November 2, 2023
New York Bankers Association and KeyState Renewables Launch Solar Tax Credit Fund to Bring Clean Power to Local Communities
New York, NY –The New York Bankers Association (NYBA), through its for-profit subsidiary, New York Bankers Service Corporation, Inc., has partnered with KeyState Renewables (KeyState) to raise up to $75 million in solar tax equity capital from New York Bankers Association member banks. The capital will be deployed by KeyState’s tax equity platform, SOLCAP, which was formed in 2019 with Corner Power. On October 3, 2023, the New York Bankers Service Corporation, Inc. approved the launch of the NYBA SOLCAP 2024 Solar Tax Credit Fund.
The fund will work with a national solar development partner to build 7 to 10 New York community solar projects in 2024. These projects are designed to predominantly benefit low-to-moderate income (LMI) households in New York, selling over 51% of each project’s renewable power to LMI households and potentially reducing their annual electric bills by up to 10-20%.
"We are excited to work with NYBA and its member banks to finance this portfolio of community solar projects. By partnering with banking associations such as NYBA, KeyState can offer member banks an efficient vehicle to finance solar projects in their region, which may also be eligible for credit under the Community Reinvestment Act. We launched our SOLCAP solar tax equity platform in 2019 in response to the growing interest from community banks across the country to finance the transition towards a greener economy. Partnering with NYBA is an ideal way for us to aggregate New York community banks’ investments and finance a portfolio of community solar projects in their region," said Josh Miller, CEO of KeyState Renewables.
"NYBA is pleased to work with KeyState on this innovative opportunity for New York banks, which will have a meaningful consumer and environmental impact,” said Clare Cusack, President & CEO of NYBA. “The NYBA SOLCAP 2024 Solar Tax Credit Fund is a vehicle for NYBA member banks to make sustainable investments in their communities, potentially reducing the cost of energy for the state's most vulnerable families. The fund will finance 7-10 community solar projects across the state, as banks prepare for new guidance from federal and state regulators related to climate change.”
For more information about the NYBA SOLCAP 2024 Solar Tax Credit Fund, please contact Gus Kananis at 518.434.3556 | GKana[email protected] or Tim Swiat at 303.880.6121 | [email protected].
###
October 30, 2023
Report: Finance Industry Hampered by New York’s Continued Population Decline, Out-Migration, and Stagnation Trends
Decline Began Pre-Pandemic, Accelerated During Shutdowns & Policy Changes
ALBANY – The Business Council of New York State, along with the Securities Industry and Financial Markets Association (SIFMA) and the New York Bankers Association (NYBA), recently supported an independent report on the financial services sector in New York State and the impact it has on the economy.
The report, conducted by Economic Leadership, shows the state’s finance and insurance sector has been adversely impacted by state policies and business climate predating the COVID pandemic, and those policies are continuing to hurt the sector today as jobs and people leave for lower-taxed, lower cost of living states.
Key Report Data
- In 2021, New York lost $9.8 billion of income to Florida.Over the past three years, $993 Billion in assets moved to other states.
- New York is outranked in financial sector growth at 0.2%, lagging behind the 4% national average, while Idaho, North Carolina, South Carolina, and Texas have each seen double-digit growth.
Financial Sector Impact
- The finance and insurance sector makes up only 5% of the state’s employment, yet it’s the largest contributor to the state’s GDP ($327B or 16% in 2022)
- Finance and Insurance sectors are the highest compensated industries in the state and the US; the average income for the sector in New York is $275,800 (without benefits)
- For every one Finance and Insurance job, nearly three jobs are created in other industries.
"This report emphasizes what we have known all along: bad fiscal and business practices in New York State equate to losing people and jobs. To reverse this trend, New York needs meaningful change now or we risk further jeopardizing the prosperity of the driving force of New York's GDP," said Heather Mulligan, President & CEO, The Business Council of New York State.
“SIFMA works to support a strong financial services industry, investor opportunity, capital formation, job creation, and economic growth,” said Nancy Lancia, Managing Director, State Government Relations at SIFMA. “Many of our members have a significant presence in New York, where the capital markets and our industry play an important role in supporting jobs and revenue growth and are key to the state’s overall competitiveness. We have and continue to encourage policymakers to consider the importance of the industry to the state’s economy and to weigh the impact of any initiatives on the desirability of New York as a place to do business and retain employees.”
