August 19, 2020
IBANYS Weekly E-Newsletter
  • Visit our website at www.ibanys.net to review all our daily updates on COVID-19 beginning on March 16.
The President's Message:
IBANYS News and Updates
By John Witkowski, President & CEO
 
IBANYS is very excited to be moving forward with our 2020 Virtual Annual Convention, which will be held September 30 - October 2. In the midst of the ongoing, continuing changes caused by the pandemic, our virtual convention is a terrific way for all of us at IBANYS to provide important and timely educational programming to New York community bankers -- as we have always done in the past in our in-person programs. We’ve a great deal of information and a number of updates in today's newsletter about this new, innovative approach to participate and be a part of this event in our new “normal”. Learn more about topics, sponsorship opportunities and the opportunity for banks to make the virtual convention available to all bank employees.
 
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This week’s ZOOM Executive Management Discussion Group session will be held tomorrow (Thursday, August 20) from 10:30 a.m. – 11:30 a.m. The agenda will feature two guest speakers
  • Strategic Resource Management will join our call from 10:30 – 10:45 a.m. to provide an overview of strategies for the Pandemic.
  • Katherine McClung, Labor and Employment Attorney with Bond, Schoeneck & King will join our call at 10:45 – 11:30 a.m. to provide an update on labor and employment issues connected to the Pandemic. If you have any questions for Katherine, please send them to John Witkowski at Johnw@ibanys.net.   
 
If you are not currently registered to participate in this months Executive Management Discussion Group, please complete the attached registration form and email to Linda Gregware at lindag@ibanys.net. The registration fee will be prorated for the two remaining August sessions ($150) registration form
 
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The stalemate between Congress and the Trump administration regarding the next coronavirus legislative package continues. IBANYS has written to all the members of the New York Congressional Delegation (and shared the letter with members of the NYS Legislature as an FYI) urging support of a number of important changes. ICBA has suggested changes be made to the Paycheck Protection Program. A copy of our letter is available in the Washington section of today's newsletter.
 
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Paycheck Protection Program data show that community banks are the unequivocal leaders of the U.S. economic recovery, ICBA said in a new release out today. According to the Small Business Administration data, community banks:
  • Were the predominant PPP lenders, serving 57.5 percent of all PPP recipients.
  • Provided most loans to minority-owned, women-owned, and veteran-owned small businesses.
  • Made 98.2 percent of loans in low-income or economically distressed counties.
  • Processed PPP loans five to 10 days faster than other lenders.
  • Saved jobs in critical areas of the economy.
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ICBA continues calling on community bankers to urge Congress to include needed reforms in the next emergency stimulus package.
IBANYS VIRTUAL CONVENTION
SAVE THE DATES
September 30 - October 1-2, 2020
NEW INFORMATION: IBANYS is adapting to the new normal brought about by the pandemic including switching our 2020 Annual Convention to a “Virtual” Convention this fall. The 2020 IBANYS “Virtual” Annual Convention is scheduled for Wednesday, September 30 – Friday October 2, 2020. Banks can register for one price, and the event will be open for all bank employees. The final touches are being added to the agenda. Watch your weekly newsletter and your email for more details and registration information coming soon. Here is a look at the topics:
  • Compliance
  • Cybersecurity
  • Portfolio Management
  • Innovation
  • PPP
  • Strategy, Digital Reporting and
  • Keynote Speaker - Steven Greenberg

We would also like to thank our all of our generous sponsors of this event and their continued support of IBANYS and all community banks. Please take a moment to click on the company logo below to learn more about each sponsor and how they help the community banks.

If you would like to be a sponsor, please contact me at johnw@ibanys.net or 518-436-4646 for details.
Meet the Speakers
Steven Greenberg, Founder and Principal of Greenberg Public Relations (click for here for bio)

Insight on the Political and Electoral Landscape
 
Steve Greenberg is a veteran political analyst and commentator who will preview the critically important 2020 Presidential election for community banks.

Jaison Abel, Assistant Vice President and Function Head/Regional Analysis Function/Federal Reserve Bank of New York (click here for bio)

Update on the Economic Conditions in NYS


Our Sponsors
Click the logos to learn more
Preferred Partner
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. 
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.)
IBANYS Preferred Partners & Associate Members
Looking for Coveted, Top-Tier Borrowers?
Looking for coveted, top-tier borrowers to grow your loan portfolio? The BHG Loan Hub is where New York Banks shop!
 
Join IBANYS in a live meet & greet event to hear from Meghan Crawford, BHG's SVP of Bank Relationships, and learn how you can purchase high-quality loans using their state-of-the-art delivery platform, the BHG Loan Hub.

When: September 2, 2020 - 10:00 a.m. EST

Main Street, Inc. Acquires Marketing Technology Software Provider Onovative
We have acquired a marketing technology software provider, Onovative. This purchase further enhances Main Street’s marketing services solutions. 

Reimagine the Traditional Banking Business Mode - Fee-Generating Business Acquisitions
NYS Qtr. 2 Performance Report
QwickAnalytics Community Bank Index (QCBI)
State Performance Trends
Key industry trends for the "true" community bank

The NextGen Scholarship is Back!

The LEAD FWD Summit is Sept. 21-22 and offered in virtual format
 
Due to the success of last year's NextGen scholarship program, we are excited to announce that ICBA is once again offering this exciting scholarship opportunity for our state association friends.
 
