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The Sport of Naming Rights
Friday, September 05, 2014 (1484 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 (760 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 (705 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 (941 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 (23542 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 (816 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 (699 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 (741 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 (871 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 (1220 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 (603 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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