“This report illustrates what New York policymakers have long known – that a healthy banking industry is key to a vibrant New York State economy,” said Clare Cusack
President & CEO New York Bankers Association Banks. “New York’s banks – with a highly-trained, well-compensated workforce – help fuel vital economic activity in every community and every corner of the State, pay significant state and local taxes, and provide invaluable financial support across New York through Community Reinvestment Act activities. Encouraging the vitality of the banking industry, which is synonymous with New York itself, should be a top priority of public policymakers in our State.”
“The data from this report suggests that there is real concern over the future growth of the finance and insurance industry in New York,” said Ted Abernathy, Managing Partner, Economic Leadership. “While other places are growing, New York has seen stagnation or loss in the market with both businesses and residents relocating. This is a crucial industry to not just the city, but the entire state - and not one that can be taken for granted any longer.”
A complete copy of the report can be found here.
###
May 8, 2023
STATEMENT OF CLARE M. CUSACK
PRESIDENT & CEO
NEW YORK BANKERS ASSOCIATION
“The New York Bankers Association applauds the Department of Financial Services for prioritizing the exploration of the factors that contribute to some New Yorkers remaining underbanked or unbanked. NYBA is committed to making banking as accessible as possible to all consumers, because sustainable economic opportunity builds generational wealth and requires a long-term banking relationship. NYBA stands at the ready to help, while pursuing multiple initiatives to build a more equitable and inclusive financial system for all. As part of that effort, many of New York’s banks offer nationally certified, safe and affordable Bank On accounts to broaden access to financial services in underserved communities. Banks’ commitment to community is fundamental to the industry and NYBA looks forward to working with all stakeholders on creative and innovative ways to bring more New Yorkers into the financial system.”
The New York Bankers Association (NYBA) is comprised of small, regional, and large banks across every region of New York State. Together NYBA members employ nearly 150,000 New Yorkers, safeguard $2 trillion in deposits, and extend nearly $145 billion in home and small business loans. NYBA members also support their communities through an estimated $200 million in community donations and 500,000 employee volunteer hours.
###
April 11, 2023
STATEMENT OF CLARE M. CUSACK
PRESIDENT & CEO, NEW YORK BANKERS ASSOCIATION
“Late yesterday, the New York Bankers Association filed an amicus curiae brief to challenge a law which we have long warned would have devastating consequences for both mortgage lenders and borrowers in New York. Throughout the last legislative session, NYBA consistently expressed its willingness to collaborate on new legislation in light of the bill’s fatal flaw -- its unconstitutional retroactive provisions. The enactment of this law caused an immediate dramatic and harmful sea change to New York’s already difficult mortgage market by destroying the value of a large number of valid mortgage contracts – not to mention the chilling effect on lending in New York, where banks and borrowers now fear that basic principles of legally enforceable and relied upon contracts can be precipitously changed instantly and retroactively by the State Legislature. With this filing, NYBA is challenging this unconstitutional law, as we will any future measure that violates constitutional standards in our industry, because it is causing undue harm to lenders, future borrowers and the overall economy of the State of New York.”
###
Contact: Karen Armstrong: [email protected], (212) 297-1635; (646) 943-0388
April 15, 2022
STATEMENT OF CLARE M. CUSACK
PRESIDENT & CEO, NEW YORK BANKERS ASSOCIATION
“The New York Bankers Association applauds Governor Hochul’s announcement today that the Department of Financial Services will authorize state-regulated banks to offer no-fee, certified Bank On accounts to satisfy requirements of New York’s Basic Banking Act. NYBA has long-supported Bank On accounts to enhance access to financial services in underserved communities. This action will help New Yorkers who see the Bank On logo to recognize that the bank offers a nationally certified, safe and affordable account that is accessible to families in need. We were pleased to work with DFS to help correct this regulatory issue and ease the process for more banks to adopt this program. New York banks who are already offering Bank On accounts can attest to their success as a foundational step for consumers’ future financial health and security.”
###
Contact: Karen Armstrong: [email protected], (212) 297-1635; (646) 943-0388
CLARE M. CUSACK, PRESIDENT & CEO OF NEW YORK BANKERS ASSOCIATION JOINS BOARD OF PURSUIT
New York, NY – (January 20, 2022) – Clare M. Cusack, President & CEO of the New York Bankers Association (NYBA), has joined the board of directors of Pursuit (formerly New York Business Development Corporation), a community-focused Small Business Administration lender and U.S. Treasury-certified Community Development Financial Institution (CDFI).
“I am very pleased to join the board of Pursuit, which partners with more than 100 of New York’s banks to provide the essential small business loans that power local economies across our State. I am especially eager to support Pursuit’s vital mission to increase access to capital in underserved communities.”
