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GOVERNMENT RELATIONS
Control of State Senate Still Unresolved
Control of the State Senate for 2013 remains unresolved, with no conclusion expected for several weeks. In a major development Tuesday, newly elected Brooklyn Sen. Simcha Felder (D), wooed by both parties, decided to caucus with the GOP, bringing their total to 31 votes - one shy of the 32 necessary to control the 63-seat chamber next year. Then on Wednesday afternoon, Sen. Ruben Diaz Sr. (D-Bronx) strongly warned that no party should take his vote for granted either. Felder's decision reduces the Democrats' number of seats to 30, including (for now) Sen. Diaz, and the four-member Independent Democratic Conference, who haven't revealed where their support lies. (They supported the GOP during this session.) The 30 Democratic seats do not include two that the Dems believe they will win after paper ballots, recounts and legal challenges. Terry Gipson has a narrow lead over GOP Sen. Steve Saland in the 41st SD, and Cecilia Tkaczyk leads GOP Assemblyman George Amedore in the 46th SD by just 139 votes with over 11,000 absentee ballots to be counted. Gov. Cuomo said he won't get involved in the battle, but his 2013 agenda now includes rebuilding areas devastated by "Superstorm Sandy" and it may require a stable Senate as a governing partner. There was talk before the storm and post-election confusion of a lame duck special session in Albany, but none has been scheduled, nor even discussed, of late. IBANYS' Government Relations Committee meets this Friday to review these and other issues. We will keep membership fully informed as we prepare for the 2013 legislative session in January.
Sandy's Major Impact on State's Budget Deficit; Cuomo Seeks 100% Reimbursement from Feds
Superstorm Sandy's devastation in the New York City/Westchester/Long Island region had a dramatic impact on New York State's projected 2013-14 budget, which was already facing a deficit of approximately $1 billion. It appears that 2013, and perhaps the remainder of Gov. Cuomo's first term, will be defined in large part by how the State recovers from the storm. Cuomosaid the storm's cost to New York is expected to add an additional $1 billion to the New York's deficit for the 2013-14 budget, and he is seeking significant help from the federal government: "If they think any local government or any taxpayer of this state can pay any more for this storm, they are wrong. I think 100 percent reimbursement is what we deserve, and what I'm going to fight for, and what I'm going to our ask our congressional delegation to fight for...we pay a lot of taxes nationally, and I want respect for our taxpayers."
In Washington: Congress Begins Lame Duck Session
Congress returned this week to begin a lame duck session, but no significant legislative action is expected until lat November or early December. The "fiscal cliff" will be a major focus. Meanwhile, the U.S.
Senate Banking Committee held a hearing this afternoon on the "Oversight of Basel III: Impact of Proposed Capital Rules." ICBA
submitted a statement supporting exempting U.S. financial institutions with consolidated assets of $50 billion or less from the regulatory capital guidelines and detailing the community banking industry's views on the proposal. IBANYS strongly supports exempting community banks. Among those expected to testify were Michael Gibson, director of the Federal Reserve's division of banking supervision and regulation; OCC Chief national bank examiner John Lyons, and George French, FDIC deputy director of policy for the division of risk management supervision.
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MEMBER SERVICES & EDUCATION
IBANYS WEBINARS OFFER TIMELY PROGRAMMING
IBANYS webinars are a great way for your bank's employees to stay informed about important and timely operational issues impacting community banks. Have you checked our upcoming November & December programs onIBANYS' website? The next wave of webinars address bank robbery preparednes (for all staff), best practices in IT risk assessment, legal updates (loans-year in review),advanced collection tools, wire transfer compliance, and more! Our Master Schedule & Registration is at http://financialedinc.com/IBANYSwebinars.html |
INDUSTRY INSIGHTS
NYS, FDIC Unveil Bank Relief Efforts in Aftermath of Sandy
Governor Cuomo announced several major state-chartered banks have agreed to waive a number of fees and penalties in response to the impact on consumers by Superstorm Sandy. Most temporarily waived, at least until November 15, ATM fees, late payment charges, penalties for checks returned because of insufficient funds,overdraft protection transfer fees, and penalties for early withdrawal of savings in circumstances where the customer has a demonstrable need for the funds resulting from the disaster. NYS Financial Services Superintendent Lawsky urged banks to work with depositors or borrowers affected by the disaster to consider reassessing the current credit needs of communities; help meet those needs by making or participating in sound loans, and consider a prudent restructuring of an affected borrower's debt obligations, by altering or adjusting payment terms. Financial institutions seeking additional guidance for assisting customers affected by the impact of Storm Sandy are urged to contact the Financial Services Department's Albany office at 518-473-6160.
The FDIC also encouraged banks to consider "all reasonable and prudent steps" to help customers in affected communities, consistent with safe and sound banking practices. Suggested steps: waiving fees, increasing ATM cash limits, easing credit card limits, allowing loan customers to defer or skip payments and delaying the submission of delinquency notices to credit bureaus.
FHLBNY: $1 Billion Available in Disaster Relief Funding Post Sandy In response to the extensive damage caused by Hurricane Sandy, the Federal Home Loan Bank of New York is making $1 billion in disaster relief funding available to nearly 340 community-based lenders to help rebuild communities in New Jersey and New York designated by FEMA as disaster areas. The funds are being made available by the FHLBNY through its Community Lending Programs to be used as immediate gap financing. For full details, see FHLBNY release:
http://www.fhlbny.com/news-events/press-releases/prior-releases/2012/press110812.aspx
New York community banks: what impact has "Sandy" had on your local banking operations and communities? E-mail Steve Rice at stever@ibanys.net
DID YOU KNOW. . .The last "super storm" hurricane to hit New York State (1938's "Long Island Express") caused historic damage to Long Island and cost in New York State approximately was $$620 million in 1938 dollars. Superstorm Sandy's estimated cost in New York: as much as $50 billion, making it the country's costliest storm ever other than Hurricane Katrina. |
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Frank J. Capaldo
President / CEO
Victoria Miller
Director of Administration & Membership
Steve Rice
Director of Government Relations, Policy & Services Development
William Y. Crowell, III
Legislative Counsel |
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