INDUSTRY INSIGHTS 

IBANYS Selects Wolf & Company As "Preferred Provider" 

For Risk Management Service Needs 

IBANYS is delighted to announce we have selected Wolf & Company as a "Preferred Provider" of your institution's Risk Management Service needs. Wolf & Company provides Risk Management Services to over 200 institutions throughout the Northeast. Their services include IT Assurance & Security, Outsourced/Co-sourced Internal Audit, Regulatory Compliance, and WolfPAC Integrated Risk Management®; a secure, web-based enterprise risk management solution used to automate the identification of risks, threats, and control gaps. IBANYS President & CEO Frank Capaldo said: "We are very pleased to welcome Wolf & Company as our newest strategic partner. Knowing that their risk management professionals are required to achieve industry-relevant certifications gives us confidence that when our members work with Wolf, they will be utilizing professionals who have seen the challenges before and know how to approach the issue. We feel that their 101-year history, dedication to the industry, and extensive experience in working with community-based financial institutions ensures that they can help our members successfully address their Risk Management challenges." For more information, contact Gerald Gagne at ggagne@wolfandco.com or at 617-428-5455.

Economic Updates: 

Foreclosures Down 22 Percent in October

New foreclosure proceedings by banks dropped nearly 22 percent in October following a spike in September, according to Lender Processing services.  The one month drop is likely due to changes in mortgage servicing that went into effect in September under the $25 billion mortgage settlement. Servicers are now required to give borrowers a 14-day notice in writing before referring a loan for foreclosures. Those letters began going out in September. 

Fewer Private Sector Jobs Created in October Than Expected

The private sector created 118,000 jobs in November. The number missed expectations ahead of Friday's closely watched government report. Economists had expected the report to show 125,000 total private jobs created as the effects linger from Superstorm Sandy and anxiety over the status of the "fiscal cliff" negotiations in Washington.

Manufacturing, Employment Numbers Down 

Data released by the Institute for Supply Management showed that the nation's manufacturing sector fell back into contraction last month, and employment weakened sharply. The ISM's manufacturing purchasing managers' index unexpectedly fell to 49.5 in November, from 51.7 in October. A reading below 50 indicates shrinking activity.

This week's IBANYS' Associate Member spotlight is on: 

*Roosevelt & Cross, a registered broker-dealer specializing in tax-exempt and taxable municipal securities. Underwriting efforts encompass most of the U.S. though the firm continues to concentrate primarily on tax-exempt issues sold in the Northeast. They maintain their principal office in New York City, with branch offices in Jersey City (NJ), Buffalo (NY), East Hartford (CT), Providence (RI) and Boston (MA). Roosevelt & Cross is divided into departments specializing in municipal underwriting, trading, sales, public finance and credit analysis. Contact David Wagner at dwagner@roosevelt-cross.com

*Strategic Information Resources, Inc. (SIR) a credit reporting company headquartered in Springfield, Massachusetts that provides clients with consumer and mortgage credit reports, background screening, appraisal management services, flood determinations, automated valuation models, tax return & social security verifications and alternative lien services...contact Tim Carroll at tcarroll@strategicinfo.com. 

IBANYS' CLASSIFIED SECTION