Your IBANYS Team: 
Working Together To Make 2017 A Great Year 
For New York C ommun ity Banks !
 
In This Issue

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Have You Contributed to NYSIBPAC This Year?
If not...now is the time! We need your help in this statewide election year to support candidates and committees who understand community banks' needs.  Can we count on you?
CLICK HERE
for our 2017 PAC contribution form. Help support IBANYS' political action efforts in New York State.

Partner

May 5, 2017

IBANYS Leads New York Community Banks' March On Washington
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IBANYS' group of New York community bank CEOs, senior executives & directors met with Senator Chuck Schumer Tuesday in the Leader's Conference Room in the U.S. Capitol

This week, a group of more than 20 New York community bankers -- including CEOs, senior management teams and directors -- traveled to the nation's capital for a series of meetings on the hill during the ICBA Capoital Summit. We met with New York's senior U.S. Senator (and Senate Democratic Leader) Chuck Schumer in his U.S. Capitol Leader's Conference Room.

Senator Schumer reiterated his view that community banks are essential to the national, state and local economies. He highlighted their significant contributions to small business, agricultural and consumer lending in their communities, and stated: "We value you." In all of our meetings, we  discussed a number of important legislative and regulatory priorities and issues incorporated in ICBA's "Plan for Prosperity" agenda endorsed by IBANYS. Many are reflected in H.R. 10 (House Financial Service Chairman Hensarling's Financial CHOICE Act and the CLEAR Act (H.R. 2133, sponsored by Rep. Luetkmeyer). They would imopact automatic QM for mortgages held in portfolio, HMDA relief, BASEL III exemptions, repeal of tyhe CFPB small business loan data collection and a number of other priovisions.

IBANYS (and ICBA) Past Chair John Buhrmaster with Rep. Chris Collins (R-WNY), a key congressional ally of President Trump.  

We also met with Senator Gillibrand's office and members of our New York House delegation -- including members of the Financial Services, Agriculture, Ways & Means (tax) and other key congressional committees. In the meetings, we addressed the need for t ax reform , specifically significant rate relief for individuals, corporations, and pass- through businesses, and not increasing the cost of credit for small businesses by limiting the deductibility of business interest. We focused on the need to  reauthorize the National Flood Insurance Program  that expires September 30 to ensure that flood insurance is affordable and readily available to homeowners and business owners. We reviewed the issues of unfair
tax exemptions for credit unions and the need to ensure they do not receive any expanded powers. We also urged passage of a new Farm Bill that supports commodity prices, enhances USDA guaranteed-loan programs, and preserves crop-insurance funding. We also noted that the Farm Credit System should be required to return to its primary mission.

Rep King
The House Financial Services Committee markup of Chairman Hensarling's Financial CHOICE Act was Tuesday, and IBANYS met with several members of the Committee (Reps. Peter King, Lee Zeldin, Claudia Tenney, Carolyn Maloney) in their offices and outside the hearing room to address our priorities and concerns. By a party line vote of 34-26, the Committee eventually reported the legislation out to the full House. It is likely to be approved in the coming weeks.

 IBANYS Members Among Community Bank Leaders Hosted By President & Vice President At White House Session  
Earlier this week, a group of community bank leaders from across the nation joined ICBA for a visit in the White House Rose Garden with President Trump, Vice President Pence and top economic advisor Gary Cohn. Among the New Yorkers who attended were former IBANYS Chairmen John Buhrmaster (President & CEO, 1st National Bank of Scotia); Bob Fisher (President & CEO, Tioga State Bank) and Sal Marranca (Chairman, Cattaraugus County Bank), and Mike Wimer (President & CEO, Cattaraugus County Bank). Messrs. Wimer, Buhrmaster and Fisher serve as IBANYS Directors and ICBA Federal Delegates. Buhrmaster and Marranca have also served as Chairmen of ICBA. 

Mike Wimer (Cattaraugus County Bank), John Buhrmaster (1st National Bank of Scotia) & Bob Fisher (Tioga State Bank).

The cap's inscription:
"Make Community Banking Great Again"

Former IBANYS and ICBA Chairman Sal Marranca (Cattaraugus County Bank) 
 
The IBANYS delegation joined in calling for common sense regulatory relief to unleash the economic power of the nation's community banks and the customers and communities we serve. The President noted he wants to "do a big number" on Dodd-Frank by paring it back and repealing parts of the law.  The session was awash in red hats embossed with a variation of the President's 2016 campaign theme, "Make America Great Again." Instead, these hats urged, "Make Community Banking Great Again."

