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The Sport of Naming Rights
Friday, September 05, 2014 (155 reads)

Sports sponsorship was the theme at a summer panel sponsored by the Financial Communications Society in New York. Jon Last, president and founder of Sports and Leisure Research Group, was the keynote speaker at the event, “Championing Your Financial Brand Through Sports Sponsorship.” Last said sports fans rank five times more influential than the general public. He also noted that media consumption rates run higher among sports fans and they seek out different forms of sports-related content. Sports marketing enables marketers to leverage a trusted heritage and insert their brands into a valued community, said Last.

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Building the Bridge and Providing Value
Friday, September 05, 2014 (104 reads)

It is hard to believe it has been more than half a year that I’ve had the honor of serving as the president and CEO of the Independent Bankers Association of New York State.

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New York State Report
Friday, September 05, 2014 (92 reads)

The New York State Legislature adjourned its 2014 session on Friday, June 20. For New York community banks, the session was highlighted by major tax reforms that will generate significant bottom-line savings.

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FHLBNY Cooperative Works with Members
Friday, September 05, 2014 (45 reads)

Franchise value is a topic on which institutions of all shapes and sizes, and across all industries, are focused. But franchise value has its own meaning for the Federal Home Loan Bank of New York (FHLBNY), with our cooperative structure and a stock that does not trade publicly nor change in price.

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DFS Sets Rule Template for Bitcoin
Friday, September 05, 2014 (3059 reads)

Consumer Protection, Anti Money-Laundering
and Cyber-Security Top the List

Benjamin M. Lawsky, superintendent of financial services, announced in late July that the New York State Department of Financial Services (DFS) has issued for public comment a proposed “BitLicense” regulatory framework for New York virtual currency businesses. The proposed regulatory framework – which is the product of a nearly year-long DFS inquiry, including public hearings that the department held in January 2014 – contains consumer protection, anti-money laundering compliance, and cyber security rules tailored for virtual currency firms.

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Optimizing the Multichannel Banking Experience
Friday, September 05, 2014 (60 reads)

Today’s consumers demand multiple methods for interacting with banks, a strategy that requires more than just a website and a mobile app. Each channel needs to be optimized and managed to provide a seamless customer experience.
Here are 10 critical areas to master for a successful multichannel banking strategy.

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ICBA: Call Reports Increasingly Burdensome
Friday, September 05, 2014 (44 reads)

Regulatory paperwork is a little bit like water dripping onto a rock: A few drops don’t seem so profound, but let the water keep dripping and 10 years later, that rock looks completely different. Or, if you follow the analogy, your quarterly call report winds up being nearly 80 pages.
That is more or less the point the Independent Community Bankers of America (ICBA) is making in a recent member survey intended to illustrate the burden on community banks in one universal example: The quarterly call report.

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The Top Three Things You Need to Know to Build an Enterprise Risk Management Program
Friday, September 05, 2014 (41 reads)

Community-based financial institutions are facing big challenges today. There are more compliance and risk management processes, policies and regulations present than ever before, while the environment grows more competitive. By following three basic principles that cover operation, finance and governance, your institution can create and implement an effective and efficient enterprise risk management program that can stand up to today’s challenges.

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Greater Hudson Bank Beating the Odds after 2008
Friday, September 05, 2014 (49 reads)

Opening a bank three weeks after the collapse of Lehman Brothers sent the financial markets into a tailspin and the country into a deep recession hardly seems like good timing – but since Greater Hudson Bank opened for business on Oct. 8, 2008, the bank has racked up five straight years of profitability.
“Despite Lehman’s collapse, we went ahead with the deal,” said Edward T. Lutz, president and CEO. “We like the banking business, and thought a commercial bank in this market could be successful.”
Up until then, the bank’s predecessor had not been successful.

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Security is a Two-Way Street Eighth Circuit Case Affirms Balance in UCC
Friday, September 05, 2014 (66 reads)

A bank does not bear responsibility for making whole a commercial customer that lost more than $400,000 to a phishing scam, because the customer declined the bank’s “commercially reasonable” security measures, according to a recent appellate court decision that some Boston attorneys say could set a precedent for the industry as a whole.

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Study Finds Renegotiating Core Services Contracts Can Yield Huge Savings
Friday, September 05, 2014 (56 reads)

Banks and credit unions between $100 million and $5 billion in asset size could save an average of $1.2 million over fair market value during a five-year contract life if they sought to renegotiate outsourced core processing and IT services contracts during a critical time window.

