If this page doesn't display properly in your email, click here. April 23, 2014
New Jersey Bankers Association
Legislative Update
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Heartbleed Vulnerabilities Discussed
Rashaad Bajwa, CISSP, President/CEO, Domain Computer Services, Inc.

As most of you may have heard, a widely spread vulnerability named the Heartbleed Bug was discovered earlier this month that effects millions of computer systems. Systems using a popular cryptographic software library known as OpenSSL are potentially vulnerable. New Jersey Bankers Association and Bankers Cooperative Group, Inc. were not running OpenSSL on any of its servers or services so was not vulnerable to the bug.

If your environment is similar to NJBankers where all servers and services run the Windows Operating System and the built-in Internet Information Services (IIS) web server, you are likely also secure from the Heartbleed bug. Windows Server and IIS, which use Microsoft’s proprietary encryption library known as SChannel instead of OpenSSL by default, are not vulnerable to the Heartbleed bug.

If you run Linux based servers or Windows servers with the Apache web server, you have a high likelihood that OpenSSL is running on your systems. Network appliances such as firewalls, switches and VPN gateways are also frequent users of OpenSSL. Many of these run versions of Linux, or other web services that leverage OpenSSL for encrypting traffic. Hundreds of devices by Cisco, Sonicwall and other network vendors have been confirmed to be vulnerable.

Regardless of which systems you use, you should have all systems checked by a professional security expert to ensure you are not exposed. This exploit is easily discovered and patched and the risk of leaving exposed way too high.

For more information contact: Rashaad Bawja at 609-395-6900 x303 or rashaad@computerhelpnj.com

(Please note that Associate Member Reed Smith will be presenting a Teleseminar to review "Heartbleed Heartburn: What Your Company Needs to Know" on Wednesday, April 23, 2014 at 12:00 p.m. For additional information, please see article below.)

New Requirements For Federal Contractors Relating to Hiring of Veterans and Individuals With Disabilities
Patrick W. McGovern, Esq. and Allison B. Gotfried, Esq., Genova Burns Giantomasi & Webster

Effective March 24, 2014 federal contractors that were already subject to Section 503 of the Rehabilitation Act of 1973 or the Vietnam Era Veterans’ Readjustment Assistance Act of 1974 became subject to more rigorous OFCCP affirmative action requirements for protected veterans and individuals with disabilities (“IWD”).

Financial institutions purchasing federal share or deposit insurance have long been required to comply with Executive Order 11246’s affirmative action requirements. The OFCCP’s Final Rules require banks, among other contractors, that entered into or modified a federal contract with a value of at least $100,000 on or after December 1, 2003, to conform their affirmative action plans to the Final Rule regarding protected veterans by no later than March 24, 2014. The threshold for coverage relating to IWD’s is much lower – i.e., a contract in excess of $10,000 triggers coverage, except that the Final Rule’s AAP requirements apply only to a contract of $50,000 or more. 

The Final Rules expand the protections and entitlements on the part of applicants and employees who are protected veterans or IWD's, as follows:

  • Affirmative action plans must be developed;
  • Employers must collect hiring data and perform quantitative comparisons on the number of veteran and IWD job applicants and hires;
  • Applicants must be invited to self-identify at the pre- and post-offer stages. The OFCCP’s recommended form is available at http://www.dol.gov/ofccp/;
  • Specified language must be used when incorporating the EEO clause into a contract and including the equal opportunity policy in the AAP;
  • Employers must post equal opportunity policies relating to protected veterans and IWD’s on employer bulletin boards and include them in policy manuals;
  • Job opening listings must be provided to State and local job services;
  • Most personnel records must be retained for two years, but only one year in the case of a small business. The period of retention is three years for documents evidencing compliance efforts, policy dissemination and outreach efforts, and benchmark hiring and comparative hiring data.
In addition, contractors that hire protected veterans must elect between two hiring benchmark methods. Contractors must also establish for each job group a 7% hiring goal for IWD’s.  Commentary accompanying the Final Rules clarifies that the 7% goal is “not a quota or a ceiling, but is a management tool that informs decision-making and provides real accountability.” It remains to be seen whether the language in the Commentary will be respected by the OFCCP.
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110th Annual Conference Begins April 30 in Marco Island, FL

April 30 – May 4, 2014
Marco Island Marriott Beach Resort, Marco Island, FL



CONFERENCE HANDOUTS:  Please check your email on Thursday for a message from NJBankersInfo giving you direct access to all the handouts, so that you may download directly to your tablets/smart phones, laptops or print out for your use.

See you in Florida!

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Regulatory Visit to D.C.

Regulatory Visit to D.C.
Mayflower Renaissance, Washington, D.C.
Monday – Wednesday, June 23 – 25, 2014 

Join NJBankers as we kick-off our annual regulatory visit to our nations’ capital.  The trip is designed for all levels of bankers, from the most seasoned to your up and comers, to introduce them to the important regulatory issues affecting our financial institutions now!

