 The
Franklin Club | |
Contribute $100 or more to the our state PAC, you will become a member of the Franklin Club.
Everyone receives a Franklin Club lapel pin and recognition at IBANYS events. We're also adding a part of www.ibanys.net dedicated to Franklin Club members.
Click the link below.
| |
|
Upcoming IBANYS Events |
4/19/12 -Compliance Conference, Albany 4/20/12 - GR Committee conference call, 10am 4/24-26/12 - ICBA Washington Policy Summit, Washington D.C. 5/3/12 - Security Conference, Albany 5/14/12 - DFS Community Bankers Forum, Syracuse 5/17-18/12 - CFO Conference, Otesaga Resort, Cooperstown 6/7/12 - Directors Conference, Syracuse |
Click HERE to see all the upcoming IBANYS events!
|
| |
Have a winning idea?
|
Send your newsletter submissions today!
|
|
|
Inside IBANYS
April 11, 2012
|
|
IBANYS board of directors meet in Albany
On Thursday, April 5th, the IBANYS board of directors held a quarterly in-person meeting at the Albany Marriott. A majority of board members were able to make the trip to the Capital Region, while others joined via conference call.
Issues discussed at the meeting include:
- Formation of a committee to monitor and reform bi-laws if necessary
- Patent Troll lawsuits and IBANYS' action on the issue
- Possible implementation of a statewide media campaign
- Expanding newsletter mailing list to include more Member Bank employees
- 2011 audit
- PAC fund status
The next in-person board of directors meeting will be July 12 in Buffalo.
|
Government Relations update
By Dan Valente, IBANYS Director of Government Relations
JOBS Act Signed by President Obama
On April 5th, 2012 President Obama signed the Jumpstart Our Business Startups (JOBS) Act in to law. The JOBS Act includes key Communities First Act provisions which raise the Securities and Exchange Commission (SEC) registration threshold for financial institutions from 500 shareholders to 2,000. This reform will make it easier for community banks to raise capital without tripping costly registration requirements-enhancing their ability to serve their customers and communities. It would also permit some community banks that are already registered with the SEC to deregister and thus significantly reduce their overall regulatory burden, freeing them up to make more small business and consumer loans in the communities they serve.
Adopted NYS Budget Includes Expansion of the Excelsior Linked Deposit Program for Agricultural Loans
The recently enacted 2012-13 New York State budget includes an enhancement for the Excelsior Linked Deposit Program to provide a 3 percent linked loan savings for agricultural businesses. The Linked Deposit Program helps New York State's small businesses obtain reduced-rate financing so they can undertake projects to improve their competitiveness, market access and product development; modernize their equipment; expand their facilities for productivity growth; introduce new technologies; facilitate ownership transition; and promote job creation and retention.
The Linked Deposit Program currently only provides for a 2 percent reduction in interest rates for a 4 year period or a 3 percent reduction for projects in a highly distressed area. This bill would expand the Linked Deposit Program to ensure that certain agricultural businesses will be eligible for a 3 percent reduction in interest rates on linked deposit loans. Reduction of the interest rate for agricultural businesses will benefit farms and encourage growth in agriculture throughout the State.
For a definition of qualifying businesses or eligible projects, click here.
|
Long Island Regional Meeting, in picturesHyatt Long Island, Hauppague - Thursday, 3/29/12
|
Community Banking Month is here!
What are you doing for Community Banking Month? Send us your stories and we'll publish them in an upcoming e-newsletter!
|
Will the JOBS Act result in reducing the cost to raise capital?
Article courtesy of IBANYS Associate Member Shumaker Williams, P.C.
Both the U. S. Senate and the House of Representatives have passed the Jumpstart Our Business Startups ("JOBS") Act, and President Obama signed it into law on April 5, 2012. The JOBS Act contains a provision that community banks have long desired - an increase in the number of shareholders that a bank or a bank holding company can have before it is required to register its shares with the Securities and Exchange Commission. Prior to the JOBS Act, that number was 500; the JOBS Act increases that threshold to 2,000. This change will provide community banks and their holding companies who have been concerned about the possibility of triggering the registration requirement, with its attendant expense and ongoing reporting obligations, with much more flexibility in terms of their capital raising activities.
Once a bank or bank holding company has been required to register with the SEC, the Securities Exchange Act of 1934 provided that it could only deregister if the number of its shareholders fell below 300. The JOBS Act also increases that number - to 1,200. Banks and bank holding companies with fewer than 1,200 shareholders and which are not listed on a national stock exchange, such as the NYSE or NASDAQ, will be able to deregister their shares by filing a form with the SEC. Once the form is filed, the bank's or bank holding company's obligation to file reports with the SEC is suspended. Any bank or bank holding company that wishes to remain listed on a national exchange however, must remain registered since the Exchange Act requires listed companies to be registered, irrespective of the number of shareholders they have. A bank or bank holding company that decides it does not wish to remain listed would both delist and deregister, filing two forms with the SEC.
