February 10, 2021

IBANYS Weekly E-Newsletter

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  Smaller lenders continue to lead the way in PPP lending. According to the latest SBA data, insured depository institutions under $10 billion in assets in 2021 have approved more than 608,000 Paycheck Protection Program loans worth $39.4 billion -- out of a total of 1.29 million loans worth $100.9 billion. So far, of the 2021 PPP loan total more than $93 billion has been approved for second-draw loans and more than $7.5 billion has gone to first-draw loans. Speaking of PPP, the Fed has extended its rule allowing certain bank directors and shareholders to apply to their banks for Paycheck Protection Program loans for their small businesses. Last year, the SBA clarified that lenders may make PPP loans to businesses owned by their directors and certain shareholders. The rule extension is effective immediately and applies to PPP loans made through March 31, consistent with SBA's rules and restrictions. You can find additional PPP information and resources on the SBA and Treasury sites -- and on ICBA's PPP and EIP News page. The New York State Department of Financial Services (DFS) has alerted regulated entities about the opportunity to receive credit under the New York CRA for activities undertaken to address climate change that benefit low- to moderate-income communities. We include additional information in our Albany section. On the government relations front, Washington continues to debate the President's new economic stimulus/ recovery & COVID-19 relief plan. Albany continues to consider alternative revenue sources to close the state's $15 billion budget deficit, await the possibility of more federal assistance -- and has been busy introducing new legislation and moving bills through committees (see our Albany section for more details). Meanwhile, having already held our January Human Resources and our February Compliance sessions, IBANYS is busy preparing for our next 2021 educational meetings: Our March 2 Virtual Bank Directors Conference (see below for additional information). . .and, our two-day virtual "All Banks On Deck": association wide conference in April. We also plan to participate(and hope you will as well) in ICBA's virtual convention, "ICBA Connect" March 9-10. Our own former IBANYS Chairman and current board member Bob Fisher (Tioga State Bank) -- a five-generation New York community banker -- will be elected ICBA Chairman for 2021-22! See additional details below. As New Yorkers await more vaccines, please stay safe and healthy. . .and as always, thanks for all you do for New York community banking! ********** Invitation to Join Meeting With NYS Senate Banks Committee Chairman Sanders   IBANYS received the following from the office of State Senate Banks Chairman Sanders:   “Senator Sanders, as Chair of Banks, is organizing a meeting to hear from the banks' associations to get feedback on the state of affairs of and issues affecting your member banks during the pandemic, discuss legislation and/or programs that the Senate can implement to help your members survive and grow during these difficult times. This meeting is scheduled for February 22, 2021 at 11:00 AM.  Please note this meeting is also open to your member banks to talk directly with Senator Sanders. To register for this meeting please email Linda Gregware at [email protected]. Linda will email the link to join the meeting.

Save the Date - February 18 - 10:00 - 11:30 a.m. EST The New York State Department of Financial Services is holding a webinar as part of its work to support the community and regional banking institutions in managing and mitigating the financial risks from climate change. The webinar will cover the fundamentals of how climate change impacts the financial system, provide examples of how it could impact the community and regional banking institutions in New York, climate-related business opportunities, and an update on federal and state climate-related initiatives.

Bank News

Rhinebeck Bank to Open and Operate Two New Branches  Superintendent of Financial Services Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved the application of Rhinebeck Bank to open and operate two new branch offices in Monroe and Warwick, Orange County, New York. Click here to read more

Tompkins Mahopac Bank Announces Bank President & CEO, Gerald J. Klein, Jr. to Retire; David DeMilia Appointed Successor The Board of Directors of Tompkins Mahopac Bank announced that Gerald J. Klein, Jr. will retire as president and CEO of Tompkins Mahopac Bank after 26 years of service to the company. In anticipation of his retirement, Tompkins Mahopac Bank has worked on a succession plan to assure a smooth transition of leadership and is delighted to announce the appointment of David DeMilia, currently senior vice president, to president & CEO. Klein will support the transition process during the first half of the year, retiring mid-year. Klein currently sits on the board of directors of the bank and is an executive vice president of the bank holding company, Tompkins Financial Corp., and a member of its senior leadership team. Klein serves on the board of the Independent Bankers Association of New York (IBANYS) and was named as a member of the Community Depository Institutions Advisory Council of the Federal Reserve Bank of NY. David DeMilia joined Tompkins Mahopac Bank in 2008. He has held a number of positions over the years and is currently the senior commercial lending division manager.

