|
New
York
Bankers Association Supports
Municipal Deposits for Savings Banks and Savings and Loan Associations;
Opposes Authorizing Tax-Exempt Credit Unions to Accept Local Government
Deposits
ALBANY, NY (01/25/2010) –
New York
Bankers Association President & CEO Michael P. Smith today urged
support of a provision in the Governor’s Budget that would authorize
thrifts to accept public deposits, but strongly opposed a provision that
would authorize credit unions to accept the deposits of cities, towns,
and other political subdivisions from across the State of New York in
testimony before the Senate Finance Committee and the Assembly Ways and
Means Committee.
“Only firms that pay taxes should be allowed to accept taxpayer
dollars from local government entities,” said Mr. Smith. “Banks are
major contributors to the fiscal health of
New York State
,
New York
City and other municipalities through the income, sales, mortgage
recording and other taxes they pay. Last year alone, the State’s banks
and thrifts paid more than $1 billion in income taxes to
New York
State
.”
“The
contributions of the State’s banks and thrifts go far beyond paying
taxes. As the principal small business lenders in
New York
, banks and thrifts provide the funding for millions of jobs that allow
the State to grow.”
The New
York Bankers Association is comprised of the community, regional and
money center commercial banks and thrift institutions doing business in
New York
State
. NYBA’s members have
almost 250,000 employees who are located in virtually every city, town
and village in the State, from Jamestown to Montauk.
###
With
Federal Estate Tax in Flux for 2010 and Beyond, Careful Financial
Planning is More Critical than Ever
New York Financial Experts Help Educate Media about Trust &
Financial
Issues and Provide the Public with Important Financial Planning Advice
NEW YORK, NY (12/16/2009)
-- With the Federal estate
tax currently set to expire next year as a result of the Economic Growth
and Tax Relief Reconciliation Act of 2001, many New Yorkers are facing a
financial planning and estate tax quagmire, according to Michael P.
Smith, President and CEO of the New York Bankers Association (NYBA) and
Melinda Sartori, NYBA Trust Division Chair and Executive Vice President
of Chemung Canal Trust Company (Elmira). Smith and Sartori urged
New Yorkers to work closely with trusted financial advisors,
particularly in these trying economic times and with uncertainty with
the estate tax.
While Congress is considering several alternatives, in the absence of
any action by Congress and the President, under current law the estate
tax will completely disappear in 2010 and be reinstated in 2011 at the
rate it was before 2001 – a tax rate of 55 percent and an exemption
for those with assets valued at less than $1 million at the time of
their death. The current law provides for a tax rate of 45
percent, with an exemption for estates valued at less than $3.5 million.
“There are a number of proposals being circulated in Congress by
Democrats and Republicans but until consensus is reached and a bill is
passed and signed into law by the President, New Yorkers and all
Americans may very well have to make important financial decisions for
themselves and their families without fully understanding the long term
implications of their decisions,” said Smith. “Whether
Congress acts on a multi-year plan or a one-year extension of the
current law, it is clear that many New York families and small
businesses will be affected by decisions made by lawmakers in
Washington.”
Sartori noted that since early this year, the President called for and
his budget reflected the continuation of the estate tax at 2009 levels,
rather than seeing it phased out in 2010 as current law anticipates.
“Uncertainty is the exact opposite of what consumers seek, yet from
the national economy to the state economy and from how budget
negotiations in Albany and Washington will impact their finances, New
Yorkers across our state are living in a world of increasing financial
uncertainty,” Sartori said.
“While financial planners face the same uncertainties and the good
ones do not pretend to have all the answers, trusted financial planners
can help individuals, families and small business owners more calmly and
steadily navigate these turbulent financial waters,” Sartori said.
“Reaching long-range financial goals does not just happen, it takes
hard work and getting the best information available to help make these
important decisions,” Smith said. “Finding a financial advisor you
trust will make getting the information and applying that information to
your individual needs and circumstances much easier, helping you to
reach your long term goals.”
In light of the economic uncertainty and particularly as the end of the
year nears, when many people make important financial and tax decisions,
Smith and Sartori encouraged all media news outlets to provide their
audience with timely stories about personal, family and small business
financial planning issues. They reminded members of the media that NYBA
has financial planning professionals throughout the state ready to help
them with stories they may be working on for their readers, viewers and
listeners.
###
Tax Day
Approaches: Bankers Urge NYers to Review Their Finances & Update Their
Planning
Financial Planning Experts Across New York Are Ready to Help with
Planning & Educate Media on Key Financial and Trust Issues
NEW YORK, NY (03/07/2009)
-- As New Yorkers put the finishing touches on their 2008 tax returns in
advance of next week’s April 15th tax deadline, Michael P.
Smith, President and CEO of the New York Bankers Association (NYBA), and
Garry M. Garnet, NYBA Trust Marketing Committee chair and Vice President
of Capital One Bank, urged Empire State residents to take a long hard
look at long-term financial planning issues. Smith and Garnet reminded
members of the media that NYBA has financial planning professionals
across the state ready to help them with stories they may be working on
for their readers, viewers and listeners.
“As April 15, that most infamous day of the year, fast approaches, it is
not only a time to look at family finances from last year. It is also an
ideal time for people to reexamine, or look at for the first time,
long-term financial planning issues,” Smith said. “Filing tax returns is
obviously crucial but so, too, is addressing one’s financial future.”
Smith reminded all media news outlets – television, radio, newspapers,
magazines, websites and blogs – that in these times of economic
uncertainty and worry, stories that examine personal and family
financial planning issues are an important service for their readers,
viewers and listeners.
“Currently, families across New York are pulling together their financial
records. We urge them not to put them away as soon as their tax returns
are completed,” Garnet said. “Now is the time to also think about
long-range financial planning issues – trusts, estate planning, tax
planning, insurance, long term care for loved ones, educational goals
for children and grandchildren. Today is the perfect time to address
these crucial issues that all too often get put off until tomorrow.”
Garnet noted that the President’s federal budget calls for continuing
the estate tax at 2009 levels, rather than seeing it phased out in 2010
as current law anticipates.
“The estate tax – often referred to as the ‘death tax’ – is a key
component in many families’ long-range financial planning. While the
issue is in flux, subject to the whim of Washington lawmakers, now is
definitely the time to be looking at this issue with appropriate
planning experts,” Garnet said.
NYBA’s updated media
resource guide, “Financial Planning Professionals: Leaders in Their
Field,” provides sources for the media on issues such as trusts and
estates, financial planning, retirement planning, wealth management, tax
planning, and elder law.
“The individuals from throughout the state listed in the resource guide
are truly leaders in their field,” Garnet said. “They are available to
talk to members of the media on the record or for background to provide
the kind of expert analysis journalists seek when presenting stories on
estate, tax or financial planning, trusts or other important financial
issues.”
A copy of the
resource guide can be found online at the New York Bankers
Association website (www.nyba.com).
