July 30, 2007 Vol. 2, No. 7

Sponsorship and Exhibitor Opportunities

Join us at nyba’s Annual Convention oct.  24-27, the breakers, palm beach, florida – Information is ON nyba.com

The registration package for NYBA’s Annual Convention (Wednesday through Saturday, October 24-27, at The Breakers in Palm Beach, Florida) has been mailed, and is also available online at nyba.com! This highly successful convention attracts hundreds of decision makers from New York banks – from CEOs & senior executives to board members. It also features a major presence by experts from banking, business and government, as well as a significant number of firms affiliated with the banking industry.   

Numerous sponsorships are available

Convention sponsorships include the Opening Night Chairman’s Reception; Closing Night Gala; daily morning breakfast workshops and coffee & refreshment breaks; Golf & Tennis Tournaments; Convention Newsletters, Convention Gifts, and much, much more. All sponsors will be mentioned in the convention program, daily convention newsletter, on signage at events, and from the podium during general sessions.

The Annual Convention Business Show Filling Quickly

Only 10 of the 40  8’ x 10’ exhibit booths are still available for the Convention Business Show. The booths will be assigned as registrations are received. The exhibits will be open from 8:00 a.m. to noon all three days of the convention. All convention delegates will pass through the exhibit area as they enter and leave the general sessions. To further attract delegates to the exhibit area, coffee and refreshment breaks will be set up nearby and daily newspapers will be distributed in the exhibit area.

If you have not received your convention registration kit, please contact Norma Strauss at

(212) 297-1639 or nstrauss@nyba.com. Information and registration forms are also available at www.nyba.com.

Advertising opportunities

Advertising opportunities are also available in NYBA’s 100-plus page Annual Convention Program book – which will be distributed to all convention attendees. Containing important information on the daily events and activities throughout the convention, this program is the essential resource for attendees.

Three Golf Tournaments Planned for Convention

Again this year, there will be three golf tournaments during NYBA’s Annual Convention, to be held October 24 - 27 at The Breakers, Palm Beach, Florida. The first tournament -- an individual stroke contest in which each golfer plays his own ball – will be an 8:30 am shotgun start on Wednesday, October 24, at the Breakers Rees Jones Course. This year’s primary tournament -- a scramble contest in which each foursome plays the best ball as a team – will be a 1:00 p.m. shotgun start on Thursday, October 25, at the resort’s Ocean course. The final contest is the Spouses/Guests Scramble Tournament, with an 8:30 a.m. start on Friday, October 26, at the Ocean Course. Prizes will be awarded and there will be several contests throughout all three tournaments. Refreshments will be provided. Registration forms can be found on  www.nyba.com. For additional information, call NYBA’s Bill Foley at (212) 297-1675.

NYBA’s Annual Convention is a celebration of our industry’s proud traditions, and a blueprint for future profitability and success. We hope you will plan to join us. For information on business show registration, sponsorships, and advertising opportunities, contact: Mary Robb (212-297-1662, mrobb@nyba.com), Bill Foley (bfoley@nyba.com, 212-297-1675) or Norma Strauss (nstrauss@nyba.com, 212-297-1639).

Please visit nyba.com for all Annual Convention information.

Latest From Profit Solutions

NYBA’s 401(k) Program Open to Service Members

The New York Bankers Service Corporation, NYBA’s wholly-owned subsidiary, and Milliman, Inc., a leading provider of retirement plan services, have developed an attractive, affordable and reliable 401k program for NYBA Member Banks and Service Members. The plan includes access to a state-of-the-art, Web-enabled system and best-in-class investment options.  Each participating organization can choose its own plan provisions and investment options that include mutual funds, institutional share class funds, company stock and model portfolios. Companies can select from a menu of investment options developed by Milliman investment consultants, who will continually monitor and analyze investments.

The program provides participating employees with instant access to benefit information, including retirement information and calculators that give participants the opportunity to estimate future retirement benefits. To assist participating employees, Milliman has developed model portfolios, communications and educational tools to demystify the retirement savings process.

