IBANYS Weekly E-Newsletter |
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President's Message
A few Items of interest I wanted to share. . .
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Two-thirds of small-business owners expect revenue to go up over the next year, despite rising worries about inflation, according to Axios Markets and a survey out today from the U.S. Chamber of Commerce. 43% intend to hire more staff — up from 37% in Q1.
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The Governor announced the opening of the initial intake tool to help small businesses determine their eligibility for the COVID-19 Capital Costs Tax Credit Program. The $250 million program will support small businesses that made investments to comply with emergency orders and regulations or to increase public safety in response to COVID-19. If deemed eligible by the screening tool, a link to the application will be provided when the program application opens. Businesses are still being encouraged to apply for the New York State COVID-19 Pandemic Small Business Recovery Grant Program that provides flexible grants of $5,000 to $50,000 for small businesses for COVID-19 expenses, but costs incurred between January 1 - April 1, 2021 that were paid for with proceeds from this grant program are not eligible for a tax credit under the COVID-19 Capital Costs Tax Credit Program.
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New York Fed President John Williams said the Federal Reserve needs to "move expeditiously" on interest rate hikes, and the debate would "clearly" be over a rise of 50 or 75 basis points at the bankers' next meeting. Reuters. Williams does not expect a recession in the U.S. and noted by the end of the year, interest rates “definitely” need to be between 3% and 3.5%, and at this point it looks “perfectly reasonable” for the Fed’s policy rate to get to between 3.5%-4% next year, a level where it will restrict economic growth.
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A reminder: The annual summer congressional recess in August is now just around the corner, when your local Members of Congress will be back home in the district. This will be a great opportunity to connect with them, remind them of all your banks do for your communities, and to discuss important federal legislative issues and priorities. ICBA’s executive vice president of advocacy and strategic engagement (and Buffalo native) Aaron Stetter provides tips for making lasting personal connections with lawmakers to support top ICBA policy priorities in this month’s Independent Banker magazine. . . Read more.
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September 12-14, 2022
Executive Bank Symposium
LOCATION TO BE DETERMINED
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ASSOCIATE & PREFERRED PARTNERS |
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Aug 8-11, 2022 Virtual/Live Training
HR Management 2022
This workshop is designed to provide intensive training for employees in Human Resources Management.
TOPICS INCLUDE
- Employee Recruitment, Selection, and Placement
- Situational and Behavioral Interviewing
- Driving Employee Engagement
- Creating an Accountability Culture
AUDIENCE
- Human Resource Managers
- Branch Managers
- Department/Division Managers
- Management/Hiring/Coaching/
- Counseling Responsibilities
Instructor, Kerry Sauley, is the Marjorie B. Ourso Excellence in Teaching Professor at Rucks Department of Management, Louisiana State University, Baton Rouge, LA.
PRICE:
IN PERSON: $695
VIRTUAL (VIA ZOOM): $595
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Driving Growth with Marketing Automation - Free On Demand Webinar |
As the role of marketing continues to evolve, financial marketers are faced with the need to drive account holder growth and revenue with limited time and resources. Marketing automation can serve as an extra pair of hands you need to help you strategically tap into your data, execute your marketing programs, and yield greater results. How do you make an impact at your financial institution leveraging the power of automation? Watch this on-demand live demo webinar where our team dives into everything you need to know about incorporating marketing automation at your financial institution.
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Up with Coupons
Larger interest payments can build a floor under your bond prices
By Jim Reber, ICBA Securities
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Jim focuses on how larger interest payments can build a floor under your bond prices, and suggests strategies that can improve life for community banks.
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In State Assembly primaries, the majority of progressive challengers were defeated by incumbents, except for three Assemblymembers — Jose Rivera (D-Bronx), former Banks Committee Chair Tom Abinanti (D-Greenburgh) and Kevin Cahill (D-Kingston) — who appeared to be losing their seats. Sarahana Shrestha, who ran on a socialist platform, scored a major upset over 13-term incumbent Cahill, The Times Union reports. Abinanti trailed challenger MaryJane Shimsky in Westchester County’s 92nd District, the Daily News reports. Results from the most competitive Democratic Assembly primary elections.