Please feel free to contact the financial planning experts listed in the
resource guide at your convenience.
###
New York Bankers Association Names 2009
Officers
Chairman from Capital Region; Vice Chairman from WNY; Treasurer from NYC
NEW YORK, NY (03/13/2009)-- (New York, NY)
March 13, 2009 - Thomas L. Hoy, Chairman, President and Chief Executive
Officer of Arrow Financial Corporation - parent of Glens Falls National
Bank & Trust Company and Saratoga National Bank & Trust Company - and
Mark J. Czarnecki, President of M&T Bank have been elected by the
members of the New York Bankers Association (NYBA) to serve as the
Chairman and Vice Chairman, respectively, of the banking trade group for
2009.
John R. Buran, President and Chief
Executive Officer of Flushing Financial Corporation, parent of Flushing
Savings Bank, FSB and Flushing Commercial Bank, was elected Treasurer
and Chairman of the New Century Fund. The election of officers took
place recently at NYBA's Annual Meeting and Legislative Conference in
Albany, New York.
"I am pleased to serve as Chairman of
NYBA this year, particularly in view of the vital issues and challenges
our industry faces in Albany and in Washington," said Mr.Hoy. "The
banking industry plays an important role in our state and local
economies, and in New York's communities. It is our responsibility to
help ensure that it remains a strong force for growth throughout the
State."
NYBA is the primary banking trade group
in New York State, representing independent, community, regional, and
money center commercial banks and thrift institutions operating across
New York State. NYBA members have aggregate assets in excess of $9
trillion and more than 250,000 New York employees.
"Tom Hoy, Mark Czarnecki and John Buran
have the experience and vision to help lead our Association and industry
during these challenging times. They have the absolute confidence of the
members, who unanimously supported their election," said NYBA President
& CEO Michael P. Smith.
###
Bankers Point to
Success of Foreclosure Prevention Efforts
New York Improves Ranking Among States
(New York, New York; December 8, 2008) New York Bankers
Association (NYBA) President Michael P. Smith today testified before the
Assembly Committees on Banks; Oversight, Analysis and Investigation; and
the Subcommittee on Regulated Mortgage Lenders on the impact of New York
State subprime lending legislation enacted in August 2008.
In his testimony, Smith emphasized that “NYBA’s members have
consistently supported strong legislation which would establish
meaningful and workable uniform national standards in the subprime
market designed to eradicate predatory practices, while not creating
unnecessary impediments to the dream of homeownership, particularly for
moderate- and low-income Americans.”
Mr. Smith described the many programs and initiatives in which NYBA
member banks are currently participating in their ongoing efforts to
help troubled borrowers avoid foreclosure. “New York’s mortgage
foreclosure situation is improving, both absolutely and relative to
other states. In fact, while New York is the fourth most populous state
in the nation, we are 37th among all states in the rate of
foreclosure filings and our statistics continue to improve when compared
to the rest of the nation. Recent studies have shown that the regulated
banking and thrift industry is exerting firmer control over the mortgage
renegotiation process, helping to keep an increasing number of borrowers
in their homes.”
The New York Bankers Association represents more than 150 independent,
community, regional, and money center commercial banks and thrifts
operating in New York State, with approximately 200,000 employees.
#
# #
STATEMENT OF MICHAEL P. SMITH,
PRESIDENT & CEO, NEW YORK BANKERS ASSOCIATION
ON THE GOVERNOR'S SIGNING OF MORTGAGE BILL
(NEW YORK, NY (08/05/2008)
"NYBA strongly opposes
predatory lending and worked through the legislative process to help
achieve a response that was balanced and workable. While the law
contains some unnecessary provisions, it was significantly improved from
the earlier versions and NYBA pledges to work with the State to achieve
its objectives."
###
STATEMENT OF MICHAEL P. SMITH,
PRESIDENT AND CEO,
NEW YORK BANKERS ASSOCIATION
ON
THE NEW YORK STATE COURT SYSTEM’S EARLY INTERVENTION PROGRAM
(NEW YORK, NY
(06/18/2008) “The banking industry has long supported outreach efforts
to help struggling borrowers. We commend Chief Judge Judith Kaye and
Chief Administrative Judge Ann Pfau for their innovative response to the
foreclosure situation. This early intervention approach is a meaningful
step in bringing distressed homeowners and lenders together in the
earliest stages of the foreclosure process to work toward workable
remedies. We also commend the Court for its decision to launch this
effort with a pilot program in Queens, allowing it to be tested and
perfected before it is expanded across the State.”
###
NY Bankers Urge New Yorkers to Review
Financial Planning
Financial Planning Experts Are Ready to Help with Estate Planning
NEW YORK, NY (06/03/2008; 1024)(readMedia)--
As graduation season for college concludes and begins for high school,
now is the right time for New York families to review their estate,
trust and financial planning, according to Michael P. Smith, President
and CEO of the New York Bankers Association (NYBA), and Melinda Sartori,
NYBA Trust Marketing Committee chair and Executive Vice President of
Chemung Canal Trust Company (Elmira). This is also an ideal time for the
media to help educate their readers, viewers and listeners about
long-term financial planning issues.
“A question that nobody likes to think
about – but every parent should think about – is how much will my spouse
and/or children inherit when I die? Ensuring that you have the proper
plan in place to take care of your loved ones is a key piece in the
financial planning puzzle,” Smith said. “Trust and estate planning is
not just for the rich. In many ways, it’s more important for people of
modest means.”
Smith reminded all media news outlets –
television, radio, newspapers, magazines, websites and blogs – that in
times of economic uncertainty, stories that remind their viewers,
listeners and readers to examine their personal and family financial
planning issues are an important service for their audience.
“At the federal level, the estate tax
laws are set to sunset in 2010. Will they be renewed? Will they be
changed? How will those decisions effect the financial planning
decisions made by millions of New Yorkers? We urge people – young and
old, married and single, with or without children – to think about these
issues and start planning today and review those plans regularly,”
Sartori said. “We also urge the media to help educate people about these
issues as a public service and financial, estate and trust planning
professionals at New York banks across the state are ready to assist in
that effort.”
NYBA recently updated its media resource
guide entitled, “Financial Planning Professionals: Leaders In Their
Field.” It is a resource for members of the media who need background
information and/or on-the-record analysis of issues such as trusts and
estates, financial planning, retirement planning, wealth management, tax
planning, and elder law.
“The individuals listed in the resource
guide – from every corner of New York State – are leaders in their
field,” Sartori said. “They can provide the analysis and expertise
journalists seek when presenting stories on estate, tax or financial
planning, trusts or other important financial issues.”
The Resource Guide.
Please feel free to contact the financial planning experts listed in the
resource guide at your convenience.