IBANYS 2021 Virtual Education Meetings

2021 Virtual Bank Directors Conference - Live Webinar Tuesday, March 2, 2021 The role of a community bank director is one that is always changing and has never been more critical to the success of your bank. The 2021 IBANYS Virtual Directors Conference is an informative and engaging event designed to help you gain the tools essential to guide your bank’s growth and profitability and sustain its vision for the future.    Click here to learn more & to register

Mark Your Calendars & Save These dates -- More Information Coming Soon!!

Monday & Tuesday, April 19-20, 2021 - "All Banks On Deck" - Community Banks Mid-Year Conference - 8:30 a.m. - 2:00 p.m. each day Watch your emails and the weekly newsletter for more information on these programs and additional dates to be added.

ASSOCIATE MEMBERS & PREFERRED PARTNERS

SolarWinds: 5 Points to Communicate to Your Board "As most SolarWinds investigations have stabilized, it’s a good time to give the full report to your Board of Directors. They’ve hopefully been curious, and you’ve likely been giving them bits and pieces along the way. Now it’s time to give them the big picture and explain the takeaways." By: Chris Bedel, President & CEO Read Here

Review of the 2021 Paycheck Protection Program (PPP) The 2021 release of the program was part of the Consolidated Appropriations Act (CAA) that was signed into law on December 27,2020. The new release of the program arrived at the right time as the health of small businesses had deteriorated towards the end of 2020. Read Article Here

Commercial Lending Academy March 22-26, 2021 Virtual Training This intensive, week-long workshop is designed to provide immediate, tangible training for employees new to commercial lending and to improve skills of less-experienced commercial lenders.   AUDIENCE Branch managers Credit analysts Personal and private bankers Entry level lenders Mid-level lenders needing a refresher course Any employee assuming commercial lending responsibilities   TOPICS Loan structuring Loan packages and business writing skills Loan policy concepts and risk ratings Loan pricing concepts Analyzing personal financial statements and tax returns Introduction to business financial statements and tax returns Real estate lending fundamentals Business development and sales skills FEATURES 42 hours of instruction are scheduled. Enrollment will be limited to ensure greater interaction with the instructor case leaders and peers. Tuition is $1,195 Richard Hamm President of Advantage Consulting and Training Barret Graduate School of Banking Graduate School of Banking at Wisconsin  Pittsburgh RMA Commercial Lending School BAI Graduate Schools of Banking Published 20 articles in The RMA Journal On the RMA Journal Editorial Advisory Board ABA Commercial Lending Graduate School Over 15 years as a Commercial Lender Received MBA from the University of Alabama Southwestern Graduate School of Banking Click here to register

News from ICBA

ICBA is pleased to announce ICBA Connect to be held on March 9-10, 2021. Get ready for a virtual experience unlike anything you’ve seen before! This event will bring together great minds from across the nation to celebrate and focus on community banks. Through diverse topics ranging from leadership and strategy, to innovation and inspiration, ICBA Connect will dive into the content that matters most today – all through the lens of community banks. Connect is a chance to discover how community banks are not only navigating the current landscape but leading the way for their communities. Click here to learn more & register Why Attend Learn about the speakers

Robert Fisher, President & CEO of Tioga Bank, former IBANYS Chairman and longtime IBANYS board member, is Chairman-Elect. We hope you will join IBANYS and attend virtually as we congratulate Bob, a fifth generation New York community banker.

