October 12, 2021
IBANYS Weekly E-Newsletter
  • Visit our website at www.ibanys.net to review our daily updates on COVID-19.
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 received information from the Capitol Region Chamber of Commerce on the NYS COVID-19 Pandemic Small Business Recovery Grant Program -- a true grant, not a loan, meaning that the funds do not have to be repaid. The program was created to provide flexible grant assistance to currently viable small businesses, microbusinesses and for-profit independent arts and cultural organizations who have experienced economic hardship due the COVID-19 pandemic. As of September 29, 2021, ESD has awarded $190 million to 11,995 small businesses. Governor Hochul announced expanded eligibility to the program to enable more small businesses to apply for funding. Businesses with revenues up to $2.5M can apply for grants. The Capital Region Chamber will host complimentary webinars on applying for the grant on 10/21 and 10/27. Sign up below for an upcoming webinar: https://docs.google.com/forms/d/e/1FAIpQLSd5r6rw94Krg6rVaC1mUNVJZVOrzd05vaUsg__gqrti6-Nkrg/viewform?usp=sf_link

  • IBANYS received the following from Serwat Farooq, Deputy Superintendent, Consumer Examinations with the State Department of Financial Services (DFS): "The Department has posted on its website a draft of a proposed regulation amending Part 76 of General Regulations of the Superintendent (3 NYCRR Part 76). (The draft proposed regulation is available for viewing at (https://www.dfs.ny.gov/industry_guidance/regulations/outreach_banking.) The proposed regulation would implement Banking Law § 28-b’s requirement that the Superintendent evaluate the extent to which state-chartered banks offer and provide credit and technical assistance programs to minority- and women-owned businesses when conducting CRA evaluations. Comments during this pre-proposal stage will be accepted through October 18, 2021. The proposed regulation is also subject to a 60-day comment period following publication in the State Register, which is forthcoming. Any questions or comments you may have during this initial pre-proposal stage should be directed to Meredith Weill (meredith.weill@dfs.ny.gov).

  • SRM conducted research during the summer of 2021 to find out how people feel about their relationships with their banks, credit unions, and neobanks. In their webinar October 14, they'll share the highlights of their research, and the ways banks and credit unions can improve their experiences and digital capabilities to maintain loyal customers and members. They'll also share performance rankings on diverse topics including company ethics, brand purpose, commitment to climate change, and more. Jehan Sherjan, SRM Insights Director, will lead this informative webinar titled  "Consumer Loyalty Insights for U.S. Financial Brands" that will detail: Trust and loyalty rankings of U.S. consumer banks, credit unions and neobanks; Pandemic performance of those brands; Loyalty drivers across demographics; Insights for banking channel preferences and other usage statistic. The webinar is scheduled for Thursday, October 14, from 11:00 am to 12:00 pm EDT.

  • Today's newsletter includes the latest information and updates from Albany and Washington on programs, policies and issues with an impact on community banking. Get all the details in our Albany and Washington sections.

  • 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!.
IBANYS MEETINGS
Mark your Calendars and Save the Dates - IBANYS 2022 Meeting Schedule

  • January 11 - Human Resources - ZOOM
  • March 1 - Compliance - ZOOM
  • April 4-5 - Mid-Year Conf. - ZOOM
  • April 11 - Directors - ZOOM
  • May 3 - Lending - ZOOM
  • 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
ASSOCIATE MEMBERS & PREFERRED PARTNERS
WHO IS UPGRADE?.....
Upgrade aims to provide affordable and responsible credit products to mainstream consumers while also providing high yield, short duration assets to partner financial institutions. Through personal loans, credit lines, and auto refinance loans, Upgrade aims to help banks manage excess liquidity and balance sheet strategy in a low yield market environment. Our unique partnership program offers flexible funding, customizable credit overlays, and a dedicated account management team. Upgrade has originated more than $8 Billion since inception in 2017 and receives more than 9 Million applications each quarter.


A free introductory webinar will be held November 9 - 9:00 - 10:00 a.m. via ZOOM - watch for more details
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 
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
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
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
Links:
Register Now - use discount code: IBANYS and save 10%
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.
ICBA Information

ICBA shared with IBANYS the following:

ICBA launches multi-state credit union ad push
 
I wanted to draw your attention to the lead article in this morning’s NewsWatch Today that reports upon IBCA’s launch of a print and digital advertising campaign calling on Congress to investigate the credit union tax exemption. The attached ad is going to run in USA Today in the following regions (Atlanta, Carolinas, Chicago, Cincinnati, Detroit, and Florida) today and Thursday and then again a couple of times next week. The article also directs readers to several pages on the ICBA Website dedicated to our credit union advocacy efforts, including a recent letter to the committee (also attached) from ICBA Chairman, Bob Fisher, a separate LinkedIn article, and the Wake Up Campaign. 

Learn Portfolio and Balance Sheet Management with your Peers
The Balance Sheet Academy advanced seminar is designed to expose seasoned community bank portfolio and balance sheet managers to advanced products and concepts. The objective of this seminar is to enable the attendees to consistently outperform their peers.

The dynamics of a community bank balance sheet require an investment professional to be versed in a widening range of topics.  Balance Sheet Academy provides discussion and practical strategies to equip the attendees for these demands. Examples of these topics include advanced interest rate risk management strategies, low cost funding strategies and strategies for serving bank customers while managing interest rate risk.

