• Sign Up! IBANYS' Regional Security Conferences Are October 24 -25 in Rochester & Albany
  • Latest Updates From Washington & Albany

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

In This Issue

Quick Links

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?
for our 2017 PAC contribution form. Help support IBANYS' political action efforts in New York State.


A Quote To Remember. . .
"Community banks represent a strong economic engine that drives growth in New York and their performance is remarkable. Small business is the engine of job growth and most small business loans come not from the big national banks, but from community banks." 

-- Governor Cuomo, announcing the DFS 2013 Community Banking Report

IBANYS' Regional Security Conferences October 24-25 
In Rochester & Albany

IBANYS will once again host our Regional Security Conference -- co-sponsored by our preferred partners, Wolf & Company --on Tuesday, October 24 (at the Rochester Airport Marriott) and Wednesday, October 25 (Albany Marriott on Wolf Road). 
Read our brochure for a detailed program agenda and registration information. We have compiled an outstanding slate of speakers who will share their knowledge and expertise on everything security:
  • "State of the Threat Landscape: An Update on the Latest Attacks You Need to Know About"
  • Managing Governance to Reduce Cybersecurity Risk 
  • Incidence Response Tabletop Exercise 
  • Putting Fraud to the Fire
  • Sex, Lies and Mobile Devices: The Seedy Underworld of Mobile [In]security
  • If You Think Cybersecurity is About Compliance, You're Already On Your Way Over the Falls 
You'll hear about the latest attacks, how to reduce risk, a "hands on" interactive session of a cyber breach...and much, much more.  This meeting is especially timely and important in-light of all that has recently occurred.  If you are a compliance officer, HR manager, IT Security, cashier, training officer or branch manager with a New York community bank, you are encouraged to register and attend. 
If you have any questions, please contact Linda Gregware: lindag@ibanys.net, (518) 436-4646

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A Very Special Thank You From 
President Witkowski
Now that the dust has settled from last week's IBANYS Annual Convention in Niagara Falls, I want to say a final "thank you" to the people who played such a prominent part in making it a big success! Special thanks to:
  • Our preferred partners
  • Our associate members
  • Our exhibitors
  • Our sponsors
  • Our speakers
  • Our member banks.
  • And, Niagara Falls, New York, our 
    2017 convention host city.
We hope all attendees and participants had a great time,  and we hope to see all of you next year at our 2018 convention -- and, of course, at all our upcoming 2017-18 meetings and conferences! First up: Our upcoming Regional Security Conferences October 24 in Rochester and October 25 in Albany. We are looking forward to a most timely based on the recent events, including the situations involving Equifax and Yahoo.

The FDIC released the results of its annual survey of branch office deposits for all FDIC-insured institutions. The FDIC's  Summary of Deposits  provides deposit totals for each of the more than 89,000 domestic offices operated by more than 5,700 FDIC-insured institutions. The latest data are as of June 30, 2017. Click here to read the full text.
  • The third-quarter CNBC "All-America Economic Survey" found 43% of the public believes the economy is excellent or good, a record high in the 10-year history of the survey. 36% percent believe it will get better, while 23% said it will get worse. 
  • Total mortgage application volume slipped 0.4% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted report. Volume was 24% lower than a year ago. Applications to refinance decreased 2% week to week and are down over 40% from a year ago. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less increased to 4.12% from 4.11%, with points increasing to 0.45 from 0.40, including the origination fee, for 80% loan-to-value ratio loans. Mortgage applications to purchase a home, running well below historical averages, moved just 1% higher but were nearly 5% higher than a year ago. FHA loan applications were down 8% from a year ago. Demand for adjustable rate mortgages is also rising: The average rate on a five-year ARM fell to just 3.30%. 
  • Private payrolls grew by 135,000 for the month, down from the 228,000 in August, according to ADP and Moody's Analytics. Job growth was concentrated at larger firms, with businesses that employ 500 or more workers growing by 79,000 while smaller firms that employ fewer than 50 workers saw their staffing decline by 7,000. The report precedes Friday's key nonfarm payrolls report, expected to show a gain of just 93,000--down from August's 156,000. The hurricane season impacted the results.
  • The U.S. Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1 %  last month. That followed a 0.3% increase in July. Again, the hurricane season impacted the result.

  • The GOP proposal to repeal state and local tax deductions has Republican Representatives from high-tax states concerned about constituents who could see their tax bills rise. Rep. Chris Collins (R-WNY) said party leaders assured him "there's not going to be full repeal" and that tax writers are considering alternative options.
  • Two senior Trump administration officials involved in the process say a "short list" of potential nominees for Federal Reserve Chairman includes Senior White House economic advisor Gary Cohn; former Fed Fovernor Kevin Warsh (an Albany, New York native); current Fed Governor Jerome Powell, and Stanford economist John TaylorFed Chair Janet Yellen also reportedly remains under consideration. The White House  is also searching for a Fed Vice Chair. The President currently has four total Fed appointments: Chairman, Vice Chair and two Governors.  The White House wants the Senate to approve three simultaneous nominations for Randy Quarles: for an empty Governor's seat until January 31, a full 14-year term as a Governor, and a four-year term as Vice Chairman of supervision.