###
Bankers Support
Meaningful Efforts to Combat Predatory Lending Practices & Protect
Consumers
Urge Changes to Protect NYers Ability to Get A Mortgage
(Albany, New York -- May 12, 2008) New York Bankers Association
(NYBA) President Michael P. Smith and NYBA Chairman John M. Scarchilli
(President & CEO, Pioneer Bank) today testified before the Senate Banks
Committee regarding proposed mortgage foreclosure legislation.
In his
testimony,
Smith emphasized that “NYBA’s members have consistently supported strong
legislation which would establish meaningful and workable uniform
national standards in the subprime market designed to eradicate
predatory practices, while not creating unnecessary impediments to the
dream of home-ownership, particularly for moderate- and
low-income Americans.”
Smith made the point, however, that the proposed bill
(S.8123/A.10817) “would not achieve these goals.” Smith said, “We
believe that the proposed legislation would create unnecessary new legal
and regulatory challenges for the entire mortgage market, which would
have the unintended consequence of limiting home lending credit to
qualified New Yorkers. At a time when further impairments to
marketplace liquidity could have a devastating impact on our state’s
economy, this is an outcome we should all work together to avoid.”
In his testimony, Smith applauded the intent of many of
the legislation’s provisions; however, he pointed to the negative
consequences those provisions could have on homeownership and the
state’s economy.
Scarchilli testified as both NYBA Chairman and banker CEO
at a 119 year-old, 15- branch Capital Region thrift institution.
Scarchilli told the Senators, “It is because of this dedication to our
neighbors and community that we are particularly concerned about the
potentially damaging impact that S.8143 can have on community banks,
such as ours.”
In his
testimony,
Scarchilli said, “We at Pioneer, of course, abhor predatory lending
practices and are committed – as is NYBA – to their eradication. We are
concerned, however, that in so doing, we do not unintentionally
eliminate the legitimate subprime market, or cause a contraction in the
all-important prime market, by imposing unnecessary and overly
restrictive requirements and prohibitions on the mortgage process.”
Smith testified specifically about various provisions in
the legislation and the effects they would have on financial
institutions and consumers. He also testified about many of the
programs New York banks participate in to help consumers and educate
consumers.
“Financial education, or financial literacy, is not only
the best defense against the predators, it is the best offense
for consumers who want a financially secure future,” Smith said.
# # #
STATEMENT OF MICHAEL P. SMITH
PRESIDENT & CEO
NEW YORK BANKERS ASSOCIATION
ON ASSEMBLY PASSAGE OF MORTGAGE-RELATED BILLS
(New York, New York -- May 7, 2008) “New York State already has
the longest foreclosure process of any state in the nation, a process
which can average 445 days and which affords troubled borrowers
extensive consumer protections. Prolonging the already lengthy
foreclosure process benefits neither the borrower nor the lender."
“As the debate continues, we support meaningful reforms to eradicate
predatory lending but not measures that hurt the ability of
credit-worthy New Yorkers to achieve their goals of homeownership.”
# # #
STATEMENT OF
MICHAEL P. SMITH,
PRESIDENT & CEO,
NEW YORK BANKERS ASSOCIATION
ON SIGNING OF MULTI-STATE REGULATORY COMPACT
(New York, New York -- April 15, 2008) “The New York Bankers
Association strongly supports initiatives which will enhance the state
banking charter and harmonize state regulation to reduce uncertainty and
unnecessary regulatory duplication. We applaud the announcement today
and the leadership of New York, New Jersey and Pennsylvania.”
# # #
JOINT STATEMENT
from
Kenneth C. Adams,
President, The Business Council
of New York State
Michael P. Smith,
President, The New York Bankers
Association
Kathryn S. Wylde,
President, The Partnership for
New York City
on
New Taxes on New
York State Businesses
(New York, New
York/April 2, 2008) - “We strongly oppose any new taxes on the
business community of New York State at this time of extreme economic
pressure, particularly on financial services firms. We urge the
Governor and the State Legislature to consider other alternatives to
resolve the State’s budget gap.”
The Business Council of New York
State is the largest
business organization in New York State, representing the interests of
large and small firms throughout the state. Its membership is made up of
thousands of member companies, as well as local chambers of commerce and
professional and trade associations.
The New York Bankers Association
represents independent, thrift, community, regional and money center
banks throughout New York State, with combined assets of more than $9
trillion and more than 300,000 employees.
The
Partnership for New York City
is a nonprofit membership organization comprised of a select group of
two hundred CEOs (“Partners”) from New York City’s top corporate,
investment and entrepreneurial firms. Partners are committed to working
closely with government, labor and the nonprofit sector to enhance the
economy and maintain New York City’s position as the global center of
commerce, culture and innovation.
As Tax Day Approaches,
Bankers Urge New Yorkers to Review Their Finances & Update Their
Planning
Financial Planning Experts Are Ready to Help NYers with Planning
& Prepared to Educate Media on Key Financial and Trust Issues
As Tax Day – April 15
– approaches, there is no better time for New Yorkers to take a close
look at their personal finances, according to Michael P. Smith,
President and CEO of the New York Bankers Association, and Melinda
Sartori, NYBA Trust Marketing Committee chair and Executive Vice
President of Chemung Canal Trust Company (Elmira). And there is no
better time for the media to help educate their readers and viewers
about long-term financial planning issues.
“In the weeks leading up to April 15, that most taxing day of the
year, millions of New Yorkers will be giving close scrutiny to their
personal finances. There is no better time for people to reexamine, or
look for the first time at their long-term financial issues,” Smith
said. “People look at the year past and the taxes they owe – or if they
are lucky enough to get a refund – but it is an ideal time to also look
to the future and do financial planning.”
Smith reminded all media news outlets – television, radio, newspapers,
magazines, websites and blogs – that in times of economic uncertainty,
stories that remind their viewers, listeners and readers to examine
their personal and family financial planning issues are an important
service for their audience.
“We know that this is
a time when families all across the state are pulling out their
financial records and we urge them to keep them out and think about long
range financial planning issues – trusts, estate planning, tax planning,
insurance, long term care for loved ones, educational goals for children
and grand children. These are crucial issues that all too often get put
off till tomorrow. We urge people – and the media – to realize that
tomorrow is here and now is the time to look into these issues,” Sartori
said.
NYBA recently updated its media resource guide entitled, “Financial
Planning Professionals: Leaders In Their Field.” It is a resource for
members of the media who need background information and/or
on-the-record analysis of issues such as trusts and estates, financial
planning, retirement planning, wealth management, tax planning, and
elder law.
“The individuals listed in the resource guide – from every corner of New
York State – are leaders in their field,” Sartori said. “They are
available to talk to members of the media on the record or for
background and can provide the analysis and expertise journalists seek
when presenting stories on estate, tax or financial planning, trusts or
other important financial issues.”
A copy of the resource guide can be found online at the New York Bankers
Association website (www.nyba.com),
or by clicking
Trust Media Kit 2008.pdf.
Please feel free to contact the financial planning experts listed in the
resource guide at your convenience.