“The lenders at Pursuit led the Paycheck Protection Program for many of our community banks during an extremely challenging time during the pandemic, allowing our bankers to do what they do best – see to the needs of their customers, communities and employees,” said Cusack, who became President & CEO of NYBA in December 2020, the first woman to serve as the Association’s leader in its 126-year history.
Patrick J. MacKrell, President & CEO of Pursuit, said: “We warmly welcome Clare to our board of directors as our mission will undoubtedly benefit from her experience and expertise. Pursuit has a deep history of partnering with New York State banks to provide access to small business capital—a history that has been enriched by NYBA’s support throughout the years. I look forward to collaborating with Clare and working with her, NYBA, and New York State’s banking community to ensure that small business owners can access the capital needed to start and grow.”
About New York Bankers Association
Since 1894, it has been the New York Bankers Association’s primary mission to be the State’s preeminent provider of legislative and regulatory services to a unified banking industry. Over the years, the Association’s mission has grown to include educational programs, public relations, political action and member services geared to enhance the profitability and stature of New York ’s banking industry. Today, NYBA is comprised of the smaller community, mid-size regional, and large banks across every region of New York State. Together NYBA members employ nearly 200,000 New Yorkers, safeguard more than $2 trillion in deposits, and extend nearly $70 billion in home and small business loans.
About Pursuit
At Pursuit, the mission is simple: to provide businesses with affordable loans and resources so that they can reach higher, transform and grow. Pursuit is a community-focused lender where businesses can access more than 15 loan programs that provide financing from $10,000 to $5.5 million with affordable rates and terms. Pursuit manages a total loan portfolio in excess of $2.3 billion and more than 11,000 loans. Pursuit is a nationally recognized organization that focuses on serving businesses and lending partners in New Jersey, New York, and Pennsylvania.
###
Contact: Karen Armstrong: [email protected], (212) 297-1635
STATEMENT OF CLARE M. CUSACK
PRESIDENT & CEO, NEW YORK BANKERS ASSOCIATION
ON NYDFS INITIATIVE ON DIVERSITY, EQUITY & INCLUSION IN THE FINANCIAL SERVICES INDUSTRY
July 29, 2021
“New York’s banking industry recognizes the proven value and importance of diversity, equity and inclusion efforts and representative leadership, both of which are critical to meeting the needs of the mosaic of communities and customers we serve and celebrate. Today’s announcement by the Department of Financial Services is a welcome one, in that it takes a prudent and methodical approach of understanding the progress the industry has made thus far, before considering establishing new regulatory standards. DFS’ plan also recognizes the scope and breadth of our industry, and the varying degrees of challenges that some financial institutions may have in their progress. We also congratulate DFS for including the growing non-bank sector in its plan, creating an early expectation of a level playing field across all sectors. As a trade group, NYBA looks forward to working with policymakers on this critical issue and will continue to support all of our members’ work toward their diversity goals by providing education and development resources.”
###
A MESSAGE FROM NYBA PRESIDENT & CEO CLARE M. CUSACK
December 1, 2020
Dear Association Colleague,
Today a new chapter begins for the New York Bankers Association, as I officially transition to the role of President & CEO. I am humbled and honored by the outpouring of support and confidence already, and I look forward to working with all of you in this new role.
First, and with the utmost gratitude, I want to say thank you to Mike Smith, our steadfast CEO since 1989, as he marks his 45th and final anniversary at the Association today. I appreciate his leadership, mentorship, and kindness throughout my time at NYBA, particularly in this transition. We are all so grateful for his lifetime of work with the Association, and the banking industry is indebted to his service and leadership for so many years. We have already begun to honor Mike's contributions in small ways, but plan to join together for a proper celebration when it is safe and appropriate to do so. We'll be sharing these plans in the future.
As I begin my work today, I am cognizant of the significant challenges that our industry faces, but I am also inspired by the near-Herculean task each and every one of you undertook in response to the many crises we faced this year. You went above and beyond for customers, you helped to save small businesses, you contributed both financially and in service to charity and philanthropic programs, and you helped to provide the means to hold communities together- all in an ever-changing and, at times frustrating, political, legislative and regulatory landscape. And you continue to do so today. We are so proud to represent you and all you do, particularly your enduring focus on our industry mission: to partner in the efforts to keep our economy and our communities on solid ground, while protecting and enhancing the safety and soundness of our financial fabric for all.