Special Session Looming?
Governor Cuomo warned yesterday that the State Legislature may need to return to Albany before the end of the year to address deep cuts to federal health care funding. (Cuts to federal grants to help fund hospital care for the uninsured and underinsured and to the federal Children's Health Insurance Program (CHIP) --which took effect last Sunday, a contingency planning measure included in this year's state budget will be triggered. 
It's possible though, that the cuts could be avoided. Congress could act in December to renew the DSH funding. Senator Schumer and House Democratic Leader Pelosi reached agreement with President Trump to work out a new federal spending plan by mid-December. Cuomo noted if that happens, the Legislature won't need to meet until January and cuts won't have to be made.

Meanwhile, the Governor said New York will sue to block the plan to stop taxpayers from deducting state and local taxes if it passes.  "We believe the new federal tax plan, if it goes through, is double taxation, and we will sue the federal government if they do that.  We're not going to allow this state to be attacked and assaulted grossly and unfairly," Cuomo said. "We will sue on the deductibility provision if it stays in at the end of the day." The Governor's office estimates that statewide, the change would result in an average $5,298 tax increase for the 3.3 million taxpayers who claim the deduction on their federal tax returns. In total, the impact would add up to $17.5 billion statewide.

DiNapoli: New York Taxpayers Give More, 
Receive Less From Federal Government
NYS Comptroller Tom DiNapoli reported that New Yorkers gave more than $40 billion more in taxes to Washington in 2016  then they got back in benefits. The report noted that gap has doubled from $19.9 billion in 2013.  The disparity between what New Yorkers send to Washington in taxes versus what the state receives in federal spending has grown sharply over the past several years. 
Last year,  New York taxpayers contributed 8.3%  of the $3.1 trillion the federal government collected, although the state makes up 6.1% of the nation's population.  The average return last year for all states stood at $1.18 per tax dollar sent to the federal government, compared to the 84 cents in New York.  Only residents in New Jersey, North Dakota and Connecticut fared worse in 2016 than New Yorkers, on a per capita basis, when it came to the balance of payments.  In total dollars, New York ranked last.

DFS's Vullo Addresses NYS Senate Consumer Affairs Committee On Equifax
Department of Financial Services Superintendent Maria Vullo told the State Senate Consumer Affairs Committee that any legislation adopted in the wake of the Equifax data breach must include "stringent penalties" against credit reporting companies that don't abide by the law, including prohibitions against them operating in New York.  "The best teeth that regulators employ is that if you don't comply with the law than you are not entitled to the privilege of doing business in this state."   Vullo said DFS already has authority under existing regulations to pursue credit monitoring companies, but new legislation to improve consumer protections and require licensing would strengthen its hand. She noted that DFS has launched its own investigation of the breach and subpoenaed information from Equifax.

In other news, GOP Assemblyman Peter Lopez (R-Hudson Valley) has been chosen by the Trump administration to head up the Environmental Protection Agency's (EPA's) Region 2. 

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: (716) 907-5500 or visit:  http://nbibanys.phecard.com.
We are pleased to announce a new offer available to banks.  Offered through IBANYS' partner at My Wellness Resource is a unique program providing a $500 reba
te on any new Fiat, Chrysler, Dodge, Jeep, Ram or Hyundai vehicle. It may only be offered though individual banks, not through IBANYS itself. If your bank and employees might be interested, drop us a line and we will forward it to our contact at My Wellness, Alan Justin, who will reach out to you. 
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, easily-identifiable internet locations for financial companies and 
customers.  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!
Of all new cancer cases in the nation, prostate cancer represents 9.6%. In 2017, estimates are
there will be 161,360 new cases, and that more than 26,000 people will die of the disease.  Support IBANYS' "Cure the Blue" campaign to help New Yorkers participate in this effort to promote prostate cancer awareness and research. IBANYS partners with the Buffalo Bills Alumni Foundation, which sponsors the program, and urges our member banks to participate. Lake Shore Savings Bank President provided prostate cancer literature and Cure the Blue information at its headquarters in Dunkirk and all eleven of its branches, and also offered"Cure the Blue" ceramic lapel ribbon pins to all customers for a $5.00 donation to Cure the Blue. Lake Shore President & CEO Dan Reininga stated: "We fully understand the severity of this disease and the devastating effect it can have on families. Our support of 'Cure the Blue' initiative is something that we are taking very seriously. We're proud to support it."  "Cure the Blue" continues to grow throughout upstate New York. Walmart stores and the Labatt brewery are on board with a major push in the Watertown and Buffalo areas! IBANYS urges all of our member banks, associate members and allies to join the effort.     

in the spotlight
. . .Approval Payment Solutions
Approval Payment Solutions  offers a complete menu of electronic payment solutions to businesses of every type and size through dynamic Agent Bank Partnerships. APS now also offers a wide array of digital marketing products to businesses, including core local (SEO optimization), website design, social media posting and blog writing. For information, contact Jason Dates, Director of Agent Bank: (888) 311-7248 (ext. 151), jdates@apsolutions.net

. . .That  the  Federal Reserve System  was created when President Woodrow Wilson signed the  Federal Reserve Act  of December 23, 1913.  The Act, "Provided for the establishment of Federal Reserve Banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes. 


 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 former 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."


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