STATEMENT OF
MICHAEL P. SMITH, PRESIDENT AND CEO,
NEW YORK BANKERS ASSOCIATION
ON GOVERNOR’S MORTGAGE
LENDING PROPOSAL
(New York, New
York/March 4, 2008) “Our Association represents the regulated state
and federally-chartered banks and thrifts operating in the State of New
York, with over 300,000 New York employees. NYBA opposes predatory
lending and supports the goal of eradicating abusive lending practices.
We recognize the need for appropriate action in the subprime market, and
we continue to urge Federal action to establish meaningful and workable
national standards.”
“Several years ago, New York State passed one of the strongest
anti-predatory lending laws in the nation. We worked diligently with the
State to enact that law. While New York State has not suffered as
greatly as other areas of the country, we recognize that we are facing
challenges in the subprime market -- many of which we believe can be
attributed to the absence of national standards.”
“This is a complex
problem that involves many elements of the mortgage market. We commend
the Banking Department for its HALT program and its registration and
regulation of mortgage originators. Many of NYBA’s members are currently
working with the Governor’s HALT program and other foreclosure
prevention efforts in New York.”
“We would oppose any
action that would damage the prime mortgage market, which is an engine
for the economy. We believe that some of these proposals would reach
into the prime market through overly expansive
definitions. We understand that this is a work in progress, and we will
continue to work with the Governor and the Legislature to ensure an
effective response.”
###
NY Bankers Urge Examination of Financial
Planning for Loved Ones on Valentine's Day
Financial Planning Experts: Ready to Help NYers Protect Loved Ones
NEW YORK, NY (02/14/2008)-- As Cupid
shoots his arrows, New Yorkers should take a close look at their
personal finances to see if they are adequately protecting their loved
ones, according to Michael P. Smith, President and CEO of the New York
Bankers Association, and Melinda Sartori, NYBA Trust Marketing Committee
chair and Executive Vice President of Chemung Canal Trust Company
(Elmira).
“On Valentine’s Day, New Yorkers show
their love for their families but they should also take some time to
ensure that their financial planning is up-to-date. Before we get too
far into 2008 and given the vast uncertainty surrounding the nation’s
economy, now is the perfect time for families to look at their personal
finances and make sure that their short-term and long-term financial
goals are being met,” Smith said.
Smith reminded all media news outlets –
television, radio, newspapers, magazines, websites and blogs – that in
times of economic uncertainty, stories that remind their viewers,
listeners and readers to examine their personal and family financial
planning issues are an important service for their audience.
“We know that this is a time when
millions of New Yorkers show their love for their spouses and families,
but an important question that too many people don’t ask is ‘am I
protecting my loved ones?’ Now is the perfect time for people to ask if
their financial planning – trusts, estate planning, tax planning,
insurance – meets the goals they have set to protect their spouse,
children or parents,” Sartori said.
The New York Bankers Association
recently issued a new media resource guide entitled, “Financial Planning
Professionals: Leaders In Their Field.” It is a resource for members of
the media who need background information and/or on-the-record analysis
of issues such as trusts and estates, financial planning, retirement
planning, wealth management, tax planning, and elder law.
“The individuals listed in the resource
guide – from every corner of New York State – are leaders in their
field,” Sartori said. “They are available to talk to members of the
media on the record or for background and can provide the analysis and
expertise journalists seek when presenting stories on estate, tax or
financial planning, trusts or other important financial issues.”
A copy of the resource guide can be
found online at the New York Bankers Association website (www.nyba.com),
or by clicking http://www.nyba.com/press/TrustMediaKitOctober%2007.pdf.
Please feel free to contact the financial planning experts listed in the
resource guide at your convenience.
Bankers Urge New
Yorkers to Look at Financial Planning Issues Before the End of the Year
Financial
Planning Experts Are Ready to Help People and Educate Media on Key
Issues As End of Tax Year Approaches
New
Yorkers should take a close look at their personal finances and examine
key financial planning issues before the 2007 tax year ends, according
to Michael P. Smith, President and CEO of the New York Bankers
Association, and Melinda Sartori, NYBA Trust Marketing Committee chair
and Executive Vice President of Chemung Canal Trust Company (Elmira).
“In addition to the planning for holiday shopping that so many New
Yorkers are currently engaged in, families and individuals should also
undertake a careful examination of important financial planning issues
before the end of the year, particularly since decisions made now can
have a very significant impact on taxes that will be owed to the Federal
and state governments,” Smith said.
Smith urged all media news outlets – television, radio,
newspapers, magazines, websites and blogs – to consider running stories
during this time of year to remind their viewers, listeners and readers
about the importance of financial planning and the relevance that
financial planning decisions can have on the tax bills that individuals
and families face next April 15th.
“Financial planning issues are very diverse, depending on the age and
financial status of the individual, as well as based on whether they
have aging parents or children of any age,” Sartori said. “As baby
boomers continue to seek ways to fund the education of their Generation
X children as well as plan for their golden years, tax and retirement
planning and establishing trusts and estates will continue to be
important for millions of New Yorkers.”
“More New Yorkers than ever before are actively engaged in
investing, financial planning and issues surrounding their financial
well being. And that’s a good thing,” Smith said.
Recently, the New York Bankers Association issued a new media
resource guide entitled, “Financial Planning Professionals: Leaders In
Their Field.” It is a resource for members of the media who need
background information and/or on-the-record analysis of issues such as
trusts and estates, financial planning, retirement planning, wealth
management, tax planning, and elder law.
“The individuals listed in the resource guide are leaders in
their field and they are from every corner of New York State,” Sartori
said. “They are available to talk to members of the media on the record
or for background and can provide the analysis and expertise journalists
seek when presenting stories on estate, tax or financial planning,
trusts or other important financial issues.”
A copy of the resource guide can be found online at the New York Bankers
Association website, or by clicking on
http://www.nyba.com/press/TrustMediaKitOctober%2007.pdf.
*
* *
NY Bankers Unveil New
Media Resource Guide
Financial Planning Professionals: Leaders in their Field
A Resource to Learn About Important Financial Planning Issues
Michael P. Smith,
President and CEO of the New York Bankers Association, and Melinda
Sartori, NYBA Trust Marketing Committee chair and Executive Vice
President of Chemung Canal Trust Company (Elmira), today unveiled a new
resource guide entitled, “Financial Planning Professionals: Leaders In
Their Field,” for members of the media.
The guide is intended
to be a resource for members of the media who need background
information and/or on-the-record analysis of issues such as trusts and
estates, financial planning, retirement planning, wealth management, tax
planning, and elder law.
“As baby boomers
continue to seek ways to fund their children’s education and plan for
retirement, the issues of tax and retirement planning and establishing
trusts and estates loom ever larger on the minds of millions of New
Yorkers,” Smith said. “More New Yorkers than ever before are actively
engaged in investing, financial planning and issues surrounding their
financial well being. And that’s a good thing.