It should be noted, that the reporting obligations of a deregistered bank or bank holding company are not terminated, but only suspended. If the number of shareholders goes over 1,200 at any point in the future, the reporting obligations are resurrected.
The JOBS Act contains a provision in this section requiring the SEC to issue final regulations to implement the section within one year of enactment. It is not clear yet whether or not the SEC will take the position that banks and bank holding companies will need to wait until the final regulations are issued in order to be able to avail themselves of the relief provided by the JOBS Act or whether the SEC might provide some interim guidance. An informal inquiry to the SEC staff by Shumaker Williams, P.C. resulted in a response that the Commission does not yet have a timeline on this decision.
In light of the intent of the JOBS Act, Shumaker Williams, P.C. also has requested the FDIC to clarify its guidance on the level of disclosure the FDIC will require for banks that do not have registered stock.
|
Register today: Compliance, Security Conferences; Up next: CFO Conference
IBANYS is pleased to announce our 2012 Compliance Conference, set for Thursday, April 19 in Albany. The full-day conference takes up issues like Dodd-Frank, Lending under the CFPB, BSA Compliance, and much more.
Registration for the Compliance Conference is only $249 for members, and $299 for non-members. Costs include all materials, speakers, breaks, meals, etc.
For more information or to register for the Compliance Conference, click here .
IBANYS would like to invite you to join us for a special full-day Security Conference on Tuesday, May 1 in Albany. The day includes four  informative sessions on bank robbery, elder fraud, social media attacks, and social engineering.
The Security Conference is less than $300 for both members and non-members, and is perfect for a variety of staff, including IT personnel, Branch Managers, Security Officers and more. Costs include all programs, meals, materials, etc.
For more information or to register for the Security Conference, click here.
Reminder:
Our CFO/Senior Management Conference is scheduled for May 17-18 at the Otesaga Resort in Cooperstown. Look for registration materials in your inbox and on our website this week!
|
|
IBANYS Member Bank appoints new officers, promotes others
Salvatore Marranca, President & CEO of Cattaraugus County Bank (CCB), recently announced the appointment of Ms. Dawn Tocha to the position of Assistant Vice President as approved by the Board of Directors at their annual organizational meeting in March. Dawn has been employed at CCB for over 25 years and has worked in many different areas of the bank, including bookkeeping, marketing and electronic banking. In May of 2011 Tocha became the Retail Manager of CCB.
CCB's AVP/Retail Manager is responsible for the overall supervision and management of the Little Valley retail function and business development. Resolving customer problems and maintaining exceptional customer service bank-wide is Dawn's responsibility as well. Dawn will also continue helping in the area of marketing and electronic banking.
"Dawn's progression at CCB is evidence that CCB's high performance people strategy works," states Marranca. "It is my pleasure to recognize the growth and hard work of an outstanding individual. The hard work of our employees is what sets us apart from some other,  larger institutions. Our people care ... about our customers, about each other and about the company."
In addition to Tocha's appointment, the Board recognized and rewarded three existing officers by naming them Vice President. Mrs. Laurie O'Leary (Human Resources Officer), Mr. David Skiba (MIS Officer) and Mr. Gregory Wojtowicz (Controller) were all promoted at the organizational meeting as well.
Congratulations to all of them from IBANYS!
|
Post Dodd-Frank, state regulators step up enforcement state regulation after Dodd-Frank
By Cliff Weber, partner at IBANYS Associate Member Hinman, Howard, and Katell, LLP
Much of the attention paid to The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 has been devoted to the retooling of the federal consumer protection system, specifically, the creation of the Consumer Financial Protection Bureau. But of equal importance, the Act recalibrates the balance of power between federal and state regulators over financial products and services, for example, by clarifying the nature and scope of federal preemption of state consumer protection laws. In the long run, this restoration of joint federal/state power may prove to be one of the Act's most enduring legacies.
In the short run, state regulators and law enforcers have moved aggressively to assert their jurisdiction over financial wrongdoing and to redress perceived harm to consumers. The two decisions discussed here, which were very recently decided by the New York Court of Appeals, exemplify these efforts. These lawsuits, each of which involves
consumer protection laws, may be harbingers of a more expansive approach to consumer litigation by New York regulators. ...
...read the rest of the article here.
|
|
Frank J. Capaldo
President / CEO
Victoria Miller
Director of Administration & Membership
Erin Clark
Director of Communications, Development & Marketing
Dan Valente
Director of Government Relations
William Y. Crowell, III
Legislative Counsel
|
|
|