Treasury Secretary Mnuchin: Community Bank Relief Key To Economic Growth
Treasury Secretary Steven Mnuchin with ICBA President & CEO Cam Fine. 

Treasury Secretary Steven Mnuchin told the conference that the administration is focused on regulatory relief and tax reform to stimulate small-business lending and economic growth. He noted more sensible streamlined regulations would help community banks meet customer and community needs. Treasury is also working with HUD on housing-finance reforms to preserve liquidity in the secondary market and avoid taxpayer risk. He also previewed the naming of banking attorney Keith Noreika as Acting Comptroller of the Currency to replace  Thomas Curry, whose term has expired. (There is speculation that former banker and Mnuchin colleague Joseph Otting is under consideration to as the permanant successor.) Secretary Mnuchin also indicated senior appointments will be coming at the other financial regulatory agencies.

IBANYS and Luse Gorman, P.C, co-hosted a welcome dinner for New York community bankers Monday evening. It featured networking and strategy regarding the following day's appointments.
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ICBA's Fine To Be Succeeded By 
Romero Rainey Next Year
   
At the Capital Summit, ICBA President & CEO Cam Fine announced he plans to retire in May 2018, which will mark his 15th anniversary of leading the association.  Rebeca Romero Rainey, ICBA's former chairwoman, will succeed him. Romero Rainey is ICBA's Immediate Past Chair, and the  
Chairman and CEO of Centinel Bank of Taos, N.M. She is a third-generation community banker who has served ICBA and the community banking industry for 20 years. 
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ALBANY UPDATE
IBANYS has prepared a memorandum in opposition to legislation (A.6949, Zebrowski/ S.5308, Hamilton). The bill would amend the New York State Banking Law to include credit unions and federal credit unions as allowed participants in the Banking Development District (BDD) Program. The sponsors chair the Assembly and Senate Banks Committees, and the legislation is a Financial Services Department program bill.  Click here to read the full text of the memo. 




NEXT WEEK:
IBANYS' May 9-10 Regional Lending Conferences To Examine 
Challenges,  Opportunities
IBANYS 3rd Annual Lending Conference, co-sponsored with T.Gschwender & Associates, will be held May 9-10, 2017 in  Syracuse, N.Y. 
Attendees Can Earn up to 10 CPE Hours.
  • A major success in previous years, this conference brings together outstanding speakers to examine some of the biggest opportunities and challenges in mortgage, consumer, commercial & small business lending
  • A "must attend" meeting for all who are involved in the lending & credit process, including loan officers, mortgage officers, consumer & commercial lending officers, credit officers and CFOs and senior management.
New York community banks: register your loan and credit professionals today! IBANYS Associate Members & Preferred Providers: Become a sponsor.  Contact IBANYS' Linda Gregware: (518) 436-4646, lindag@ibanys.net or visit www.ibanys.net and click on the "Education" tab and go to Upcoming meetings.

Click here to register/review program  
Click here for sponsorship opportunities.


IBANYS CFO/Senior Management Conference: 
Strategic Insights, Key Updates
In 2017, community banks' CFOs, controllers, treasurers and cashiers face bigger challenges than ever before as banks'  financial strategies continue to  evolve.  Whether growing your loan  portfolio or finding new fee income, the challenge  to create acceptable ROA and ROE performance is as diffi cult as we have seen for nearly 20 years. IBANYS'  2017 CFO & Sr. Management Conference (June 7-9 at
West Point, N.Y.) will focus on a number of strategic insights and provide important updates necessary to help senior management lead and guide New York's community banks toward a profitable and successful future. 
Topics will include:
  • State and national economic trends
  • Tax and accounting principles 
  • Interest rate risk 
  • Capital planning 
  • CECL 
  • Other timely subjects identified by IBANYS' CFO Peer Group. 
Who Should attend? 
Community bank CEOs, COOs, CFOs, Presidents, EVPs, Senior Managers, controllers, ALCO teams, cashiers and directors.  NOTE:  Attendees can earn up to 10 CPE Credit Hours (1.0 in taxation).

CLICK HERE to register/review program, and 
HERE for sponsorship information.