“We hope that this new
guide will be a useful resource for reporters, editors and producers who
cover these crucial and often complex issues for their readers, viewers
and listeners. The New York Bankers Association stands ready to help
educate the public about these issues and the media who cover and report
on these issues to the public,” Smith said.
“The individuals
listed in the resource guide are leaders in their field from every
corner of New York State,” Sartori said. “They are available to talk to
members of the media on the record or for background and can provide the
analysis and expertise journalists seek when presenting stories on
estate, tax or financial planning, trusts or other important financial
issues.
“Bankers across the
state know these issues because they are helping their customers and
clients everyday on these issues. And the target audience for stories
about trusts and other financial issues is virtually everyone: baby
boomers reaching retirement age; workers building wealth through 401(k)
plans; adults taking care of their aging parents or looking to save for
their children’s’ education,” Sartori said.
A copy of the resource
guide can be found online at the New York Bankers Association website.
*
* *
operation hope and top financial institutions deliver ‘hope’ with
oPENing of FINANCIAL EDUCATION AND
BANKING CENTEr in harlem, new yoRk
E*TRADE FINANCIAL,
JPMorgan Chase, GE Money ,
New York Bankers Association,
Deutsche Bank, and First American support New
York HOPE center offering money management courses as
well as home
and small business loan programs to Harlem and neighboring borough
residents
(New
York, NY; October 3, 2007 – Operation HOPE, an international
organization dedicated to bringing financial literacy and empowerment
programs to low-wealth communities around the world, today announced the
opening of the Harlem HOPE center, a new education and banking center
located at 2511 Frederick Douglass Blvd. in Harlem, NY.
The new
center offers residents of Harlem, the Bronx and neighboring
communities: Banking and money management seminars, Credit counseling,
Resume building, Home and small business loan programs, Affordable
housing information, Access to state-of-the-art “Cyber Café” and digital
training, Emergency financial preparedness workshops, and an ATM
machine.
Backed by
E*TRADE FINANCIAL, JPMorgan Chase, Deutsche
Bank , Dell, First
American, First Republic Bank,
Carver Federal Savings Bank, United Commercial Bank, GE
Money, the New York Bankers
Association, the Small Business Administration, the Harlem Chamber
of Commerce and the Clinton Foundation, Operation HOPE is leading a new
wave of non-profits that are competent, sophisticated, tech savvy, and
economically astute when it comes to understanding the needs of the
disenfranchised.
“With the
support of our partners, we are working to spark a movement that
educates urban residents about wealth building and fiscal responsibility
– a movement we’ve coined the ‘Silver Rights Movement,’” said John
Bryant, founder and CEO of Operation HOPE. “Here in New York and across
America, there is a major need for better financial education and
opportunity. By providing these programs, we are empowering and
enabling more individuals to become financially independent stakeholders
in their communities – and to live the American dream.”
To date,
the New York HOPE Center has serviced over 2,500 people in the areas of
financial literacy, computer and Internet access, counseling and loans.
As part of this continued renaissance transforming minority
neighborhoods, Operation HOPE remains focused on meeting it’s three
primary objectives:
·
Funding $1 billion in low-wealth homeownership, small business ownership
and entrepreneurship.
·
Educating 5 million low-wealth children, both online and in the
classroom, on financial literacy
·
Fielding 25,000 HOPE Corps volunteers from the business sector to teach
basic money management principles
In his
book, Giving: How Each of Us Can
Change the World, Former President Bill Clinton discusses the
need for financial education and the significance of Operation HOPE’s
work. Recently, he expressed his support of the eighth HOPE Center to
open in the United States:
“Too many
hardworking people and families in Harlem and all across America live in
the financial margins. I’m confident that this HOPE Center will make
“Silver Rights” a reality for many residents in Harlem, and across New
York City.”
For more information on the Harlem HOPE
Center or to schedule an appointment, visit
www.operationhope.org
or call 917-477-2800.
New York Banks Urge Legislature to Reject Governor’s Budget Proposal to Double
Bank Tax to
Nearly $2 Billion
Damaging to Banks, Businesses, Consumers, Communities
(Albany, New
York -- February 28, 2007) Michael Smith, President and
CEO of the New York Bankers Association, called upon the Legislature to
reject Governor Spitzer’s Executive Budget proposals to double the
nearly $1 billion in current taxes paid by New York banks. Smith
strongly disagreed with the Governor’s characterization of these tax
increases as “loophole closers” in testimony today delivered to the
Joint Fiscal Committees of the State Legislature.
“Enactment of these tax increases – and make no mistake,
these are tax increases – would have an immediate negative impact on
jobs and reduce the resources banks would have available to extend
credit to families and small businesses,” Smith said. “If these new
taxes are enacted, banks will be hurt, but more importantly, the
communities and customers these banks serve will be hurt.
“Simply put, these proposals to double the taxes that New
York banks pay will ensure that funds available to banks customers and
their communities today will be funneled to Albany tomorrow,”
Smith said.
The New York Bankers Association represents more than 160
banks and thrifts that provide vital financial services in nearly every
community across the State. New York’s banks and thrifts employ more
than 300,000 New Yorkers.
"Instead of higher tax bills, our State government ought to
be sending thank-you notes to the financial community for its enormous
contribution to a stronger and better New York," said Kenneth Adams,
president/CEO of the Business Council of New York State. "Banks are
important employers and taxpayers in every region of the State. We urge
the Legislature to reject the proposed increases in business taxes and
work instead to create a more competitive climate for new growth and
jobs."
The community banking sector is already experiencing severe
financial pressure based on the difficult economic climate in which
banks and thrifts operate, the compression of interest rates, and
competition from non bank financial services providers, including credit
unions, which pay no taxes. Larger banks are being enticed to move to
other states to remain competitive.
“All banking institutions in New York will be forced to take
action if these proposals are enacted,” Smith said, “and the
consequences will be real. For every banking job that is lost in the
State, an additional, related job is lost.
“Tax increases cause bankers to rethink their plans for
expansion in New York. In today’s competitive global marketplace, we
have to give banks a reason to stay and grow in New York, and not
encourage them to seek a friendlier business climate in one of the 49
other states with which we compete,” Smith said.
One specific proposal made by the Governor is to remove the
tax advantage of investing in State and local government bonds and other
securities.
“This proposal will force banks to seek better performing
investments, substantially shrinking the market for these securities,
and potentially driving up borrowing costs for local governments already
facing their own fiscal problems,” Smith said.
Every year banks contribute millions of dollars to
charitable, civic, cultural, and health organizations throughout the
State.
“So many worthwhile causes have benefited from the generous
contributions made by banks and thrifts,” Smith said. “I fear that if
the Governor’s proposed redistribution of funds from banks to Albany
goes through, there will be a real detrimental effect on the banks’
ability to maintain those contributions to community groups in every
city, town and village in New York.”
Smith noted that banks and thrifts already shoulder their
fair share of the State’s tax burden.