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Social Marketing 101: Meet the Future Now
Friday, April 04, 2008 (3524 reads)

Today's preteens and teens are tomorrow's customers. How do you reach the kids who grew up with the Internet – the iPhone, YouTube and Facebook generation? Youth culture has been ratcheted up to light speed, but the banking industry is slow to adopt new marketing strategies.
One reason is risk. While early adopters gain a head start against competitors in customer retention and acquisition, the return on investment must be evaluated versus waiting for the technology to mature and become commonplace.
“The financial service industry is up against a ‘commodification’ of products and services,” said Michael Seaton, vice president of Digital Marketing at Thornley Fallis Communications, an agency integrating social media with public relations. “New media – meaning social media tools and platforms – provides a range of choices to directly reach out and humanize the banking experience. Transparency and authenticity are front and center and brands must differentiate themselves around their actions, not slogans.”
“The demographics and psychographics of our customers are dynamic,” said Steve Coen, a consultant in the financial industry and retired CIO of Buffalo-w based M&T Bank. “Product and delivery demands are changing, and we must serve our customers on their terms; how, when and where they demand services.”

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New Approaches To Land Top Talent
Tuesday, September 25, 2007 (1711 reads)

Finding the right executive for an important position in banking, and particularly in the specialized field of wealth management, can make or break an organization’s performance. Unfilled positions and failed new-hires can cost an organization money and momentum and undermine their status in the marketplace.

Meanwhile, the task of identifying top talent gets harder all the time. A declining number of mid-career workers, fewer younger workers entering the workforce and a rapid growth in workers above the age of 55 are all contributing to a talent gap. Furthermore, with the walls separating the various financial services firms tumbling down, banks, brokerage firms, insurance companies, money managers and others are all searching for the same talent.

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Increase Your Customers and Deposits
Tuesday, September 25, 2007 (4872 reads)

Online banking is widely considered to be one of the all-time greatest applications of the Internet, yet many banks are squandering the opportunity to add droves of new online customers because they do not offer customers an alternative to signing paper documents to open an account online.

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Turning the Fair Labor Standards Act On Its Head
Tuesday, September 25, 2007 (2378 reads)

The Fair Labor Standards Act (FLSA), in its original form, was designed to protect workers by imposing overtime premiums, establishing minimum wages and abolishing the use of oppressive child labor. But today, nearly 70 years after the act’s inception, some believe it is the employees, counseled by plaintiffs’ lawyers, who are taking advantage of their employers.

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The Subprime Mortgage Crisis: Banks to the Rescue?
Tuesday, September 25, 2007 (2609 reads)

The rumors of the death of the subprime mortgage market are not exaggerated or even untimely. In fact, it seems as if a plague of sorts has infected the industry, and it started with the dubious and sometimes downright predatory habits of many mortgage bankers and brokers. Cries of irresponsible business practices in the industry and marketing schemes that drove lending guidelines are cropping up all over the media nowadays, but it seems like a little of the hindsight is 20/20 type rhetoric.


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New Accounting Standards May Be Opportunity or Trap
Tuesday, September 25, 2007 (2000 reads)

 In February of this year, the Financial Accounting Standards Board released Statement 159, which allows fair-value accounting for most financial assets and liabilities. This is no surprise, as this ...

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Richard H. Neiman
Tuesday, September 04, 2007 (2422 reads)

Since his appointment as the New York State Banking Department’s 43rd Superintendent in March, Richard H. Neiman has had plenty of weighty issues vying for his attention...



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Patriot Federal Bank is Loyal to Local Roots
Tuesday, September 04, 2007 (2072 reads)

For every bank there is always the risk of acquisition.

Community banks can thrive and grow, but the risk of a larger bank acquiring it is always there, said Gordon Coleman, president and CEO of Patriot Federal Bank in Canajoharie in Montgomery County.

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Protecting Against the Hidden Costs of Identity Theft
Tuesday, September 04, 2007 (1778 reads)

Identity theft is widely and correctly viewed as an insidious crime, wherein a person’s good name and financial standing are tarnished, often through the criminal misuse of credit and debit cards. But many of the programs and insurance policies designed to protect a person against the ravages of identity theft are extremely limited in scope...

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Strategic Flexible Working Programs Produce Results
Tuesday, September 04, 2007 (2354 reads)

Strategic flexible working is based on the core concept of traditional flexible working and telecommuting programs. But when elevated to a major corporate initiative driven by producing measurable results...

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