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Reminder:
Community Bankers Forum
Monday, January 23, 2012
9:30a-12:30p
One State Street New York, NY 10004 |
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Inside IBANYS
December 14, 2011
Server problems delayed this e-mail. We apologize for any inconvenience.
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Governor and State Legislature
pass tax reforms
Dan Valente, IBANYS Director of Government Relations
Last week Governor Cuomo announced an agreement with the leaders of the legislature on tax code reforms as a measure aimed at creating jobs and lessening the tax burden on middle-class families. The plan was later approved by the legislature in a nearly unanimous vote in both houses. Under the new rate structure, a total of 4.4 million New Yorkers would receive a tax cut and all taxpayers would see a tax reduction or no change compared to their previous tax bill.
The new tax structure is expected to generate $1.9 billion in additional revenue for the State. Any additional unspent funds from this revenue would be held in a new priority reserve fund to be dedicated towards future needs regarding job creation, local mandate relief, education, health care and mortgage foreclosure protection.
The new tax bracket structure would be reorganized as follows:
Income Level
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Previous Tax Rate
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New Tax Rate
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$40,000 to $150,000
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6.85%
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6.45%
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$150,000 to $300,000
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6.85%
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6.65%
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$300,000 to $2 million
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7.85% - 8.97%
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6.85%
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Over $2 million
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8.97%
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8.82%
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The agreement also includes support for a comprehensive New York Works Agenda aimed at creating thousands of jobs with new investments in New York's infrastructure, approving $50 million in additional relief for areas devastated by recent floods, and reducing the MTA payroll tax to provide relief for small businesses.
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IBANYS Board of Directors meeting recap
On Thursday, December 1, the IBANYS Board of Directors met at Turning Stone Resort in Verona, NY. While there, many things were discussed, including the future of IBANYS and the Association in 2012. Some of the highlights include:
- Passing of the IBANYS 2012 Operating Budget
- Construction of the preliminary 2012 Legislative Agenda
- Set goals for 2012 and the Four Pillars plan
- Approved the 2012 IBANYS Calendar of Events
- Approved the CFO Peer Group Council 2012 Agenda
The next in-person Board of Directors meeting is scheduled for Thursday, March 1, 2012 in Albany.
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Comments sought on Market Risk Capital Rules revisions
The federal bank regulatory agencies announced they are seeking comment on a notice of proposed rulemaking (NPR) that would amend an earlier NPR announced in December 2010. The initial NPR proposed modifications to the agencies' market risk capital rules for banking organizations with significant trading activities.
The amended NPR includes alternative standards of creditworthiness to be used in place of credit ratings to determine the capital requirements for certain debt and securitization positions covered by the market risk capital rules. The proposed creditworthiness standards include the use of country risk classifications published by the Organization for Economic Cooperation and Development for sovereign positions, company-specific financial information and stock market volatility for corporate debt positions, and a supervisory formula for securitization positions.
The earlier NPR was based largely on the revisions to the market risk framework published by the Basel Committee on Banking Supervision since 2005. However, it did not include aspects of the Basel Committee revisions that rely on credit ratings. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, all federal agencies must remove references to, and requirements of, reliance on credit ratings from their regulations and replace them with appropriate alternatives for evaluating creditworthiness. The agencies believe that the capital requirements resulting from the implementation of these alternative standards would be generally consistent with the standards in the Basel Committee's revisions.
The agencies expect to publish a final market risk capital rule after consideration of the comments on both NPRs. Comments on this NPR are requested by February 3, 2012.
To find out more, including how to submit comments, click here.
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IBANYS Magazine naming contest!!!
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In case you haven't heard, IBANYS is launching a new bi-monthly magazine in 2012. The first issue will be a special edition Convention Preview, slated for July-August 2012.
We are so excited to present this new venture to our members, but we need your help!
The IBANYS magazine does not yet have a name, so get your thinking caps on! We will be taking submissions for name ideas until January 15, 2012.
The person who comes up with the best name will win a FREE REGISTRATION to the IBANYS Annual Convention, September 9-11, 2011!!
To submit your best ideas, e-mail us HERE!
There is no limit to how many names you can submit, but please keep the e-mails to one a day. Thanks!
We will announce the winner of the contest on Wednesday, February 1st!
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It's go time
Munis offer bargains at year-end
By: Jim Reber
If your holiday gift list includes some high quality investments with limited price volatility, good liquidity and, oh yes, high yields, this column is for you. Your friendly state and local governments are likely to roll out some gift-wrapped offerings for even the most discriminating of investors. But time is of the essence.
Fixed income markets in general, and the municipal market in particular, have had a wild ride in the last 12 months alone. The muni market's volatility was in large part created by an unlikely source: Meredith Whitney, the analyst who last December brazenly predicted "hundreds of billions of dollars" of defaults in 2011. Through nine months of this year, total defaults have not yet reached one billion. Muni interest rates skyrocketed as soon as her comments hit the media.
Other factors at play
Ms. Whitney's comments aside, the muni market was already suffering from a state of indigestion thanks to...
...read the rest of the article here.
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FHLBNY President named to Bipartisan Policy Center's Housing Commission
Commission will develop policy recommendations to address the nation's housing needs
Alfred DelliBovi, president and CEO of the Federal Home Loan Bank of New York has been named to the Bipartisan Policy Center's (BPC) Housing Commission. The Housing Commission, the membership of which includes national business and civic leaders, key housing experts, academics and senior political figures, has been created in an effort to improve U.S. housing policy.
"The Bipartisan Policy Center has assembled an outstanding Housing Commission to deal head-on with one of the main challenges facing our nation's economy, and we are proud that Al DelliBovi's outstanding credentials are being utilized to assist in the effort," said Michael Horn,chairman of the FHLBNY. "Al believes in the principle that a stable home is the foundation for what makes our country great, and I am confident that the Housing Commission is well-equipped to repair any cracks that have weakened that foundation."
"I am honored to join with so many leading housing experts and national leaders to work on developing policies that will reinvigorate, support and strengthen our nation's housing industry," said Mr. DelliBovi. "Housing is not only the cornerstone of our nation's economy, but vital to the stability of our communities and families, as well. We must create sensible and responsible policies that revitalize our country's housing sector."
Read more here.
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Frank J. Capaldo
President / CEO
Victoria Miller
Director of Administration & Membership
Erin Clark Director of Communications, Marketing & Development
Dan Valente Director of Government Relations
William Y. Crowell, III
Legislative Counsel
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