With the ICBA 2020 NextGen Scholarship you have an opportunity to award one community banker from your membership a fully-paid scholarship to ICBA's virtual leadership conference, the 2020 LEAD FWD Summit (Sept. 21-22).
 
This is your scholarship to award to a deserving community banker in your state! We’re thrilled to assist you in further engaging the future of our industry and we’re delighted to partner on this NextGen Scholarship opportunity. For more details, including how to participate, please refer to this informational brief and our ICBA State and Regional Partner web page where you will find customizable promotional tools and assets.
Kickoff!
A football fan’s guide to portfolio management
By Jim Reber
As the calendar turns to the fall, millions of Americans gear up for their favorite sport of football. Of course, with this being a year unlike any other, we’re still trying to figure out what it will look like. Nonetheless, what better way to usher in the new football season than to relate common gridiron phraseology to its investment portfolio equivalent? Some of this may sound like a stretch for the sticks, but perhaps you can find a loose ball in the pileup. If so, hopefully you can convert the takeaway into a visit to the sweet land of six.

Albany Update
While Governor Cuomo and other elected officials are holding out hope for billions in new federal funding, activists are rallying in Albany and New York City Tuesday for new taxes on the wealthy. 
 
DFS FAQ On Forbearance For Residential Mortgages Held In Portfolio By NYS Chartered Banks
The NYS Department of Financial Services (DFS) has issued the "Frequently Asked Questions (FAQ) document on the state's new Residential Mortgage Forbearance Law on forbearance for residential mortgages held in portfolio by NYS chartered banks. IBANYS would like to thank the DFS team for providing guidance through this document, which IBANYS had suggested.
The FAQ document may be accessed through the link below.
 
Legislature Prepares To Reconvene -- Forbearance Likely On Agenda
The Legislature is expected to reconvene in the coming weeks, and it appears likely the agenda may well include additional forbearance legislation for residential and commercial investment property mortgage payments. That may well include. A.10532A, Bichotte (see link below). IBANYS opposes the legislation (see second link below), and is working with the Legislature and the NYS DFS.
Washington Update
IBANYS Urges New York Congressional Delegation To Support PPP Changes
As the stalemate between Congress and the Trump administration regarding the next coronavirus legislative package continues, IBANYS has written to the New York Congressional Delegation (and shared the letter with members of the NYS Legislature as an FYI) urging support of a number of important changes ICBA has suggested be made to the Paycheck Protection Program. Read IBANYS' letter to Congress.
 
Senate Republicans are reportedly expected to unveil a pared-down coronavirus relief package that would include $10 billion for the U.S. Postal Service, an extension of $300 weekly jobless benefits through Dec. 27, an additional round of funding for the Paycheck Protection Program and aid for education and COVID-19 testing. The bill includes pieces of a proposal Senate Republicans issued in July and could be attached to a continuing resolution that would fund the government past the looming Sept. 30 deadline.
 
House Speaker Pelosi said Democrats could trim their economic relief package to compromise with White House negotiators and Senate Republicans, saying that Congress would pick up the parts cut from a deal now in January. Treasury Secretary Mnuchin hopes Pelosi would be more interested in negotiating with the House in session this week for the U.S. Postal Service vote. Senate Majority Leader McConnell said the return of the House "could open the opportunity for discussion about something smaller than what the speaker and the Democratic Senate leader were insisting on at the point of impasse."
 
ICBA Urging Grassroots On GSE Fee Increase
ICBA is urging community bankers to call on policymakers to overturn Fannie Mae and Freddie Mac's decision to charge a 0.5 percent fee on refinance mortgages. Community bankers can use ICBA's Be Heard grassroots action center to tell Congress to insist that the enterprises and the Federal Housing Finance Agency reverse the policy, which would cost the average homeowner an additional $1,400 amid the COVID-19 pandemic. In a statement last week, ICBA said the decision will raise the cost of mortgage credit, cause financial losses to lenders, and hamper the economic recovery.

ICBA Seeking ILC Grassroots Outreach
ICBA continues calling on community bankers to urge their senators to co-sponsor legislation to close the industrial loan company loophole. The customizable message on ICBA's Be Heard grassroots action center notes that ILCs pose a significant risk to the financial system and should be regulated like other banking institutions. The Eliminating Corporate Shadow Banking Act (S. 2839) would subject ILCs to the Bank Holding Company Act.
ICBA recently called on the FDIC to deny Rakuten Bank America’s resubmitted ILC application and urged the agency to strengthen its proposal to enhance oversight of ILC parent companies.
 
Through its "Wake Up" campaign, ICBA will continue encouraging policymakers to open their eyes to the risky practices, costly tax subsidies, and irresponsibly lax oversight of tax-exempt credit unions.
Additional Information
The Office of the Comptroller of the Currency (OCC) released an update to the Bank Accounting Advisory Series (BAAS). The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations. This edition of the BAAS reflects accounting standards issued by the Financial Accounting Standards Board on such topics as troubled debt restructurings and credit losses. Additionally, this edition includes recent answers to frequently asked questions from the industry and examiners. The BAAS does not represent rules or regulations of the OCC. Rather, it represents the OCC’s Office of the Chief Accountant’s interpretations of generally accepted accounting principles and regulatory guidance based on the facts and circumstances presented. The OCC updates the BAAS annually.