|
38th Annual Convention Rescheduled!
The Annual Convention is back on! With Hurricane Irene as widespread and unpredictable as it was, we could not justify expecting you to leave your family and homes during the dangerous storm. Widespread power outage and flooding (including at the hotel) made it easy to see that we could convene another day.
The theme for this year's convention is Navigating Change. What a fitting title in such an unprecedented year of growth, unpredictability, and above all else, change. Any good navigator knows how to steer the ship to calm seas. We'd like to invite you to come to our rescheduled Annual Convention from October 23-25th, 2011. It will be held at the same location in Saratoga Springs.
Please call your hotels to re-register your rooms for the October dates. Both hotels will be holding your reservations for the October convention. We hope you can all join us in Saratoga Springs this fall, because it is absolutely beautiful.
We will be sending out information to you ASAP, so please be on the lookout for it. We'll have updates as we gather more information, on the web, on Facebook, and on Twitter.
|
|
Prepare Your Bank for Disaster
| |
Is your institution ready when disaster strikes? Do you have contingency, emergency, and post-tragedy plans? The FDIC has compiled information from the FFIEC and the Conference of State Bank Supervisors about lessons learned from Hurricane Katrina. While New York State isn't usually prone to hurricanes perse, there is certainly some wild weather no matter what the season. The information processed is unique to financial institutions, and is pivotal in formulating or updating your emergency plans. Please click the link below to see how you can prepare and protect your bank from catastrophe.
FDIC Lessons for Disaster Plans
|
|
|
Banks Step up After Storm
While some of the hardest hit areas of the Northeast and New York clean up from Hurricane Irene, some banks and credit unions have vowed to help financially.
- Chase has vowed to waive overdraft and insufficient fund fees through September 4th. They are also waiving early withdrawal fees on CDs.
- M&T Bank is lowering rates on business lines of credit, home equity products, and consumer auto loans until September 30th.
- Chartway FCU, with 63 branches across the country, is allowing members to skip loan payments if they have been affected by the storm.
How do you feel about these initiatives by a few institutions? While everyone wants to be able to help those in need after tragedy, is it feasible for your bank to do the same or similar? Do you have other ways to help that you have implemented in your area? Let us know what you are doing to help your customers during the aftermath of Hurricane Irene. Next week we'll share your thoughts! e-mail us
|
|
|
|
|
Oppose House/Senate Credit Union Business-Loan Cap Raise Bills
|
|
In early March, Sen. Mark Udall (D-CO) introduced S. 509, the Small Business Lending Enhancement Act of 2011, in order to renew credit union efforts to expand their business lending by raising the cap on "member business loans" that a credit union can make to 27.5% of assets (up from 12.25%); increase the size of loans exempt from the cap; exclude any loan made in an "underserved area;" and repeal certain lending restrictions on undercapitalized credit unions, raising new safety and soundness concerns.
One month later, Reps. Ed Royce (CA-40) and Carolyn McCarthy (NY-4) introduced a companion bill, H.R. 1418, in the House.
We have held the position that credit unions should demonstrate they are meeting the basic statutory mission that Congress spelled out for them before attempting to expand their powers into more complex and specialized fields while receiving a tax subsidy.
Contact your Senators and Represenatative today and let them know that community bankers oppose ANY unwarranted and unneeded expansion of business lending powers to the credit union industry.
Contact Your Representative Here |
|
|
Community Bank Program Extended
The Banking Development District program has been extended through 2017. The program, designed to encourage banks in New York State to bring branches to underserved areas, was supposed to expire on January 1st, 2012. Governor Cuomo signed the extension on the legislation, which originally began in 1997. When financial institutions use the program and go to areas that lack banks, they can qualify for state and local incentives like property tax exemptions. Banks who get a Banking Development District designation can also receive up to $10 million in subsidized deposits from the state. Assembly bill sponsor Grace Meng (D-Flushing) says that immigrant communities are in particular need of local banks, and adds that they "have a tradition of starting neighborhood businesses as well as encouraging generations of families to remain in these neighborhoods." Statewide, there are 39 districts that have been designated since the program began. Some branches in these districts are the only banks there, serving over 32,000 people. According to the state Banking Department, almost 74,000 accounts have been opened by residents of these districts since the program started, with the branches extending over 12,500 loans totaling $917 million dollars. |
Fed's Rate Policy Op-Ed Makes WSJ
President and Chief Executive of ICBA Cam Fine wrote an op-ed piece about community banking and the Fed's rate policy which appeared in the August 25th edition of the Wall Street Journal. In the article, Fine outlines how keeping interest rates so low through 2013 is negatively affecting community banks. He goes on to say that because of the near-zero rates, the Fed has essentially taken away community bankers' ability to compete in the free market. click here to see the whole story |