Milliman, which has serviced NYBA’s Pension Plan for more than 10 years, provides services for some 4,000 retirement plans, representing more than two million participants. The firm has been ranked #1 in overall client satisfaction for the past two years by the Boston Research Group’s Defined Contribution Provider Study. For more information on this exciting new program, please call Dave Finn of Milliman at (646) 473-3319, e-mail: dave.finn@milliman.com.  Be sure to identify yourself as a NYBA Service Member.

Xerox Office Equipment Program

NYBA’s office equipment program provides NYBA Members and Service Members with additional discounts on purchased Xerox equipment. If you buy Xerox equipment, tell the merchant you are a NYBA member and you will receive a discount above and beyond what the dealer provides. The discount applies to equipment, supplies training and systems management. Call (800) 275-9376, ext. 2265, and reference contract number 0706438.

For further information on this NYBSCO product, please contact NYBA’s Field Marketing Manager Gus Kananis at (518) 434-3558: e-mail gkananis@nyba.com.

Professional Development

Online Training Can Help Your Employees Gain Greater Insight

Delivered anytime, anywhere, online courses offer your employees the opportunity to gain banking knowledge in a cost-effective, time-efficient manner.  We encourage you to check out NYBA online courses to provide your staff with the knowledge they need to talk with your banking clients. To explore options in online training, please visit www.nyba.com, or contact Elisa Legg (elegg@nyba.com) or Fred Corden (fcorden@nyba.com).  You can receive automatic updates on all of NYBA’s educational programs via e-mail by signing up at: www.nyba.com/ education. Also, don’t forget to bookmark NYBA’s Online Calendar of Events (http://www.nyba.com/education/calendar.html).

NYBA’s 2007 Bank Counsel Seminar: September 25, Crowne Plaza, Albany

NYBA’s Bank Counsel Seminar (September 25; Crowne Plaza Hotel, Albany) is an indispensable tool for New York banking attorneys and their clients.  No other one-day forum offers a comparable opportunity to hear and interact with top practitioners and legal experts on current industry issues – all in a single day.

 Featured topics at this year’s seminar include:

·    The Mortgage Crisis and Other Real Estate Issues

·    Corporate Workplace Ethics

·    Data Security Breaches and Other Privacy Matters

·    Legislative and Regulatory Update

·    Corporate Governance and Mergers & Acquisitions

·    Regulatory Crackdown – Preparing for the Examination

 Watch for program updates and registration information on www.nyba.com.

Would you like to receive NYBA's latest educational programs via e-mail?

It's easy!  Just visit http://www.nyba.com/education/email_notice.html and complete the short form. As soon as our promotional materials become available for a program, you will be the first to receive them via e-mail! For more information, contact Elisa Legg at (212) 297-1679 or email elegg@nyba.com

Government Relations Update

Albany

During a brief session in Albany last Thursday, the State Legislature passed a bill to study the congestion pricing plan proposed by New York City Mayor Michael Bloomberg, but did little else.  The Governor signed the congestion pricing bill, but has a number of bank-related bills on his desk which require his decision by August 1.

Governor Spitzer has signed NYBA-initiated legislation to streamline the State’s “wild card” law.  The bill, S. 4392-B (Farley)/A. 9260 (Towns), requires the Banking Superintendent to act within 45 days of receipt on all “wild card” applications from State-chartered banks or groups of banks (including NYBA).  The Superintendent could forward the application to the Banking Board for a vote, deny the application, impose conditions on the application or ask for up to an additional 120 days to consider the application.  The bill is designed to address delays in processing “wild card” applications under the current law.  It also extends the “wild card” law for two additional years, until September 2009.  The chapter becomes effective on September 1, 2007. NYBA wrote the Governor urging that he sign the bill.  The Comptroller of the Currency released last week a revised list of activities approved for national banks.  NYBA is reviewing the list to determine its consistency with activities permitted under New York law.