This year due to the concern for the safety of our customers and employees the event will be held virtually. Balance Sheet Academy's eight sessions will take place Monday through Thursday, October 18-21. The seminar will have two 1-hour sessions per day, and up to 8 CPE credit hours are available. 

Who should attend?
Balance Sheet Academy is structured for anyone involved in balance sheet management decision making, including CEOs, CFOs and Treasurers, particularly those who have attended Bond Academy.  It incorporates balance sheet strategies into the day-to-day management of an institution’s investment portfolio, wholesale funding and interest rate risk management. Bank personnel with an intermediate level of understanding of investments who are integral to the investment and balance sheet management process will benefit the most from this advanced course. New directors serving on the investment or asset-liability committee will also find this course beneficial.
Date and Time 
October 18-21, 2021 at 10:00 AM CDT and 2:00 PM CDT daily

Cost
There is no cost for Vining Sparks' customers and prospects.
 
Prerequisites 
Those working as CEOs, CFOs, investment managers, directors, and anyone responsible for balance sheet or investment portfolio management who possess the working knowledge necessary to benefit from the content of this webinar.
 
Instructions for Audio/Video
You will receive instructions to access the webinar after your registration is confirmed. If you do not receive a registration confirmation email, please contact your account representative.
Additional Information
Fields of Study: Specialized Knowledge & Economics
Advance Preparation: None
Program Level: Intermediate
Delivery Method: Group Internet-Based
Conference participants can earn up to 1 hour of CPE credit based on a 50-minute hour.
 
Questions?
For additional questions regarding this webinar, concerns and/or cancellation policies, please contact Jim Reber (info@viningsparks.com) at 800-829-0321.
WEBINARS
computer hands
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. 
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.)
Albany Update


  • Empire State Development and the NYS Department of Financial Services (DFS) announced the first awards from the New York State Community Development Financial Institution (CDFI) Fund to support access to safe and affordable banking services in historically underserved and low-income communities across the state. The CDFI Fund has a multi-year $25 million state commitment. https://dingo.telicon.com/NY/library/2021/2021100739.PDF

  • The COVID-19 pandemic wiped out years of growth in New York City’s office sector, erasing nearly $28.6 billion in market value and more than $850 million in property taxes in City Fiscal Year 2022, as employers continue to offer work-from-home options, according to a report released by New York State Comptroller DiNapoli.


  • New York's unemployment rate had been declining this year, but on Tuesday, the U.S. Bureau of Labor Statistics reported today that more than 4 million people quit their jobs in August - the most since last year.  Read More

  • A new Marist poll shows that after 50 days in office, Gov. Hochul is seen favorably by most New Yorkers. Hochul would defeat state Attorney General Leittia James and New York City Public Advocate Jumaane Williams if next year’s Democratic primary for governor were held today, The New York Times reports. Nearly three-quarters of Democrats say they don’t want former Gov. Cuomo to run for governor. Cuomo’s standing appears to have improved slightly from an August poll, but remains low at 42% approval and 53% disapproval ratings. .https://www.newsday.com/news/region-state/marist-poll-hochul-james-1.50387942

  • The 2022 primaries are many months away, but City & State has updated its authoritative list of incumbent Democratic legislators who already have to start worrying about challengers.

Washington Update

  • The SBA's inspector general found that the agency's Economic Injury Disaster Loan (EIDL) program paid $4.5 billion more than it should have because administrators didn't follow internal policies. 534,000 recipients of at least $1,000 didn't provide their Employee Identification Number, which meant they should have been limited to just $1,000, and many applicants who didn't include an identification number received the $10,000 maximum allowed through the program -- with some falsely saying they had as many as a million employees. The Washington Post 

  • Rohit Chopra was sworn in as Consumer Financial Protection Bureau director. In a publicly released message to CFPB staff, Chopra said recent Acting Director Dave Uejio will continue to serve the bureau until he is confirmed as HUD’s assistant secretary for fair housing and equal opportunity.

  • ICBA’s concerns with the nomination of Cornell University law professor Saule Omarova for comptroller of the currency continued generating headlines. Coverage: Reason cited ICBA’s concerns with President Joe Biden’s announcement last month that he intends to nominate Omarova to head the OCC following similar coverage from The New York Times. Proposals: The articles note ICBA concerns with Omarova’s proposals to overhaul the banking system. In a recent news release, ICBA cited her proposals to migrate the retail banking system to the Federal Reserve, and establish government banking FedAccounts that the Fed is not legally permitted to offer. Next: ICBA remains in conversation with policymakers about the nomination.

  • The Fed's banking regulation committee won't have a designated chairman after the four-year term of Randal Quarles, the Fed's vice chairman for bank supervision, expires today. The committee will instead decide together what issues are brought before it until a new chair is appointed, a Fed spokesperson said, with Quarles maintaining a spot on the board. It may mark the beginning of a potential leadership reshuffle atop the central bank. Politico

  • With Congress continuing efforts to advance a proposal requiring banks to report customer account information to the IRS, The New York Times covered the ICBA-led campaign against it. The Times article cites community banker efforts to inform their customers of the proposal, which has led to more than 700,000 consumer messages to members of Congress in opposition. Meanwhile, House Speaker Nancy Pelosi (D-Calif.) confirmed in a press conference Tuesday that Congress will continue working to include the IRS reporting plan in its budget-reconciliation package. ICBA Campaign: ICBA is calling on community bankers to use its customizable email and social media content to urge consumers to contact Congress in opposition to the plan. CUSTOM RESOURCES