Upcoming Webinars & Seminars
board conference
 
CSI's Semi-Annual Cybersecurity Update: "Protect Your Institution Against 
Ransomware Attacks" 
Tuesday, May 9, 2017
Ransomware is a leading cybersecurity threat facing your organization today. Neglecting to protect confidential data can cost you money, customers and reputation. Register for this free webinar to get up-to-date information and best practices from Tyler Leet, CSI's director of risk and compliance services. 
You'll Learn 3 Key Takeaways:
  • Data highlighting why ransomware is one of the largest cybersecurity threats to financial institutions
  • Tactics you can perform to stay proactive
  • Potential attacks facing financial institutions in 2017
To register: https://goo.gl/NtkSGv


Promontory Financial Presents "Cash Sweep" & CDARS
-- May 15, 2017
Promontory Interfinancial Network is offering a free webinar May 15 to demonstrate how banks can use its services, ICS and CDARS, to manage their balance sheets efficiently, attract valuable customers, free-up collateral and improve asset liquidity.  Do you have the tools necessary to manage your balance sheet efficiently, attract valuable customers, free up collateral, and improve asset liquidity-all while providing your customers the protection and service they expect?  Join Promontory Interfinancial Network-a trusted partner chosen by more than 3,000 financial institutions for this free webinar to learn how Cash Sweep(R) and CDARS (R) can help your bank with tools to meet new challenges.  Click here to register.


CSI Resources' Quarterly Compliance Update Webinar: 
May 18, 2017

1,689 pages. That's how enormous the Consumer Financial Protection Bureau's (CFPB) Prepaid Final Rule is. Join CSI Resources for their live Quarterly Compliance Webinar on Thursday, May 18. Keith Monson, CSI's Chief Risk Officer, will answer your questions to help you prepare.  In a nutshell, the rule adds significant compliance requirements to prepaid products pursuant to the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z). However, this rule could have lasting effects on all financial institutions, even those that do not offer prepaid products. Is your financial institution ready to play by the Rule?  Webinar topics include:
  • An executive breakdown of the CFPB's Prepaid Final Rule
     
  • Next steps to ensure your financial institution's compliance with the rule
     
  • The latest regulatory updates and changes from Washington
Click here to register.  Questions? Email CSI's  Pam Farnsworth: 

CSI & CliftonLarsonAllen Present "The Anatomy of Successful Bank Mergers & Acquisitions"
 -- Thursday, May 25, 2017
 
 
Mergers and acquisitions are complex and require precision. But with the right approach, banks can streamline the process and accelerate their strategic objectives. Every M&A deal is different, but each one shares consistent parts that must be addressed consistently. 
Join CSI and CliftonLarsonAllen for an educational webinar on May 25, at 2PM CT, for the opportunity to:
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Economic Outlook:  May 2017
By Alan S. Blinder
Vice Chairman and Co-Founder, Promontory Interfinancial Network
The Federal Open Market Committee met on May 2-3. To no one's surprise, they announced no changes in policy, nor even-it appears-to the outlook for future policy. Why should they?
True, there were some "blips" in recent data-actually large ones. First-quarter GDP growth came in at a measly 0.7%, annualized, and core inflation dipped negative for a month in March. The Fed's statement acknowledged both developments, but evinced no concern with either. For GDP, they said, "The Committee views the slowing in growth during the first quarter as likely to be transitory." The negative inflation figure was simply mentioned, with no commentary whatsoever.
So the "about 2%" forecast remains intact: about 2% real growth, and about 2% inflation. 

Private sector forecasters are pretty close to the Fed on this. And most of them expect another 25 basis point rate hike at the June meeting. Seems a good bet.  If there was any suspense at all going into the May meeting, it was about whether the FOMC have anything to say about plans for shrinking its balance sheet. It didn't-which was, again, as expected.  Some information might come in June, but seems more likely in September or even December. Fed watchers, it seems, can continue to relax.

(Dr. Blinder served on President Clinton's Council of Economic Advisers and was the Vice Chairman of the Board of Governors of the Fed.)

Have You Contributed To NYSIBPAC?
This year brings a challenging legislative session, with new chairmen of both the State Senate and State Assembly Banks Committees. Many of our competitors within the financial services industry operate very well-funded political action committees, and we need your support to ensure community banks remain an important part of the political process and debate. We have placed an updated 2017 NYSIBPAC contribution form in the column along the left border of this newsletter.  Can we count on your support?

MEMBER SERVICES & BENEFITS

 
IBANYS identifies offers products and services  that provide value to your banks, companies, employees communities. These brief summaries provide links for information. Please contact IBANYS President John Witkowski with questions. 

Health & Wellness 
The health and wellness landscape continues to evolve. "My Wellness Resource" can be a nice addition to your existing benefit package.   C ontact Alan Justin at (716) 907-5500  or visit:  http://nbibanys.phecard.com.