Washington

NYBA and many New York bankers participated in a nationwide lobbying campaign to defeat language in the 2007 Farm Bill that would have significantly expanded the lending authority of the Farm Credit System (FCS).  The bill, H.R. 2419, would have authorized FCS to lend in larger communities and to make mortgage, small business and consumer loans to persons not involved in farming or ranching. An amendment to remove the expanded lending authority was offered by Representatives Barney Frank (D-MA) and Spencer Bachus (R-AL), the Chairman and Ranking Member of the House Financial Services Committee.  NYBA wrote to all members of the New York Congressional delegation pointing out that FCS possesses special tax and borrowing advantages not available to commercial banks and thrifts and that the expanded lending authority in the bill would dilute funds available for FCS to carry out its traditional mission of farm lending.  NYBA issued a “call to action,” to which many bankers responded, asking that bankers urge their members of Congress to support the amendment.  The amendment passed with the support of many New York members.

The Senate passed legislation to reauthorize higher education programs (S. 1642).  The bill includes the Student Loan Sunshine Act, provisions modeled on the student loan borrower’s bill of rights developed by New York State Attorney General Andrew Cuomo.  The House has not yet adopted similar legislation.

The Senate has also passed a bill (H.R. 2669) to reform student loan programs.  The bill would increase available funds for lending by dramatically reducing fees paid to lenders and guaranteed lender interest rates as well as by increasing fees paid by lenders to the federal government.  The bill would also reduce the return on loans by for-profit lenders by 50 basis points, repeal the exceptional performer program and set the reimbursement rate for loans in default at 97 percent.  The House passed a similar bill last week and conferees will attempt to reconcile differences before the August recess.  The national banking trade groups oppose this legislation, arguing that it will reduce loan availability.

A House Financial Services Committee subcommittee approved a bill to extend the Terrorism Risk Insurance Act for ten years.  The bill, H.R. 2761, is strongly supported by NYBA and is co-sponsored by every New York member of the Committee.  It would maintain current co-payments and deductibles for conventional terrorist acts, include acts of domestic terrorism, require that coverage for nuclear, biological, chemical and radiological acts be made available, and increase the program trigger to $50 million. Opposition from the White House is expected to delay final passage of the bill. The law expires at the end of this year.

The federal financial regulatory agencies issued a policy for enforcing specific anti-money laundering requirements of the Bank Secrecy Act (BSA).  The purpose of the Interagency Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements is to provide greater consistency among the agencies in enforcement decisions in BSA matters and to offer insight into the considerations that form the basis of those decisions.  The applicable statutes provide that if a regulated institution fails to establish and maintain a BSA compliance program or fails to correct a previously identified problem with its program, the appropriate agency shall issue a formal cease and desist order. The statement complements the Bank Secrecy Act/Anti-Money Laundering Examination Manual, which was similarly designed to foster interagency consistency and transparency regarding the BSA examination process. 

NYBA News

Brad Rock, Chairman, President & CEO of the Bank of Smithtown, has been formally nominated to become the next Chairman of the ABA. The election will occur during the ABA’s Annual Convention in San Diego in October. 

KeyCorp, the holding company for KeyBank N.A., and U.S.B. Holding Co., Inc., the holding company for Union State Bank, a state-chartered commercial bank, have announced the signing of a definitive agreement under which Key would acquire U.S.B. Holding Co., Inc.  Union State Bank, one of the leading community banks serving southern New York State, has assets of approximately $3 billion, loans of $1.6 billion and $2 billion in deposits.

M&T Bank Corporation and Partners Trust Financial Group, Inc. announced that they have entered into a definitive agreement under which Partners Trust will merge into M&T in a transaction valued at approximately $555 million. M&T is headquartered in Buffalo and has $57.9 billion in assets, while Partners Trust has $3.7 billion in assets and is based in Utica. M&T will acquire 33 branch locations in Broome, Chenango, Herkimer, Oneida, Onondaga and Tioga counties in Upstate New York, and approximately $2.3 billion in deposits and $2.3 billion in loans from Partners Trust.

Wells Fargo Home Mortgage announced that it will close its nonprime wholesale lending business, but will continue to offer nonprime loans directly to consumers.

We are sending you this e-mail for your information. If you prefer not to receive any further messages from us, just reply to this e-mail and let us know. You may also unsubscribe to “First Look” by calling Karen Jannetty at 212-297-1635 or kjannetty@nyba.com . Thank you.

“First Look” is published every other week  by the New York Bankers Association. Please send questions, comments or submissions to Stephen W. Rice, srice@nyba.com, Fax 518-434-1576, or call 518-434-3557.

 

 

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