This year we will be hosting for the first time an optional visit to Arlington National Cemetery on Monday night for a wreath laying ceremony followed by a group dinner.

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2014 Compliance University

2014 Compliance University
Crowne Plaza Monroe, Monroe Township, NJ
Wednesday, June 18 – Friday, June 20, 2014

The 2014 Compliance University is a three-day program covering a wide range of intermediate and advanced compliance issues presented by compliance experts with a broad array of experience and knowledge. Attend and get up-to-date information on regulations, legislation, vendor management, cyber security, high risk banking, financial crime prevention, UDAAP and many more topics.

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2014 Employment Law Update Seminar

Employment Law Update Seminar  
Crowne Plaza Monroe, Monroe Township, NJ
Tuesday, May 13, 2014
6 CPE & 6 CLE Credits Will Apply

The New Jersey Bankers Association is once again offering the ever-popular Employment Law Update Seminar.

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NJBankers & NJ Society of CPAs Present the Seventh Annual Golf Outing to Benefit Special Olympics New Jersey

NJBankers & NJ Society of CPAs
Present the Seventh Annual Golf Outing
to Benefit Special Olympics New Jersey
Monday, June 9, 2014
Mercer Oaks Golf Course, West Windsor, NJ

The New Jersey Bankers Association and the New Jersey Society of CPAs are again co-hosting this seventh annual golf event. This year the beneficiary of the event will be Special Olympics New Jersey. We have an exciting and fun day scheduled with many sponsorship opportunities available!

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Annamae Baerenbach Memorial 26th Annual Lending Conference

Annamae Baerenbach Memorial
26th Annual Lending Conference
Thursday, May 15, 2014
Pines Manor, Edison, NJ
5 CLE & CPE Credits Will Apply

Join us for our 26th Annual Lending Conference. 

NJBankers has designed a conference that is timely, informative and intended to keep you up-to-date on the latest developments in today's residential and commercial mortgage markets.

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Women in Banking Conference - Knowledge, Power, Mentorship
Women In Banking Conference
Knowledge, Power, Mentorship
Thursday, June 5, 2014
The Palace at Somerset Park, Somerset, NJ
1 CPE Credit Will Apply

Join us for our fourth annual one-day conference concentrating on the advancement of women in leadership positions.  Successful women managers and leaders from New Jersey financial institutions and affiliated professional groups share their experiences and knowledge with future leaders. Read More

NJBankers and Wilentz Goldman & Spitzer Offer Commercial Lending Seminar

Monday, June 2, 2014
8:30 a.m. to 11:30 a.m.
At the Offices of Wilentz, Goldman & Spitzer
90 Woodbridge Center Drive
Woodbridge, NJ 07095 (10th floor conference room)

Wilentz, Goldman & Spitzer has announced a new complimentary seminar: Anatomy of a Commercial Loan Transaction – the Art of Negotiating, Documenting and Closing a Commercial Loan Transaction. Stuart A. Hoberman, Esq., co-chair of the firm’s Banking, Financing Services and Creditors Rights Department will be the speaker. Hoberman is a frequent lecturer and author in the areas of banking, financial services and lending. He is currently co-chair of the Bank Lawyers Committee of NJBankers and a past president of the New Jersey State Bar Association and the New Jersey State Bar Foundation. He is also past chairman of the Banking Law Section and the Business Law Section, as well as the Financial Transaction Committee of the New Jersey State Bar Association. Hoberman is also currently a member of the board of directors of the New Jersey State Chamber of Commerce.

This seminar addresses practical (rather than legal) issues affecting the various phases of the loan closing process including the commitment/proposal letter stage, due diligence, documentation and drafting issues, loan procedures, attorneys’ fees and tips to accomplish a cost effective closing in an expeditious and efficient manner. The intended audience is business development officers, underwriters, relationship managers, credit officers and anyone else involved in the loan closing process of all experience levels.

For questions and to register please contact Lauren Barraza at lbarraza@njbankers.com. We hope you can take advantage of this complimentary, value-added opportunity. Space is limited so please register early.

FDIC Hosts Teleconference - Processing Payments Through Third Parties: Managing the Risks

Date: Tuesday, April 29, 2014
Time: 2:00 p.m. EDT

The FDIC's New York Region will host a Regional Regulatory Teleconference –  “Processing Payments Through Third Parties:  Managing the Risks.” Speakers include Special Activities Case Manager Kristi Keating, Compliance Review Examiner Linda Hoover, and Information Technology Examination Specialist Gerald Suslak who will discuss regulatory guidance and best practices for managing the risks associated with third party payment processing activities and key elements for the effective oversight of third party payment processor relationships. Participants may call in from any location and are not required to be onsite at their main office. Please read the full article for registration procedures and for more information.