Daniel Anderson is a Senior Vice President in the Investment Strategies Group at Vining Sparks. In his role he helps depositories with balance sheet management and investment portfolio strategies, as well as evaluation of interest rate risk exposure and strategies for managing liquidity. Daniel has more than ten years of experience working with community banks and credit unions, primarily in fixed income product areas and asset/liability management. Prior to joining Vining Sparks, Daniel was an Asset/Liability Analyst from 2010 to 2014 with another regional broker dealer. He began his career in bond accounting in 2008. Daniel attended the University of the South in Sewanee, TN. He graduated with a Bachelor of Arts in Economics in 2007. Daniel holds the Series 7, 63, and 66 licenses.  ICBA Securities and its exclusively endorsed broker/dealer, Vining Sparks, will present a webinar on Positioning the Investment Portfolio for Performance exclusively for the state associations that endorse ICBA Securities, as well as other community banks. This is the first in the 2021 webinar series.  The Covid-19 pandemic and the resulting economic fallout and actions by the Fed led to plunging market rates and a flood of liquidity into the financial system. Bank portfolio managers have been inundated with excess cash but find themselves with dramatically lower reinvestment yields. This year’s webinar series begins with a brief market update followed by a discussion of general portfolio management. It continues with recent bank portfolio trends and how best to position the bond portfolio going forward given the events of the past year and capital market expectations.  For many community bankers, defending net interest margins is of utmost priority right now. We will discuss the cost of waiting to invest given today’s near-zero cash rate, and we will outline various approaches to help our audience protect margins while managing risk.  What you will learn: Economic & market summary The bond portfolio’s fit in a community bank balance sheet Managing liquidity and interest rate risk Characteristics of high performing investment portfolios Interest rate risk profiles for community banks and portfolio needs Cost of waiting analysis Investment ideas based on current relative value opportunities   The webinar will last approximately 1 hour.  Register

Questions to answers Net interest margin in jeopardy? Here are some solutions. By Jim Reber To start out the year, I’d like to both properly memorialize the late, great Alex Trebek and provide some helpful suggestions for investment management for this challenging rate environment in which we find ourselves. And I’d like to do it in the space of this column, so let’s pick up our signaling devices and see what answers we have in front of us. Read Article Here

WEBINARS

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.  Click for full list of webinars

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

The New York State Department of Financial Services (DFS) issued guidance alerting banking institutions subject to the New York Community Reinvestment Act (New York CRA) that they may receive credit for financing activities that support the climate resiliency of low- and moderate-income (LMI), and underserved communities. DFS Superintendent Lacewell noted: "Climate change is happening now and there is no time to waste in addressing its financial risks. At the same time, climate change disproportionately impacts disadvantaged communities..." Read more. Legislative Update: Additional bills have been introduced in the Legislature or are currently on Committee agendas, For details, please see here. . . here. . .and here A number of other bills of interest have been introduced between January 11th-26th. To review them, click here.  And, here is a list of new introductions and bill activity from and committee agendas . . . and here too The State Senate passed an 11-bill package they say will help prevent housing discrimination. It includes legislation mandating annual fair housing reviews from the attorney general’s office, and implicit bias training for real estate agents. The Legislature continues to review Governor Cuomo's Annual Budget Message, which actually presented two potential paths for this year’s financial plan: One which he says would result in stability and regrowth if the federal government fills the $15 billion budget gap he’s projecting, and another he says would result in tax increases and significant, longstanding debt if Washington provides only $6 billion. Alternative funding resources could include tax increases, perhaps on those making more than $5 million annually year (which Cuomo has previously resisted, but has now offered his own version "if necessary".) Other ‘revenue actions’ proposed included a new state and local sales tax on the vacation home rental industry.  Senate Finance Committee Chair Krueger and Assembly Ways and Means Committee Chair Weinstein announced the Joint Legislative Hearing Schedule in late January on the 2021-22 Executive Budget Proposal. Each hearing focus on a programmatic area, and are intended to provide the appropriate legislative committees with public input on the Executive Budget Proposal.The hearings are being conducted virtually. Hearings on Economic Development and Taxes are scheduled for February 23. A progressive-leaning think tank was poised Wednesday to release its budget and fiscal outlook for New York as the state's finances have been stress tested by the COVID-19 pandemic, in light of the ongoing debate over raising taxes on wealthy residents. The Fiscal Policy Institute's annual report backed a variety of new and increased taxes on upper income earners and businesses, including an unearned income surcharge, a corporate tax surcharge, a Global Intangible Low-Tax Income, a pied-a-terre or second home tax and a stock transfer tax. IBANYS will monitor developments, and will keep you fully informed.

NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FOR IMMEDIATE RELEASE, February 09, 2021 CONTACT: [email protected], 212-709-1690 CONSUMER ALERT: NEW YORK STATE DIVISION OF CONSUMER PROTECTION AND THE NEW YORK DEPARTMENT OF FINANCIAL SERVICES ALERT CONSUMERS ABOUT TWO NEW LAWS THAT PROVIDE CONSUMER PROTECTIONS ON RECURRING SERVICES, AND ON ACCOUNT INACTIVITY FEES  New York Consumers Have New Protections Relating to Recurring Services and Relating to Inactive Accounts New Consumer Protections Put The “Free” Back in “Free Trial” The New York State Division of Consumer Protection and the New York State Department of Financial Services are issuing this alert to consumers regarding two new laws – one providing new protections when purchasing recurring services, and the other requiring notification by New York State regulated financial institutions prior to charging any account inactivity fees. Under NY General Business Law, anyone selling automatic renewal programs or continuous services to New Yorkers must provide consumers an easy-to-use cancellation mechanism before the consumer pays for the service. Consumers who purchase these services online must also be allowed to terminate the agreement online at any time. “Many consumers complain about companies billing their credit card after they call or go online to cancel their subscription. Some companies make it difficult to cancel or say they have cancelled service, but consumers continue to be billed,” said Secretary of State Rossana Rosado, who oversees the Division of Consumer Protection. “The new law empowers the Attorney General, on behalf of consumers, to go after companies that automatically renew and charge consumers without adequate notice.” Under a new Banking Law[1], New York State regulated financial institutions that provide an account to a customer, must provide written notification of any pending charges to a customer thirty days prior to charging any fee based on account inactivity. The law allows such written notification to be sent electronically. “We’re living in unprecedented times and consumers shouldn’t be penalized for simply not engaging in account transactions, which is exactly what account inactivity fees do, especially given that communities of color are disproportionally adversely affected by the pandemic and resulting economic crisis,” said Superintendent of Financial Services Linda A. Lacewell. “This new protection will ensure that New Yorkers, so many of whom are navigating economic uncertainties, aren’t caught off guard and penalized without notice for mere inactivity, and instead have the opportunity to avoid these unnecessary costs.” “Automatic renewal” programs (subscription or purchasing agreements that are automatically renewed each term) or “continuous service” plans (subscription or purchasing agreements that continue until the consumer calls to cancel) must clearly state the cancellation terms to consumers before entering into the agreement. If consumers purchase the item online, those terms must be clearly stated near the purchase approval button. If consumers purchase over the phone, the terms must be read clearly before the consumer completes the purchase. These businesses must also provide a toll-free telephone number, email address or other cost-effective, timely, and easy-to-use option for consumers to cancel after agreeing to the contract. In addition, if the original offer includes a free gift, the consumer can keep that free gift whether or not they cancel the service during the trial period or at a later date. Consumers considering free offers should keep the following tips from the Federal Trade Commission in mind: Do some research. Search the product and company name online with words like “review,” “complaint,” or “scam” to see what others are saying. Find the terms and conditions for the offer. If you can't find them or can't understand exactly what you're agreeing to and when you’ll be charged — including what you’ll be charged for and the date by which you have to act to avoid a charge – don't sign up.  Monitor your credit and debit card statements. If you’re charged for something you didn’t order, dispute those charges as soon as you spot them. If it is believed a company is not following the new law when offering recurring services or free gifts, consumers should file a complaint with the Division of Consumer Protection at www.dos.ny.gov/consumerprotection. If consumers are charged account inactivity fees without the required notice, they are encouraged to file a complaint with the Department of Financial Services at https://www.dfs.ny.gov/complaint. The New York State Division of Consumer Protection provides voluntary mediation between a consumer and a business when a consumer has been unsuccessful at reaching a resolution on their own. The Consumer Assistance Helpline 1-800-697-1220 is available Monday to Friday from 8:30am to 4:30pm, excluding State Holidays, and consumer complaints can be filed at any time at www.dos.ny.gov/consumerprotection. The Division can also be reached via Twitter at @NYSConsumer or Facebook at www.facebook.com/nysconsumer. [1] NY Banking Law §9-x*2. There is a separate/unrelated NY Banking §9-x that deals with mortgage forbearance. ********** NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FOR IMMEDIATE RELEASE, February 09, 2021 CONTACT: [email protected], 212-709-1690 DFS ALERTS REGULATED ENTITIES OF OPPORTUNITY TO RECEIVE CREDIT UNDER THE NY CRA FOR ACTIVITIES UNDERTAKEN TO ADDRESS CLIMATE CHANGE THAT BENEFIT LOW- TO MODERATE-INCOME COMMUNITIES Additional DFS Action to Fully Integrate Climate Change Into All of Department’s Programs The New York State Department of Financial