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FOR IMMEDIATE
RELEASE Contact: Karen
Jannetty
212-297-1635 office
203-592-5489 cell
NEW YORK BANKERS SUPPORT EFFECTIVE
NOTIFICATION MEASURES
IN IDENTITY THEFT LEGISLATION
Testimony before Senate Committees Cites
Need for Consistency
May 24, 2005 – (Albany,
New York) Michael P. Smith, President of the New York Bankers
Association (NYBA), testified before the Senate Committees on
Investigation and Government Operations and on Consumer Protection
today. The focus of the hearing was identity theft and breach of
computer databases.
“The privacy concerns
of our customers have always been a top priority for the banking
industry. We understand the public’s deep concern about breaches and
would support the establishment of reasonable notification provisions,
which would allow for workable timeframes for investigation and
verification of the facts,” said Mr. Smith.
Because other states
are also enacting data security legislation, NYBA is concerned that
notification procedures could vary widely from state to state, making
compliance difficult.
“We believe that any
State-mandated notification procedures should be consistent with the
procedures which are being recommended at the national level in order to
avoid a patchwork of conflicting requirements,” said Mr. Smith.
NYBA is comprised of
independent, community, regional, and money center commercial banks
throughout New York State representing more than 320,000 employees and
$3 trillion in assets.
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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
or
Janice Linhares at (212) 297-1675
jlinhares@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 or
Janice Linhares at (212) 297-1675
jlinhares@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 or
Janice Linhares at (212) 297-1675
jlinhares@nyba.com
GABRIEL P. CAPRIO OF AMALGAMATED BANK ELECTED
CHAIRMAN OF THE NEW YORK BANKERS ASSOCIATION
Gabriel P. Caprio, President and CEO of Amalgamated
Bank, was recently elected to serve as Chairman of the New York Bankers
Association for 2003.
The New York Bankers Association represents the State’s
commercial banking industry, including community, regional and money
center banks with combined assets of more than $1 trillion and more than
220,000 employees.
Gabriel P. Caprio was elected by the Board of Directors
of Amalgamated Bank to the office of President and Chief Executive
Officer in November 1991. Mr. Caprio previously served as the Bank’s
Executive Vice President and Chief Financial Officer.
Immediately prior to joining Amalgamated, Mr. Caprio
served as Vice President of Finance for Oxford Research International
Corporation. He was employed at Chase Manhattan Bank for nine years,
where he was responsible for expanding the bank’s operations and systems
in South America, the Caribbean and Canada.
Prior to joining Chase, Mr. Caprio was employed at
Chemical Bank and Citibank where he was responsible for Letter of Credit
Operations and various departments involved with computer operations and
check processing.
Prior to his banking career, Mr. Caprio served as an
officer of the U.S. Navy, rising to the rank of Lieutenant Commander.
During this period, he served aboard ships in the North Atlantic,
Mediterranean and Caribbean and as an advisor to a Vietnamese Navy River
Assault Group in the Mekong Delta. His last tour was in the Office of
the Secretary of Defense in Washington, D.C.
In addition to Mr. Caprio’s chairmanship of the New York
Bankers Association, he also serves on NYBA’s Legislative and Regulatory
Policy Committee, the Banker Advisory Board of the Conference of State
Bank Supervisors, the Board of Overseers of New Jersey Institute of
Technology, the Advisory Board of Neighborhood Housing Services of New
York and as a Director of the National Association on Drug Abuse
Problems.
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com or
Janice Linhares at (212) 297-1675
jlinhares@nyba.com
JAMES J. BYRNES OF
TOMPKINS TRUSTCO, INC. ELECTED VICE CHAIRMAN OF THE NEW YORK BANKERS
ASSOCIATION
James J. Byrnes, Chairman and CEO of Tompkins Trustco,
Inc., was recently elected to serve as Vice Chairman of the New York
Bankers Association for 2003.
The New York Bankers Association represents the State’s
commercial banking industry, including community, regional and money
center banks with combined assets of more than $1 trillion and more than
220,000 employees.
Prior to joining Tompkins, Mr. Byrnes was Senior Vice
President with the Bank of Montreal in New York and Toronto until 1988.