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Conference Explores if Economic Growth Benefits All Communities

Date: May 12-14, 2014
Location: Loews Philadelphia Hotel

Sponsored by the Philadelphia Federal Reserve Bank, Reinventing Older Communities: Bridging Growth and Opportunity will take place May 12–14, 2014, at the Loews Philadelphia Hotel. This national biennial conference will explore how communities can grow and strengthen their economies by creating opportunities for all residents.

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Neill Schreyer Promoted to Executive Vice President at Sussex Bank

Sussex Bank announced the promotion of Neill Schreyer from senior vice president to executive vice president.Schreyer joined Sussex Bank as a loan workout Officer and was promoted to senior vice president and chief credit officer. He has been instrumental in helping the bank achieve its top two goals of reducing non-performing assets and building its business. Schreyer has over 30 years of banking experience, including credit risk management, credit administration and commercial/real estate underwriting.He holds both a Bachelors Degree from Rutgers University and an MBA from Fairleigh Dickinson University.

Robert Keating Joins TD Bank as Sales Representative in Merchant Services Sales

TD Bank has named Robert T. Keating as assistant vice president, sales representative in TD merchant services. Keating is responsible for providing a range of customized merchant solutions for cashless payments, including credit card processing, e-commerce, mobile payments and gift and loyalty card programs to new and existing commercial clients in the northern Bergen County and Rockland County region.

He has 12 years of banking experience. Keating is a member of Veterans of Foreign Wars, the American Legion in Lincoln Park and BPOE Elks 1506 in Ridgefield Park, N.J. He is a United States Army veteran and a 1973 graduate of Tenafly (N.J.) High School.

Kearny Federal's Pequannock Office Welcomes Girl Scout Troop #95408

Kinnelon’s Girl Scout Troop #95408 recently received a tour of Kearny Federal Savings Bank’s. During their visit, the girls received an age appropriate savings lesson including games and activities fostering a clear understanding of the basic concepts of how to save money and why it is important. A private tour of the bank included stops at the money-counting and currency-counting machines, the bank vault, and the "other side" of the ATM machine. In addition to the lesson and the tour, the girls received a goodie bag prior to departing the office.

(left to right): Anthony DeLuca, assistant branch manager, Debbie Martin, AVP/branch manager and Maryann Haberthur, VP/operational training officer all of Kearny Federal Savings Bank welcome Girl Scout Troop # 95408.

Regal Bank Celebrates Three Year Anniverary

Regal Bank associates, clients and local business leaders gathered for a special event celebrating the bank’s third anniversary.

Endorsed Service Provider Allstate Offers Second Quarter 2014 Promotion

NJBankers is pleased to offer to our entire membership, the following Second Quarter 2014 Spring into Summer Promotion from our Endorsed Service Provider Allstate New Jersey Insurance Co. As a member benefit to your employees, Allstate will provide a free $20 Pre-paid Gas Card when you get an auto quote from Allstate. Receive an additional $10 pre-paid Gas Card when you refer someone to Allstate. Please click here to download the flyer and a quote* sheet.  If your bank/company would like hard copies, please contact Neil Greco directly at 973-364-8040 or njgreco@allstate.com.

*Please note quotes apply to NJ residents only.

Endorsed Service Provider Constellation Offers Energy Promotion to All NJBankers Member Employees! - Promotion Ends 4/30/14

Lock in your rates with Constellation and get a $100 bill credit. As the endorsed electricity supplier to NJBankers, we understand your eye is always on the bottom line. You need competitive electric rates from a supplier you can count on. Constellation is that supplier. We offer a competitive Fixed Price solution that allows you to set your price, then forget about it—with confidence.

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Associate Member Guardian Analytics Presents Banking Fraud Threats and Trends - Q2 2014

Date: Thursday, April 24, 2014
Time: 2:00 p.m. ET 

Please join Guardian Analytics for their latest update on banking fraud threats and trends. They will highlight examples that show how fraudsters are acquiring credentials, expanding the scope of their attacks, and forcing financial institutions to improve defenses across all banking channels and payment types, and for employee systems as well as for account holders.

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Associate Member Reed Smith Presenting a Teleseminar to Discuss Heartbleed

"Heartbleed Heartburn: What Your Company Needs to Know"
12:00 p.m. - Wednesday, April 23, 2014
Teleseminar Length: 60 minutes 

With the increased focus on the Heartbleed bug Associate Member Reed Smith is presenting a Teleseminar to explain the bug and review ways to protect your company. 

For more information please contact Jessica Riffle at jriffle@reedsmith.com 

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NOTICE: The Bulletin will not be published on 4/30/14 during the NJBankers 110th Annual Conference in Marco Island, FL. The next Bulletin will be published on 5/7/14

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