of Financial Services (DFS) issued guidance alerting banking institutions subject to the New York Community Reinvestment Act (the “New York CRA”) that they may receive credit for financing activities that support the climate resiliency of low- and moderate-income (LMI), and underserved communities. “Climate change is happening now and there is no time to waste in addressing its financial risks. At the same time, climate change disproportionally impacts disadvantaged communities, many of whose members are people of color. DFS is issuing today’s guidance to provide examples of climate resiliency activities that may qualify for credit under the existing New York CRA,” said Superintendent of Financial Services Linda A. Lacewell. “New York will continue to take nation-leading, innovative approaches that address climate-related financial risks, support the needs of underserved communities, and combat environmental and racial injustice.” This is another step in DFS’ efforts to fully integrate climate change into all its programs. In 2019, the DFS became the first financial regulator in the United States to join the Network for Greening the Financial System, a coalition of central banks and supervisory authorities committed to managing environmental and climate risk management in the financial sector. DFS is also a member of the Sustainable Insurance Forum, an international network of insurance regulators. In the past year, the Department has issued a Circular Letter to the insurance industry and an Industry Letter to the banking industry to set expectations and begin a dialogue as to how the Department can best support those industries’ efforts to manage the financial risks from climate change. Although no one is spared from the impact of climate change, it disproportionally affects LMI communities, perpetuating social inequality. LMI households on average face a higher energy burden than other households, spending more on gas, electric, and heating fuel as a percentage of household income. According to a National Conference of State Legislatures report, if low-income housing were equally energy-efficient compared to the average U.S. home, energy costs paid by low-income households would decrease by one-third. Yet many LMI consumers face barriers to such improvements, including lack of access to financing for energy efficiency upgrades. In addition, LMI communities tend to be more susceptible to flooding and heat waves, risks exacerbated by climate change. Compounding the problem, LMI communities tend to have fewer resources to recover from natural disasters which are now more frequent and severe due to climate change. Further, LMI communities tend to have higher percentages of minority populations, and therefore these effects of climate change are also disproportionately borne by people of color. This is both an environmental justice and social justice issue. The federal and New York State Community Reinvestment Acts encourage banks to meet the credit needs of their communities, including LMI communities. The Department administers the New York CRA and its regulations. To evaluate a banking institution’s performance, the Department applies various tests, depending on the type and size of the institution. One way in which banks are evaluated under the New York CRA is the extent to which their activity serves community development. Banking institutions may be credited in their CRA examinations for activities that may help mitigate climate change risks and at the same time revitalize, stabilize, or otherwise serve a community development purpose in LMI and underserved rural middle-income communities. In today’s Industry Letter, DFS provided examples of activities that reduce or prevent the emission of greenhouse gases that cause climate change (“climate mitigation”), and adapt to life in a changing climate (“climate adaptation”) (together with climate mitigation, “climate resiliency”), which in turn may mitigate risks from climate change and may qualify for credit under the New York CRA as a community development lending or qualified investments that revitalize or stabilize or otherwise serve as community development in these areas. These include the financing of:  renewable energy, energy-efficiency, and water conservation equipment or projects for affordable housing to reduce utility payments for LMI tenants, or for community facilities. Examples include installation of solar panels, geothermal heat pumps, and battery storage, improving building envelope insulation, and lighting, window and appliance upgrades; community solar projects that provide energy to an affordable housing project or a community facility that has a community development purpose; microgrid or battery storage projects in LMI areas with high flood and/or wind risk, thereby reducing risks of power loss due to flooding and high wind; projects addressing flooding or sewer issues, or reducing stormwater runoffs such as new or rehabilitated sewer lines, levees, and storm drains that primarily benefit LMI geographies; flood resilience activities for multifamily buildings offering affordable housing, such as building elevation and relocation and installation of sump pumps; and installation of air conditioning in multifamily buildings offering affordable housing to reduce heat risks and utility costs for LMI residents. The above list is not intended to be exhaustive. In addition to potential credit for community development lending, banking institutions’ activities may qualify for credit under the New York CRA under the lending test or as innovative investments for climate resiliency-promoting activities.   Read a full copy of the industry letter on the DFS website.

