If this page doesn't display properly in your email, click here. May 14, 2014
New Jersey Bankers Association
Legislative Update
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Regulatory Bulletin
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HUD Proposal Addresses FHA ARM Rules

The Housing and Urban Development Department (HUD) has published a proposed rule that would make two revisions to FHA's regulations governing its single family adjustable rate mortgage (ARM) program to align FHA interest rate adjustment and notification regulations with the requirements for notifying mortgagors of ARM adjustments, as required by the regulations implementing the Truth in Lending Act (TILA), as recently revised by the Consumer Financial Protection Bureau (CFPB).

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Federal Reserve Proposes New Reg XX

The Federal Reserve has proposed a rule that would implement a section of the Dodd-Frank Act, which prohibits a financial company from combining with another company if the ratio of the resulting financial company's liabilities exceeds 10 percent of the aggregate consolidated liabilities of all financial companies.

Financial companies subject to the concentration limit would include insured depository institutions, bank holding companies, savings and loan holding companies, foreign banking organizations, companies that control insured depository institutions, and nonbank financial companies designated by the Financial Stability Oversight Council (FSOC) for Board supervision.

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CFPB Proposes Amendment to Reg P

The Bureau of Consumer Financial Protection (CFPB) is proposing to amend Regulation P, which among other specifications, requires that financial institutions provide an annual disclosure of their privacy policies to their customers. The amendment would create an alternative delivery method for this annual disclosure that financial institutions would be able to use under certain circumstances.

The proposal would allow financial institutions that do not engage in certain types of information-sharing activities to stop mailing an annual disclosure if they post the annual notices on their websites and meet certain other conditions.

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Veterans Affairs Issues Final QM Guidelines for VA Mortgages

The Department of Veterans Affairs has issued definitions for Qualified Mortgages (QM) for VA mortgage loans. Under the interim final rule, almost all VA loans that meet current VA underwriting standards will be safe harbor QMs. The principal exception is for certain loans made through VA’s Interest Rate Reduction Refinance Loan, or IRRRL, program.

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FDIC Produces New Community Development Resource Guide

The FDIC has produced a resource guide, Strategies for Community Banks to Develop Partnerships with Community Development Financial Institutions, to inform FDIC-supervised institutions of strategies to meet community credit and development needs and receive consideration under the Community Reinvestment Act (CRA) through collaboration with community development financial institutions (CDFIs).

The guide contains information to help community banks identify and evaluate opportunities to collaborate with CDFIs providing financial products and services to underserved markets. The guide describes the key characteristics of CDFIs and the types of investments that can support them. It also discusses steps to consider when assessing bank/CDFI partnerships and how these activities may enhance CRA performance.

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2014 Bankers Build is On!
Michael P. Affuso, EVP/Director of Government Relations, New Jersey Bankers Association

Beginning on June 17th and running throughout the summer, NJBankers and our members will proudly partner with Coastal Habitat for Humanity for a 20 day summer build program. The projects will be part of a five year program in some of the areas of New Jersey ravaged by Superstorm Sandy.  Coastal Habitat for Humanity is poised for the long term recovery and plans to assist over 100 families annually.  

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Congratulations Annual Conference Prize Winners!

Congratulations to Kenneth Grimbilas, Boiling Springs Savings Bank and Alex Grinewicz, Columbia Bank, winners of the prize drawing for submitting their Annual Conference evaluations for conference attendees. Congratulations also to Bob Reid, Deluxe Financial Services Inc. and Jim Jordan, The Jordan Real Estate Group winners of the drawing from evaluations submitted by conference exhibitors. Prizes will be mailed to all winners. NJBankers Conference committee, Board and Staff appreciate your input!

Women in Banking Conference - Knowledge, Power, Mentorship
Women In Banking Conference
Knowledge, Power, Mentorship
The Palace at Somerset Park, Somerset, NJ
Thursday, June 5, 2014
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.

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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
Mercer Oaks Golf Course, West Windsor, NJ
Monday, June 9, 2014

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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2014 Annual Marketing Conference

2014 Annual Marketing Conference
Crowne Plaza Monroe, Monroe Township
Thursday June 12, 2014

The Public Relations and Marketing Committee of the New Jersey Bankers Association is pleased to present the annual Marketing Conference.  This year’s conference will provide attendees with strategies and tactics for marketing and advertising in today’s economy.

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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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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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Associate Members Encouraged to Submit a Request for Proposal

Associate Members Encouraged to Submit a Request for Proposal (RFP) for NJBankers Annual Senior Management Conference and 2015 Annual Conference.