“In 1985 banks and thrifts paid five percent of the State’s
corporate taxes,” Smith said. “Today, banks and thrifts pay nearly
three times that amount – 13 percent – of the State’s corporate taxes.
“We are strongly
and respectfully urging the Legislature to reject the Governor’s
proposed bank tax increases. They are not ‘loophole closers.’ They are,
in fact, $1 billion worth of new taxes on a vital New York industry that
provides much of the thrust in the State’s economic engine,” Smith said.
BANKING TRADE GROUPS TO COMBINE; COMMERCIAL
BANKS AND SAVINGS INSTITUTIONS UNITE AS ONE ORGANIZATION
New York Bankers Association and Community
Bankers Association of New York State recognize common goals after
decades of separate agendas
(New York, New York)
– November 17, 2005 – The New York Bankers Association (NYBA) and
the Community Bankers Association of New York State (CBANYS) are pleased
to announce the combination of their associations. The resulting entity
will be known as the New York Bankers Association. The transaction is
expected to close on December 31, 2005.
“Over the past decade, it has become clear that differences between
commercial banks and thrift institutions have diminished and that our
associations now share more legislative and regulatory goals at the
state, federal and local levels than at any time before in our history,”
said Sanford A. Belden, President and CEO of Community Bank System, N.A.
(DeWitt). Mr. Belden is Chairman of the Board of NYBA.
“While both Associations have worked closely together in the past to
achieve important gains for the financial services industry, there were
also some issues which divided us. Those issues have been largely
resolved, clearing the way for this historic joining of forces for our
industry,” said John A. Zawadzki, President and CEO of Partners Trust
Bank (Utica). Mr. Zawadzki is the current Chairman of the Board of
CBANYS, and will serve as the first Chairman of the combined entity
beginning in January 2006.
Michael P. Smith, NYBA’s current President and Chief Executive Officer
will serve as President and CEO of the combined entity. NYBA will retain
the organization’s principal offices in New York City, with a
legislative office in Albany. Mariel O. Donath, CBANYS’ President and
CEO, will serve as Senior Advisor to the combined Association for an
18-month transition period. Mr. Smith will continue to serve as an
ex-officio, non-voting member of the Board of Directors of NYBA. Ms.
Donath will serve as an ex-officio, non-voting member of the Board of
Directors of NYBA for a period of one year. The Associations plan a
complete integration of their programs, products and services.
“It has never been more important for the New York banking industry to
speak with a single voice, given the legislative and regulatory
challenges we face. The secret to NYBA’s success for more than a century
has been grounded in its commitment to unity, using its diverse
membership as a strength. We look forward to joining with New York’s
thrift institutions, a vital segment of the industry, to achieve our
shared goals in Albany and Washington,” said Michael P. Smith.
Background
The New York Bankers Association, Inc. (NYBA) represents independent,
community, regional and money center banks throughout New York State,
with combined assets of more than $3 trillion and more than 320,000
employees. NYBA counts among its members ten of the top twenty largest
banks in the United States. NYBA was founded in 1894.
The Community Bankers of New York State, Inc. (CBANYS) represents
savings institutions with combined assets of approximately $150 billion
and more than 20,000 employees.
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com
NYBA, U.S. Securities and Exchange Commissioner Atkins,
and Operation HOPE, Inc. Unite to Teach Banking on Our Future in New
York
Banking
Classes at PS 20 Anna Silver Elementary School Empowers
Young People
with the Skills to Manage Their Financial Futures
(New York, NY) May 12, 2004–
President of the New
York Bankers Association (NYBA) Michael P. Smith and Operation HOPE
Founder, Chairman and CEO, John Bryant today announced a partnership
between Operation HOPE and the NYBA in the Banking on Our Future program
while teaching the financial literacy program with U.S. Securities and
Exchange Commissioner Paul S. Atkins at a lower east side elementary
school.
Under the partnership the NYBA will encourage their
banking institution members to provide financial support and volunteers
to teach Banking on Our Future in New York schools.
"Financial literacy is critical to the youth of our
nation,” said SEC Commissioner Atkins. “And I am happy to be working to
help Operation HOPE with its important mission."
The Jump$tart Coalition recently released a survey of
more than 4,000 high school students in 33 states, which measured 12th
graders’ level of knowledge of personal finance basics. While the study
found that there were modest gains in financial literacy, 65.5 percent
of students failed the exam and only 6.1 percent scored a C or better.
"The banking industry is firmly committed to financial
education for youth because sound money management skills are critical
to the future success of our youngsters,” said Michael Smith. “The New
York Bankers Association is proud to partner with Operation Hope to
bring these important life skills to our students in New York."
Banking On Our Future is a financial literacy initiative
established in 1996 to teach children the basics of managing their
financial futures and surviving in a global economy. Using a growing
network of 1,500 trained volunteer banker-teachers who serve as HOPE
Corps Members, Banking on Future has taught the basics of banking, how
to open and maintain a checking and savings account, the power of
credit, and basic investments, to more than 126,000 students
nationwide.
“Education is the ultimate poverty eradication tool, and
financial literacy is one of the most important issues facing our nation
today,” said Mr. Bryant “The commitment of the New York Bankers
Association will ensure that we reach our goal of educating all of our
children how to take control of their financial futures. When our kids
know better, they do better, and that’s what Banking on Our Future is
all about.”
NYBA represents independent, community, regional and
money center commercial banks throughout New York State with more than
280,000 employees and more than $1 trillion in assets.
Operation HOPE is a national non-profit self-help
organization working to bring economic self-sufficiency to inner-city
residents and low-wealth communities. With more than $185 million in
commitments from its 150 bank and corporate partners for homeownership
and small business loans, $117 million in funded loans and over 500,000
customers served in economic education and services, Operation HOPE is a
national leader in providing economic empowerment tools and services.
Contacts:
Karen Jannetty at NYBA (212) 297-1635
or
Andrew Sousa at Operation HOPE (213) 458-4919
###
NEW YORK BANKERS
ASSOCIATION PRAISES STATE CHARTER IN PREEMPTION DEBATE
Testimony Cites
Strength of State Charter and Advantages of Dual Banking System
(New York, NY) April
16, 2004 – Michael P. Smith, President of the New York
Bankers Association, testified before the New York State Assembly Banks
Committee today at a hearing in New York City. The panel heard
statements regarding the federal preemption of some state banking laws
for national banks, which are regulated by the Office of the Comptroller
of the Currency (OCC).
“New York State has long been regarded as an innovator in the financial
services arena. At the same time, it has also been recognized as a
leader in consumer protection. These two standards are not exclusive.
In fact, they can work harmoniously. We look forward to facing the
challenges ahead in a spirit of cooperation, not confrontation, for the
preservation of our vibrant dual banking system,” said Mr. Smith.
NYBA is comprised of independent,
community, regional and money center commercial banks throughout New
York State with more than 280,000 employees and more than $1 trillion in
assets.