- Voters will decide primary races for State Senate and the U.S. House of Representatives August 23, when an early Democrat - Republican matchup will also be held in a special election to fill the congressional seat in the Hudson Valley vacated by Delgado’s retirement from the House. Republican Marc Molinaro will face off against Democrat Pat Ryan for the right to serve out Delgado’s unexpired term through December 31.
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Eight top officials of Democratic county committees from the Finger Lakes and Southern Tier regions of upstate New York have urged Gov. Hochul to put a pause on proof-of-work crypto mining in the state. Read More
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Following last week's ruling by the U.S. Supreme Court that overturned New York State’s concealed weapons law, state legislators have now reportedly agreed on new legislation they plan to pass this week in the extraordinary session called by Governor Hochul. Both the State Senate and Assembly plan to meet today about the legislation and a vote is for an expected Thursday. State lawmakers return to Albany on Thursday. lawmakers should take it up in the extraordinary session, Read More
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Governor Hochul announced this week that New York State is working to beef up its efforts to guard against and respond to cyber attacks and has appointed a top official to oversee the effort. Read More
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The House Appropriations Committee has advanced ICBA- and IBANYS - opposed legislation to expand the U.S. Postal Service’s postal banking pilot program. The bill would provide $6 million to help USPS carry out pilot programs in at least five rural and five non-rural ZIP codes (including in the Bronx). The bill now heads to the full House for consideration. ICBA has said the lackluster results of a postal banking pilot program launched last September should prompt policymakers to abandon these proposals. Subcommittee Ranking Member Womack (R-Ark.) offered an amendment to strike the language to authorize and fund the postal banking pilot, but it was not adopted. Chairman Quigley (D-Ill.) said the pilot would merely provide modest funding to explore potential updates and modernization of postal services financial products, such as money orders. The existing pilot program offers check cashing, bill paying, ATM access, and expanded money orders and wire transfers. Key House Republicans have slammed USPS for extending the pilot earlier this year. ICBA President and CEO Rebeca Romero Rainey wrote in a LinkedIn op-ed that postal banking would expose taxpayers to additional subsidies and financial rescues while harming the USPS’s primary function of mail delivery. A three-part series of ICBA issue briefs delivered to policymakers last year offers alternatives for reaching the unbanked.
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The Federal Reserve announced the final timeline for migrating the Fedwire Funds Service to the ISO 20022 message format, delaying the change as advocated by ICBA. The Fed said ISO 20022 will be adopted March 10, 2025. It also provided further information regarding customer testing and other implementation details. In a comment letter earlier this year, ICBA raised concerns with the Fed’s plan to adopt ISO 20022 on a single day by November 2023. While ICBA supports the migration to support a richer and more structured format, it said a one-day conversion could introduce systemic risk to the U.S. payments system and strain some community banks. In its comment letter, ICBA urged the Reserve Banks to postpone the November 2023 implementation date to allow community banks and their technology partners appropriate time to prepare. Launched in 2004, ISO 20022 has become the de facto global standard for faster payment initiatives. Adopting the message format for the Fedwire Funds Service is designed to allow for enhanced payments efficiency due to greater interoperability among global payment systems while helping banks comply with anti-money laundering requirements via its richer set of payment data.
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The Federal Open Market Committee released its tentative meeting schedule for 2023. Its first meeting of the year is slated for January 31 - February 1.
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The OCC announced changes to its Executive Committee membership. Senior Deputy Comptroller for Supervision Risk and Analysis Blake Paulson has announced his retirement, effective Aug. 31. As of July 1, Deputy Comptroller for Systemic Risk Identification Support and Specialty Supervision Jay Gallagher will serve as acting senior deputy comptroller for supervision risk and analysis. . . Senior Deputy Comptroller for Management and Chief Financial Officer Kathy Murphy will take a one-year sabbatical. . . Principal Deputy Comptroller for Management and Deputy Chief Financial Officer Peggy Sherry has been named acting senior deputy comptroller for management and chief financial officer. . .Senior Deputy Comptroller for Midsize and Community Bank Supervision Sydney Menefee will depart the agency. . .Deputy Comptroller for the Northeast District Beverly Cole has been named Acting Senior Deputy Comptroller for MCBS.
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