Prior to that, he was a Vice President at Citibank in New York. He is a
graduate of Cornell University and received his MBA from the Cornell
University Johnson Graduate School of Management in 1964.
Mr. Byrnes is also Chairman of Tompkins Trustco’s lead
bank, Tompkins Trust Company. He is also a director of the New York
Business Development Corporation and Independent Bankers Association of
New York State.
Tompkins Trustco, Inc. is a $1.7 billion three-bank
holding company based in Ithaca, New York. A full service, community
oriented bank, with investment management, trust, and small business
banking as important segments. The Company is an independent
institution, with its stock listed on the American Stock Exchange.
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com or
Janice Linhares at (212) 297-1675
jlinhares@nyba.com
SANFORD A. BELDEN OF COMMUNITY BANK SYSTEM, INC.
ELECTED TREASURER OF THE NEW YORK BANKERS ASSOCIATION
Sanford A. Belden, President and CEO of Community Bank
System, Inc., was recently elected to serve as Treasurer of the New York
Bankers Association for 2003.
The New York Bankers Association represents the State’s
commercial banking industry, including community, regional and money
center banks with combined assets of more than $1 trillion and more than
220,000 employees.
Since October 1, 1992, Sanford A. Belden has served as
President and Chief Executive Officer of Community Bank System, Inc. and
its principal banking subsidiary, Community Bank, N.A., both
headquartered in DeWitt, New York. CBSI is a publicly traded company
with approximately $3.4 billion in assets, listed on the New York Stock
Exchange. CBNA operates a full service banking network with 115
branches located throughout Northern New York, the Finger Lakes Region,
the Southern Tier, Southern New York and Northeastern Pennsylvania.
Immediately prior to joining CBSI, Belden served as
Senior Vice President of Rabobank Nedeland, a $150 billion, triple A
rated, Dutch bank, at its U.S. headquarters in New York City. His
responsibilities at Babobank included managing its corporate and middle
market lending business to companies located in the eastern two-thirds
of the United States. He also served on the U.S. Credit Committee.
Mr. Belden’s other extensive banking experience
encompasses executive management positions, including President of
Community Banking, at First Bank System, a major bank holding company
located in Minneapolis which operates banks throughout the upper Midwest
and in the Farm Credit System. Mr. Belden began his professional career
on the faculty of Cornell University.
Mr. Belden holds B.S., M.S. and Ph.D degrees from Purdue
University and is active in a variety of banking, business and civic
organizations.
CONTACT:
Karen Jannetty at (212) 297-1635
kjannetty@nyba.com or
Janice Linhares at (212) 297-1675
jlinhares@nyba.com
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 or
Janice Linhares at (212) 297-1675
jlinhares@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 or
Janice Linhares at (212) 297-1675
jlinhares@nyba.com
ROBERT G. WILMERS OF M & T BANK CORPORATION ELECTED
CHAIRMAN OF THE NEW YORK BANKERS ASSOCIATION
(Albany, New York January 14, 2002) - Robert G. Wilmers,
Chairman, President & CEO of M & T Bank Corporation was elected Chairman
of the New York Bankers Association at the association’s annual meeting
held January 14, 2002 at the Crowne Plaza Hotel in Albany, New York.
Robert G. Wilmers is Chairman, President & CEO of M&T
Bank Corporation (formerly First Empire State Corporation) and Chairman
of the board & CEO of its principal subsidiary, Manufacturers and
Traders Trust Company (M&T Bank).
He has headed both First Empire State Corporation and
M&T Bank since May 1983, when First Empire State Corporation had total
assets of $2 billion. At September 30, 2001, M&T Bank Corporation had
assets of $31.1 billion.
He serves on the Board of Directors for: The Business
Council of New York State, Inc., the Buffalo Niagara Partnership, the
Andy Warhol Foundation, and is Chairman of the New York Bankers
Association. He is also a member of the Council on Foreign Relations,
The Financial Services Roundtable and the John F. Kennedy School of
Government Visiting Committee at Harvard University. He served as a
director of the Federal Reserve Bank of New York from 1993 to 1998.
