that policymakers must reject it outright.. . .Meanwhile, Sen. Manchin (D-W.Va.) said he opposes the proposal no matter the reporting threshold and that he has told President Joe Biden the plan is “screwed up.” His remarks come after Rep. Charlie Crist (D-Fla.) last week became the first Democratic member of Congress to publicly express concerns with the IRS proposal. . . Grassroots: ICBA is encouraging community bankers to call their members of Congress in opposition and to continue using customizable email and social media content to urge consumers to call lawmakers. Calls Critical: ICBA Director of Advocacy Jack Coleman notes in a recent blog post that phone calls to congressional offices are four times more effective than emails—making them particularly vital with Congress pressing its reconciliation package. URGE CONSUMER CALLS
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The OCC issued responses to frequently asked questions on its proposal to rescind its June 2020 Community Reinvestment Act rule and replace it with interagency rules adopted in 1995. Details: The FAQs include details on how the rescission will affect bank types that are based on the 2020 rule, which could affect banks near a size category threshold. Deadline: Comments on the proposal are due this Friday, Oct. 29. The proposal is slated to take effect Jan. 1, 2022.
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President Biden's nomination of Saule Omarova as Comptroller of the Currency has generated headlines. In a new column, John Carney writes that Omarova’s proposals to overhaul the banking system would mean the end of community banking. ICBA’s concerns were noted in The New York Times and Reason. ICBA's news release cited her proposals to migrate the retail banking system to the Fed and establish government banking FedAccounts that the Fed is not legally permitted to offer.
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The CFPB issued a final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act. This final rule revises the dollar amounts for provisions implementing TILA and amendments to TILA, with adjustments applicable Jan. 1, 2022.
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The FDIC adopted an ICBA-supported final rule amending real estate lending standards for supervisory loan-to-value limits to incorporate the Community Bank Leverage Ratio rule. Background: To make the basis for supervisory LTV limits more consistent among banks, the FDIC amended the reference from total capital to total tier 1 capital plus the allowance for credit losses. This change is also designed to provide uniform application for banks that choose to switch to and from the CBLR as the capital measurement metric. ICBA Position: In a comment letter to the agency earlier this year, ICBA said the rule better aligns supervisory LTV reporting and measurement across community banks regardless of whether they elect the CBLR.
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House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) issued the panel’s hearing schedule for November. The schedule includes hearings on “buy now, pay later,” cyber threats, economic inclusion, and more.
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Federal Reserve Governor Michelle Bowman warned that with the banking system experiencing a lack of de novo formation in the past decade, policymakers must avoid adding regulatory burdens on community banks. Speaking in Chicago, Bowman said policymakers must “achieve a meaningful balance” in their supervisory approach to community banks that recognizes their lower-risk profile and less-complex activities. ICBA advocates a flexible supervisory approach to de novo banking applicants and supports legislative efforts to ease regulations that hinder de novo bank formation.
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FDIC Chairman Jelena McWilliams spotlighted her agency’s efforts to encourage innovations that will help community banks continue meeting the needs of their local communities. In public remarks, McWilliams cited regulatory efforts to promote minority depository institutions and community development financial institutions, modernize the call report process, and encourage community bank partnerships with fintech firms.
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The U.S. Justice Department launched an initiative to combat redlining, in which lenders avoid providing services to individuals living in communities of color because of race or national origin. The DOJ said the initiative will: Use U.S. attorneys’ offices to support fair lending enforcement; Expand the department’s analyses of potential redlining to non-depository institutions, and Strengthen DOJ’s partnership with financial regulatory agencies and state attorneys general. In addition to the initiative launch, the DOJ and other agencies announced a settlement with Trustmark National Bank in Memphis, Tenn., for Fair Housing Act and Equal Credit Opportunity Act violations.
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