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com
NEW YORK BANKERS ASSOCIATION SAYS SAFETY
OF CUSTOMERS AND EMPLOYEES IS A TOP PRIORITY
Points to
success in reducing bank robberies; supports tougher criminal penalties
Albany, New York
-- (March 22, 2004) – New York Bankers
Association (NYBA) President, Michael P. Smith, appeared before the New
York State Assembly Standing Committee on Banks today at a
hearing on bank security issues.
“The safety of bank customers and employees throughout the State of New
York is a top priority. The challenges of providing safe facilities for
our customers, safe workplaces for our employees and secure systems for
our data are constantly evolving. In response, the banking industry is
always looking for new and effective ways of improving security and
maintaining public confidence,” said Mr. Smith.
The New York Bankers Association has been working closely with law
enforcement for more than a year to combat bank robberies. The number
of robberies in New York City has decreased dramatically since that
time. In addition to these efforts, NYBA said it supports the creation
of a specific bank robbery statute for New York State that would
recognize the seriousness of the crime.
With regard to legislation requiring bulletproof partitions at all bank
teller stations, NYBA referred to its survey of member institutions that
had been robbed. The survey showed that nearly 90% of the banks that had
been robbed had so-called ‘bandit barriers’ installed at the time of the
robbery. The vast majority of robberies were notepassing and unarmed.
In
addition, the Association voiced its opposition to a bill requiring
emergency 911 buttons at all ATMs. “Emergency ATM 911 buttons, we
believe, can endanger the very consumers they are intended to protect,”
said Mr. Smith.
NYBA is
comprised of independent, community, regional and money center
commercial banks throughout New York State with more than 280,000
employees.
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com
...............................................................................................................................................
2003 Press Releases
NEW YORK BANKERS
ASSOCIATION SAYS SAFETY OF CUSTOMERS AND EMPLOYEES IS A TOP PRIORITY
NYBA continues to partner with NYPD to
reduce robberies
New York, New York
-- (October 14,
2003) – New York Bankers Association (NYBA) President, Michael P. Smith,
appeared before the New York City Council Committee on Public Safety
today during an
oversight hearing on bank security, which focused on the
recent increase in bank robberies.
“In May, we announced our commitment to work with NYPD, sharing with
them a list of practices and programs our banks already employ in
various combinations or plan to implement in the months ahead. We are
pleased that these efforts, combined with the fine work of the NYPD, has
resulted in a significant decrease in the number of robberies over the
past ten weeks. While we hope that this trend continues, we, in fact
continue to strengthen our efforts,” said Mr. Smith.
In
addition to its current efforts, NYBA said it would also support the
creation of a specific bank robbery statute for New York State that
would recognize the seriousness of the crime.
With regard to calls for the requirement of bulletproof partitions at
all bank teller stations, NYBA pointed to its survey of member
institutions that had been robbed. The survey showed that nearly 90% of
the banks that had been robbed had so-called ‘bandit barriers’ installed
at the time of the robbery.
“We would urge that you defer mandates of specific, one-size-fits-all
security requirements, support cooperative efforts and adopt the strong
message that bank robbery is a serious crime, armed or unarmed,” said
Mr. Smith.
NYBA is comprised of
independent, community, regional and money center commercial banks
throughout New York State with approximately 220,000 employees.
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com
STATE’S
BANKING AND CREDIT UNION INDUSTRIES UNITE TO OPPOSE LEGISLATION ON ATM
PANIC BUTTONS
Industry
Associations Warn that Bill May Compromise, Rather than Protect, the
Safety of ATM Users
(New
York, New York) May 29, 2003 – The New York Bankers Association, The
Community Bankers Association of New York State, and The New York State
Credit Union League urge legislators to oppose a bill that would require
bank- and credit union-owned automated teller machines (ATMs) to be
equipped with emergency 911 panic buttons.
“Safety
and security is a top priority of the financial services industry.
The panic button system that would be mandated by this
legislation has not proven effective when tested. In fact, this
legislation may compromise the very safety it seeks to provide,” said
Michael P. Smith, President of the New York Bankers Association.
Mariel
O. Donath, President and CEO of The Community Bankers Association of New
York State said: “The financial services industry welcomes the
opportunity to discuss the potential risks to public safety that these
panic buttons could pose. It is difficult to envision how ATM customers
could activate the device and secure a timely response from police
without exposing themselves to risk from the assailant.”
“It
is troubling that this bill, which will impact several thousand ATMs in
New York, has reached this level of consideration without a public
discussion of the pros and cons. The financial services industry in New
York State is united in its belief that institutions should be given the
flexibility to work with regulators and law enforcement to ensure the
best and most effective security,” said William Mellin, President and
CEO of The New York State Credit Union League.
Currently,
New York State has one of the strongest ATM safety laws in the United
States, with oversight by the New York State Banking Department, and
requiring such measures as surveillance cameras and self-locking
vestibule doors. In addition, many banks provide telephone access within
easy reach of the ATM that could be used just as effectively to summon
emergency assistance.
The
New York Bankers Association represents the State’s commercial banking
industry, including community, regional and money center banks with more
than $1 trillion in assets and more than 220,000 employees statewide.
The Community Bankers Association of New York State represents 80
savings and banking institutions with cumulative assets exceeding $160
billion and employing 23,000 people at nearly 1,500 locations throughout
New York State. The New York State Credit Union League and Affiliates,
Inc. represents New York’s 600 credit unions with over $29 million in
assets and more than 3.9 million members.
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com
NEW YORK
BANKERS ANNOUNCE ‘BEST PRACTICES’ TO HELP COMBAT BANK
ROBBERIES AND ENSURE PUBLIC SAFETY
“A
special problem demands a special response,” says industry official.
(May
5, 2003) -- The New York
City Bank Security Task Force of the New York Bankers Association, after
discussions with the New York City Police Department, has developed
‘Best
Practices’ to help combat bank robberies and to ensure public
safety in the City’s bank branches.
These ‘Best Practices’ reflect the recommendations of the
security experts and other banking executives who serve on the
Association’s New York City Bank Security Task Force.
“The
safety of the public, our customers and our employees has always been
the banking industry’s number one priority.
The recent increase in bank robberies in New York City is a
special problem that demands a special, and collective, industry
response. The Association’s New York City Bank Security Task Force has
adopted these ‘Best Practices’ after discussions with the New York
City Police Department, and we hope they can help stem this trend. The
Association respects each individual bank’s decision as to the best
security procedures to ensure the safety of the people in their
branches,” said Michael P. Smith, President of the New York Bankers
Association.
Among
the recommendations in the “Best Practices’ are: digital
surveillance cameras, enhanced communications between branch personnel
and law enforcement, height markers to aid in improving perpetrator
descriptions, dye packs, and serialized currency.
The Association advocates enhancing the Police Department’s
A.P.P.L. (Area Police Private Security Liaison) online communications
system to include photographs of suspects in addition to textual
descriptions.