Washington Update

ICBA has outlined 2021 community banking agenda in an open letter to Congress. It calls for a pragmatic agenda of regulatory relief and a more competitive landscape to promote a dynamic economy. READ ICBA RELEASE House Democrats are "muscling past" Republicans on major portions of President Biden’s pandemic plan as it works its way through committees -- including supporting a proposed $130 billion in school relief and a gradual increase of the federal minimum wage to $15 an hour as part of the $1.9 trillion relief package/reopening plan. Democrats say schools won’t be able to reopen safely until they get funding to repair ventilation systems, buy protective equipment and take other steps recommended by health officials. Republicans oppose the legislation. Senate Majority Leader Schumer wants to include the $15 minimum wage increase in the economic stimulus package and is working with the Senate parliamentarian, who interprets rules for the budget reconciliation process under which the $1.9 trillion economic stimulus package is being considered. https://link.apnews.com/view/5fc8ed17db42c9189a65851admt6x.8hue/c725251a. The administration's "American Rescue Plan" includes: Direct payments of $1,400 to most Americans, bringing the total relief to $2,000, including December’s $600 payments Increasing the federal, per-week unemployment benefit to $400 and extending it through the end of September Increasing the federal minimum wage to $15 per hour Extending the eviction and foreclosure moratoriums until the end of September $350 billion in state and local government aid $170 billion for K-12 schools and institutions of higher education $50 billion toward Covid-19 testing $20 billion toward a national vaccine program in partnership with states, localities and tribes Making the Child Tax Credit fully refundable for the year and increasing the credit to $3,000 per child ($3,600 for a child under age 6) Members of Congress from New York and New Jersey are trying to repeal the $10,000 cap on the state and local tax (SALT) deduction as part of a pandemic-relief bill. However, the Biden administration has been noncommittal, and the move looks likely to wait until later this year. A number of key officials who will impact the banking industry have been nominated and/or confirmed. They include::  Janet Yellen (confirmed, Treasury Secretary);  Cecelia Rouse (Chair, Council of Economic Advisers);  Isabel Guzman (Small Business Administrator);  Gina Raimondo (Secretary of Commerce);  Brian Dees (Director, National Economic Council);  Gary Gensler (Chairman SEC);  Rohit Chopra (Director, Consumer Financial Protection Bureau);  Michael Barr (expected to be nominated as Comptroller of the Currency, although progressives are pushing for law professor Mehrsa Baradaran, an expert on the racial wealth gap who has called for the delivery of banking services through the U.S. Postal Service.); Neera Tanden (OMB Director)   The Treasury Department this week also announced the appointment of key staff members, including Special Assistant of Legislative Affairs Clement Abonyi Jr., Deputy Assistant Secretary for Tax Analysis Kimberly Clausing, Counselor to the Secretary David Lipton, and Principal Deputy General Counsel Laurie Schaffer. Latest On New York Congressional Delegation: With the courts having ruled Republican Claudia Tenney the winner in the congressional race in the 22nd CD in Central New York, the 27-member New York House Delegation now includes 19 Democrats and 8 Republicans -- with the following six new members: Andrew Garbarino (R-2nd CD) Nicole Malliotakis (R-11th CD) Ritchie Torres (D-15th CD) Mondaire Jones (D-16th CD) Jamal Bowman (D-17th CD) Claudia Tenney (R-22nd CD). (She previously held this seat from 2017-19.) If your bank have operations in any of these districts, please reach out to introduce yourselves to your new Representatives and share the important role community banks play in your local and our state economy! Six New Yorkers are on the House Financial Services Committee -- five Democrats and one Republican:  Carolyn Maloney (D-Manhattan/Queens); Nydia Velázquez (D-Brooklyn); Gregory Meeks (D-Queens/Nassau County); Ritchie Torres (D-Bronx); Alexandria Ocasio-Cortez (D-Bronx/Queens) Lee Zeldin (R-Suffolk County) A number of New Yorkers are also serving on important subcommittees as well. Reps. Maloney and Meeks will serve on the Subcommittees on Investor Protection, Entrepreneurship & Capital Markets; Maloney is also on Housing, Community Development & Insurance, as are Reps. Velazquez and Torres. Meeks, Torres and Rep. Velazquez are on Consumer Protection & Financial Institutions. Torres and Rep. Ocasio-Cortez are on National Security, International Development & Monetary Policy. Also, freshman GOP Rep. Andrew Garbarino (R-Nassau/Suffolk Counties) ) will serve on the House Committee on Small Business.