In my time at NYBA, I have come to know that we work best when we work together to face such challenges. For each, the strength of all. As an industry and Association, we have weathered many storms throughout our 126 year history, and we've done so by viewing these challenges as opportunities to learn, to grow and to serve. So too today. In that vein, and to guide our path forward, I'm focused on three guiding principles in positioning our Association for the future:
- Renewing our mission as the State’s preeminent provider of legislative and regulatory services to a unified banking industry, as we take on economic, social and equity challenges;
- Reimagining what our Association can do to provide the excellence and expertise you have come to expect from NYBA in a post-COVID world; and
- Rebuilding for a strong and innovative future, not only for New York banks, but also for our beloved New York communities.
There may be new leadership at NYBA, but our core focus remains ever the same: championing this industry, fostering success for our members and helping our communities thrive. For that purpose, I will be embarking on a listening tour over the next several weeks, utilizing virtual meet and greets, membership wide surveys and stakeholder focus groups, in order to effectively partner with you as we write this next chapter together.
I look forward to these conversations because they will inform our planning for 2021 and far beyond. Thank you for your unwavering support of our Association – we will continue to strive to earn it in all that we do.
Sincerely,
Clare Cusack
President & CEO
New York Bankers Association
NEW YORK BANKERS ASSOCIATION APPOINTS CLARE CUSACK TO SUCCEED MIKE SMITH AS PRESIDENT AND CEO UPON HIS RETIREMENT, EFFECTIVE DECEMBER 1
New York, NY – (October 27, 2020) – The New York Bankers Association announced today that General Counsel and Chief Operating Officer Clare M. Cusack will become the first woman to serve as President and CEO of NYBA, effective December 1, 2020, succeeding Michael P. Smith, who is retiring after leading the Association for over four decades. Cusack's appointment by NYBA’s Board of Directors follows a planned leadership transition after Smith announced plans last year to retire.
Cusack has served as General Counsel and COO of NYBA since August 2018, overseeing NYBA's legal matters and supporting each of the Association's divisions and areas, including government relations, professional development, profit solutions, major industry events and legal and regulatory strategy. She joined NYBA in 2013 as Senior Vice President and Deputy General Counsel. Prior to her work with the Association, she practiced as an attorney with the law firm of Morgan Lewis & Bockius LLP, and earlier worked as an aide to the New York State Assembly majority. Cusack earned her juris doctorate from Fordham University School of Law and a B.A. in Political Science from the State University of New York College at Geneseo.
Smith has served as President and CEO of NYBA since 1989, providing dynamic leadership throughout times of industry turbulence and stability. He joined NYBA in 1975 as Secretary of the Federal Government Relations Committee after serving on the staff of U.S. Congressman Stewart B. McKinney of Connecticut.
Commenting on the leadership transition, NYBA Chairman Greg Braca praised Smith's leadership and service and said NYBA is well positioned for the future with Cusack leading the Association.
“For more than four decades, Mike has worked tirelessly for the benefit of our great industry in New York, using his considerable political skill to guide us through times of crisis and times of good fortune. On behalf of the more than 100 members of the New York Bankers Association, I thank Mike for his unwavering dedication and commitment to our industry. We offer our congratulations on his well-earned retirement, which caps a career of meaningful achievements for banking,” said Braca, President and CEO of TD Bank, N.A. "At the same time, we believe NYBA will continue to excel and evolve its longstanding mission under Clare's dynamic leadership and address the many opportunities and challenges facing the banking industry as a unifying advocate for our members."
Commenting on his retirement and Cusack's appointment, Smith said: “It has been my honor to have served NYBA and the industry for the past 45 years. I came to the Association as a 27-year-old, fresh from my Capitol Hill job. And in that time, I have had the privilege of working with legends of both banking and politics in both Albany and Washington. It has been a fascinating journey, marked with many victories and many challenges – such as the one we are in right now. I am confident that Clare will bring thoughtful leadership and keen strategic expertise to her new role, so that NYBA is assured of continuing its long-held reputation for excellence.”
Cusack said: “I am excited to continue working with the banking and government leaders of New York, particularly during this challenging time when we embrace the common goal of rebuilding our communities in the face of the coronavirus pandemic and its economic impact. I am honored by the confidence NYBA’s Board has shown in me, and I thank Mike for his years of mentorship and guidance.”
About the New York Bankers Association
Since 1894, it has been the New York Bankers Association’s primary mission to be the State’s preeminent provider of legislative and regulatory services to a unified banking industry. Over the years, the Association’s mission has grown to include educational programs, public relations, political action and member services geared to enhance the profitability and stature of New York ’s banking industry. Today, NYBA is comprised of the smaller community, mid-size regional, and large banks across every region of New York State. Together NYBA members employ nearly 200,000 New Yorkers, safeguard $2 trillion in deposits, and extend nearly $70 billion in home and small business loans.
###
Contact:
Karen Armstrong:
[email protected], (646) 943-0388