Amalgamated
Bank and Atlantic bank were among those lauded by the Police Department
today for its success in avoiding robberies.
The
New York Bankers Association represents the State’s commercial banking
industry, including community, regional and money center banks with more
than 220,000 employees statewide.
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com
STATEMENT OF MICHAEL P. SMITH, PRESIDENT, NEW YORK BANKERS
ASSOCIATION ON MEETING WITH POLICE COMMISSIONER KELLY
(April 22, 2003) -- “We met with Commissioner Kelly today, along with
his chief deputies, and had a constructive dialogue on the issue of bank
robberies. The issue is of paramount concern to our industry and we
pledged to the Commissioner our continuing commitment to work as
partners with law enforcement to prevent robberies. We are working
together on a set of best practices on bank security for all bank
branches which will also include expanded and enhanced communications
under the APPL program. Importantly, the banking industry has made this
initiative a top priority in the interest of the public, our customers
and our employees.”
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com
STATEMENT OF MICHAEL P. SMITH, PRESIDENT, NEW YORK BANKERS
ASSOCIATION ON ATM CONVENIENCE FEES
(April 10, 2003) - “The deployment and maintenance of automated teller
machines by banks and other businesses provide consumers with a valuable
service and convenience. However, as with all services, there are costs.
“Consumers appreciate the accessibility and convenience of ATMs and have
many options in avoiding fees. Under the law, which the New York Bankers
Association supports, consumers have the right to full disclosure with
the opportunity to cancel transactions that may involve fees. They can
also avoid fees by using their own banks, using banks and retail outlets
that do not charge, or by just cashing a check. It is the consumer’s
choice.”
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com
................................................................................................................................................
2002 Press Releases
NEW YORK BANKERS OPPOSE PREDATORY LENDING; SUPPORT TOUGHER CRIMINAL
PENALTIES
“Uniform state law would be most effective,” says industry group
president.
(New York, New York) – April 1, 2002 – In testimony before the New York
City Council today, New York Bankers Association President Michael P.
Smith reaffirmed the banking trade group’s opposition to predatory
lending and pledged to continue working with local, state and federal
officials to be part of a workable, effective and uniform solution to
the problem. “Our policy is based on a single principle – stopping
predatory practices without hurting the ability of all consumers to
access credit,” said Mr. Smith.
“We believe that if the current proposal is enacted, it could have a
chilling effect on the availability of legitimate subprime credit, as
lenders who wish to ensure their ongoing qualifications to do business
with the City ‘opt out’ of the subprime lending market,” said Mr. Smith.
He pointed out that the recent expansion in the sub-prime market has
enabled tens of thousands more Americans to finance the purchase of
homes, consolidate and manage debt, overcome financial crises, and pay
for higher education.
The New York Bankers Association strongly supports the wide range of
existing laws on fair lending, and is concerned that legislation enacted
by local jurisdictions would create a patchwork of conflicting law. The
New York State legislature is currently considering bills on this
subject. The Association supports strengthening criminal penalties for
those who engage in predatory practices. In January, the Association
adopted its own Best Practices which exceed current law in several
areas. The Association has also funded community and consumer awareness
programs to help New Yorkers from becoming victims of predatory lenders.
The New York Bankers Association represents the State’s commercial
banking industry, including community, regional and money center banks
with aggregate assets in excess of $1 trillion and more than 220,000
employees.
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com
NEW YORK BANKERS RE-AFFIRM OPPOSITION TO PREDATORY LENDING AT SENATE
HEARING
‘We want to be part of the solution,’ says industry group president.
(Albany, New York) – March 18, 2002 – In testimony before the State
Senate Banks Committee today, New York Bankers Association President
Michael P. Smith re-affirmed the banking trade group’s opposition to
predatory lending and pledged to continue working with state and federal
officials to be part of a workable and effective solution to the
problem. “Our policy is based on a single principal – stopping predatory
practices without hurting the ability of all consumers to access
credit,” said Mr. Smith.
“We hope to avoid additional measures that would inadvertently limit
home ownership and home improvement opportunities for New Yorkers,” said
Mr. Smith. He added that legislation, passed by the Assembly last year,
defines ‘high cost home loan’ so broadly that the measures incorrectly
label many prime and sub-prime loans as ‘high cost.’ During his remarks,
Mr. Smith pointed out that the recent expansion in the sub-prime market
has enabled tens of thousands more Americans to finance the purchase of
homes, consolidate and manage debt, overcome financial crises, and pay
for higher education.
The New York Bankers Association strongly supports the wide range of
existing law on fair lending and in January, adopted its own Best
Practices which exceed current law in several areas. The Association has
also funded community and consumer awareness programs to help New
Yorkers from becoming victims of predatory lenders.
The New York Bankers Association represents the State’s commercial
banking industry, including community, regional and money center banks
with aggregate assets in excess of $1 trillion and more than 220,000
employees.
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com
BANKERS ADOPT ‘BEST PRACTICES FOR HOME LENDING’ TO HELP STAMP OUT
PREDATORY LENDING
Click here for a copy of NYBA's "Best Practices"
(New York, New York) January 14, 2002 – The New York Bankers Association
(NYBA) released its newly adopted “Best Practices for Home Lending” as
part of its kick-off of the 2002 legislative session. The eradication of
predatory practices is a top priority of the Association. These ‘Best
Practices’ will provide guidance to NYBA members in developing lending
policies for Covered Loans in the State of New York, that is, those home
loans which currently fall within the scope of federal and New York
State regulatory high cost home loan thresholds.
“We oppose predatory practices and we strongly support fair lending
practices. These ‘Best Practices’ were developed and adopted as a sign
of our members’ collective commitment to protecting consumers. This is
one more weapon in the war on unscrupulous lenders,” said Michael P.
Smith, president of the New York Bankers Association.
“We are also engaged in various fair lending community outreach
initiatives because the best defense against unfair lenders is an
informed consumer. Our members also want to work with lawmakers in this
effort,” Mr. Smith added.
These ‘Best Practices’ were developed by a task force of bankers expert
in high cost home lending. They are intended to build on and ratify our
support for existing New York State and Federal law and regulation that
outlaw unscrupulous lending practices. For example, although not
required under current New York State and Federal law, NYBA’s ‘Best
Practices’ state that credit insurance should be optional and that
insurers who issue single premium credit insurance should inform their
customers that although single premium credit insurance is financed over
the life of the loan, insurance coverage may not extend for the loan’s
full term. Moreover, the guidelines support quarterly reports of
consumers’ payment histories to a nationally recognized consumer credit
reporting agency, to help consumers build strong credit histories. NYBA
members also pledge to do business only with mortgage brokers that hold
a valid license or other authorization to do business within New York
State and to inform those brokers of their banks’ fair lending policies.
The New York Bankers Association represents the State’s commercial
banking industry, including community, regional and money center banks
with aggregate assets in excess of $1 trillion and more than 220,000
employees.
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com or
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