. . .An IMPORTANT UPDATE: 
We are pleased to inform HR & Benefits Representatives of IBANYS member banks about a new offer available to their banks.  Offered through IBANYS' partner at My Wellness Resource is a unique program providing a $500 rebate on any new Fiat, Chrysler, Dodge, Jeep, Ram or Hyundai vehicle. Those firms comprise approximately 19% of all car and truck sales in the US market.  The rebate is independent of, and may be combined with, any other offer available to your employees, so it's a true cash rebate that is not available through dealerships. Employees negotiate their best deal at the dealership of their choice including other rebates, cash back offers, etc., then apply for and receive this $500 rebate after their new car purchase or lease. The program may only be  offered though individual banks, not through IBANYS itself. Therefore, if it's something you think your bank and employees might be interested in, drop a line to us and we will forward it to our contact at My Wellness, Alan Justin, who will reach out to you with  the details.
We only ask that if you are not currently participating in the My Wellness Resource program, that you take a fair & objective look at the program!

Secure, Enhanced Internet Presence
The .bank program by fTLD operates trusted, verified, more secure and easily-identifiable internet locations for financial companies as well as for their customers. For more information, visit  www.icba.org/SRPArticles < http://www.icba.org/SRPArticles > page  

Online Lending
Excelsior Growth Fund (EGF) is NYBDC's nonprofit Community Development Financial Institution and IBANYS' exclusive online lending  partner . Visit 

Battle Against Prostate Cancer
Cure the Blue" raises funds and awareness regarding prostate cancer in New York State. Visit www.curetheblue.com to get involved!  
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IBANYS Webinars Are Designed 
For  New York Community Banks:
Is YOUR Bank Participating? 
New York's community banks face an array of challenges -- and, opportunities! Bank officers, board members and employees need to stay fully informed and up-to-date. . . on their responsibilities -- and, their potential liabilities. Community bankers need the proper information and tools to effectively do so, and to execute their business and strategic plan to prepare for the future.  Here's one important, convenient way to do this:  IBANYS' 2017 webinars. These presentations are designed to meet the needs of New York community banks. The programs are both effective and cost-effective. . . and participating couldn't be easier! Community bankers can do so from their own offices. The number of participants has dramatically increased over the past few years. Is your bank among those who have benefited?  If not, find out why so many of  your industry and association peers are taking advantage of these webinars. R eview upcoming programs link below:
https://financialedinc.com/a/ibanys/category/live

. . .The Bonadio Group
It's a new world in banking and finance. Banks are under more scrutiny than ever. The Federal Reserve, the Consumer Financial Protection Bureau and others are determined to improve efficiency, in part by preventing and detecting fraud, waste and abuse.  From banks, to mortgage and finance companies, to broker-dealers and credit unions, Bonadio understands the specialized services financial firms require. Of course, they offer impeccable financial statement audits. But their extensive offering covers every issue a financial institution faces, such as:
  • Risk management services, from IT audits to IT penetration testing
  • Loan reviews and fraud investigations
  • Bank and federal reserve regulatory filings
  • Sarbanes-Oxley compliance
  • Initial public offerings
  • Private placements memorandums
  • Mergers and acquisitions
The Bonadio team is best known for its combination of practicing to the highest standards and taking a proactive approach with banking industry clients. Between Bonadio and its Moore Stephens North America member firms, they provide services to hundreds of financial institutions-including SEC registrants-ranging in size from de novo status to $24 billion in total assets.For more information, c ontact Jamie Keiser:

jkeiser@bonadio.com; (315) 214-7562.



 
. . .That the original United States Capitol building was  completed in 1800? President Washington helped lay the cornerstone September 18, 1793. The building was subsequently expanded, particularly with the addition of the massive  dome , and with expanded chambers for  the U.S.  House of Representatives  in the south wing and the U.S.  Senate  in the north wing. Not long after the completion of both wings, the Capitol was partially burned by the British on August 24, 1814, during the War of 1812.




 

 New York community banks play a key role in our state and local economies. Help spread the good news among your customers, business and elected leaders and media!

Click here for quotes from Governor Cuomo and DFS Superintendent Lawsky extolling the performance and value of New York community banks.

Click here for the full NYS Study on community banking.

Click here to read IBANYS President & CEO John Witkowski's comments on the new tax changes and benefits for New York community banks as approved in the 2014-15 State Budget.

 

Click here for IBANYS' letter to the Editor of Consumer Reports Magazine correcting failure to mention community banks as an alternative to using "big banks."

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John J. Witkowski
President and Chief Executive Officer
 
Stephen W. Rice
Director of Government Relations and Communications

Linda Gregware
Director of Administration and Membership Services 

William Y. Crowell, III
Legislative Counsel