In 1992, he was named “A Niagara Frontier Executive of
the Year” by the State University of New York at Buffalo School of
Management. In 1991, he was named Western New Yorker of the Year by the
Greater Buffalo Chamber of Commerce. He has received honorary degrees
from Canisius College (Doctor of Humane Letters in 1988) and Niagara
University (Doctor of Commercial Science in 1991). He was cited by the
Buffalo News in 1987 and 1994 as a Citizen of the Year.
Mr. Wilmers graduated from Harvard College and attended
the Harvard Graduate School of Business. After working in industry and
banking in New York City, he served in New York City government and then
went on to work at Morgan Guaranty Trust Company.
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
Janice Linhares at (212) 297-1675
jlinhares@nyba.com
GABRIEL P. CAPRIO OF AMALGAMATED BANK ELECTED VICE
CHAIRMAN OF THE NEW YORK BANKERS ASSOCIATION
(Albany, New York January 14, 2002) - Gabriel P. Caprio,
President & CEO of Amalgamated Bank was elected Vice Chairman of the New
York Bankers Association at the association’s annual meeting held
January 14, 2002 at the Crowne Plaza Hotel in Albany, New York.
Gabriel P. Caprio was elected by the Board of Directors
of Amalgamated Bank to the office of President and Chief Executive
Officer in November 1991. Mr. Caprio previously served as the Bank’s
Executive Vice President and Chief Financial Officer.
Immediately prior to joining Amalgamated, Mr. Caprio
served as Vice President of Finance for Oxford Research International
Corporation. He was employed at Chase Manhattan Bank for nine years,
where he was responsible for expanding the bank’s operations and systems
in South America, the Caribbean and Canada.
Prior to joining Chase, Mr. Caprio was employed at
Chemical Bank and Citibank where he was responsible for Letter of Credit
Operations and various departments involved with computer operations and
check processing.
Prior to his banking career, Mr. Caprio served as an
officer of the U.S. Navy, rising to the rank of Lieutenant Commander.
During this period, he served aboard ships in the North Atlantic,
Mediterranean and Caribbean and as an advisor to a Vietnamese Navy River
Assault Group in the Mekong Delta. His last tour was in the Office of
the Secretary of Defense in Washington, D.C.
Mr. Caprio is Vice Chairman of the New York Bankers
Association and serves on NYBA’s Legislative and Regulatory Policy
Committee. He also serves on the Banker Advisory Board of the Conference
of State Bank Supervisors, on the Advisory Boards of Neighborhood
Housing Services of New York and the School of Management of New Jersey
Institute of Technology and as a Director of the National Cooperative
Business Association and the National Association on Drug Abuse
Problems.
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
Janice Linhares at (212) 297-1675
jlinhares@nyba.com
CHARLES V. WAIT OF THE ADIRONDACK TRUST COMPANY
ELECTED TREASURER OF THE NEW YORK BANKERS ASSOCIATION
(Albany, New York January 14, 2002) - Charles V. Wait,
Chairman, President & CEO of The Adirondack Trust Company was elected
Treasurer of the New York Bankers Association at the association’s
annual meeting held January 14, 2002 at the Crowne Plaza Hotel in
Albany, New York.
Charles Wait has served as Chairman, President & CEO of
The Adirondack Trust Company since 1989. He has long been active in the
New York Bankers Association, holding various offices such as Treasurer,
Vice Chairman and Chairman. He currently chairs the Association’s $42
million New Century Investment Fund and the Association’s political
action committee.
In addition, Mr. Wait serves on the Board of Trustees of
the New York Business Development Council, the National Museum of Dance,
the Corporation of Yaddo and the New York Racing Association. He is a
Director Emeritus of the Saratoga Performing Arts Center.
Mr. Wait received a Bachelor of Arts from Cornell
University in 1973, and attended the Stonier School of Banking and the
American Institute of Banking. In 1999, Mr. Wait was named Executive of
the Year by the Capital District Business Review.
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
Janice Linhares at (212) 297-1675
jlinhares@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
Janice Linhares at (212) 297-1675
jlinhares@nyba.com |