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Warren Hill Award Awarded to Susan M. Porter

We are pleased that the Board selected Susan Porter, retired SVP/Chief Administrative Officer of First Hope Bank, as this year’s recipient of the Warren Hill Award. Porter was nominated by Lewis Beatty of First Hope Bank for her dedication and service to the Human Resource Committee. She had been an active member for the past 15+ years and held the position of chairman from 2009 through 2014. The award was established in 1998 to honor New Jersey League of Community Bankers’ President Warren Hill, who served as president from 1966 – 1975, and is now awarded to former or current committee members in recognition of their contributions to the association. The award will be presented at the NJBankers 2014 Senior Management Conference being held in September at Stockton Seaview Hotel in Galloway, NJ.

Lucinda P. Long Honored by Partners for Women and Justice

Valley National Bank is proud to announce that General Counsel and Senior Vice President Lucinda P. Long was honored by the Partners for Women and Justice at their Annual Spring Benefit event.  Long was recognized for acting as a role model for other women and for her strong leadership in the legal community. 

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Amboy Bank Celebrates Bring Your Child to Work Day

Amboy Bank President Geroge E. Scharpf hosts a pizza party for bring your daughters and sons to work day. The children of employees in the Administration building were treated to a tour of the bank, lunch and other activities to learn the importance of the banking industry. Amboy bank has 22 branches in Middlesex and Monmouth counties.

Columbia Bank Purchases Flag Pole For Historic Hawthorne Train Station

Columbia Bank recently made a $1,600 donation to the Volunteer Railroarders Association to purchase a much-needed flag pole, part of the train enthusiast group’s renovation of Hawthorne’s historic New York, Susquehanna & Western Railroad Station.

Shown at a special dedication ceremony are (from left) Carolyn Hoffman, President of the Volunteer Railroaders Association; Hawthorne Mayor Richard Goldberg; Hawthorne Councilman Bruce Bennett; Thomas Kemly, President and CEO of Columbia Bank; Margie Hochkeppel, Columbia’s Hawthorne Branch Manager, and VRA Director Frank Ball.

Crown Bank Attains SBA Preferred Lender Status

Crown Bank has gained recognition from the Small Business Administration as a Preferred Lender Participant (PLP) for its 7(a) Loan Program.  The upgraded status provides assurances that will allow Crown Bank to further expand and expedite the scope of its small business lending operations in the communities it serves.

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NVE Bank Grants Scholarship to Bergen Community College Student

NVE Bank has awarded a $2,500 scholarship to a first year Bergen Community College student for producing a winning financial literacy Public Service Announcement.  The scholarship was awarded as part of the Englewood-based mutual bank’s annual scholarship contributions to the Bergen Community College Foundation. 

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The Provident Bank and Foundation Recognized For Supporting NJIT 2014 Alternative Spring Break

In recognition of the success of its 2nd annual “Alternative Spring Break” volunteer effort, NJIT hosted an event to thank those who supported and participated in this year’s effort, including The Provident Bank which supplied volunteers for the program, and The Provident Bank Foundation, which provided grant funding. New Jersey Lieutenant Governor Kim Guadagno was also on hand to offer gratitude on behalf of the state.

(L to R) Joel Bloom, President of NJIT; Tom Dallessio, Director, Center for Resilient Design at NJIT’s College of Architecture and Design; Diana Braga, Public Relations and Corporate Donations Manager, The Provident Bank; Kim Guadagno, Lt. Governor of New Jersey; and Shaunna Rubin, Foundation Associate, The Provident Bank Foundation.

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Associate Member Riker Danzig Sponsors Newport 10,000


For the 10th year, Riker Danzig Scherer Hyland & Perretti LLP was the title sponsor of the Riker Danzig Newport 10,000. Over 80 runners participated on the Riker Danzig team, joining another 1,300 runners all running to benefit the Jersey City Medical Center.  The Riker Danzig Newport 10K, “the fastest course in the tri-state area,” has become one of the elite races of the Northeast, attracting both American and International professional runners. 

Raise Hope Foundation Develops the Financial Services Academy

With the recent revision of Section 503 of the Rehabilitation Act of 1973, employers with federal contracts/subcontracts of $10,000 or more will be required to develop, implement and report on affirmative action plans that will reinforce their ongoing efforts to recruit, hire, and accommodate qualified individuals with disabilities to employment opportunities. The revision, which calls for the establishment of a  7% utilization goal, was made to continue efforts to remove employment barriers that face individuals with disabilities. In 2011, the employment rate of adults with disabilities was 33.4% as compared to 75.6% for others and the full-time/full year employment rate for people with disabilities was 20.7% as compared with others 55.5% for others.

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In Memoriam

John J. Bayeux, Jr., 58, of Basking Ridge, passed away Monday, May 12, 2014 at Morristown Memorial Hospital.  A Liturgy of Christian Burial will be held on Thursday, May 15, 2014 at The Church of St. James, 184 South Finley Ave, Basking Ridge, N.J. at 10:00 a.m. Relatives and friends are invited to visit the Gallaway & Crane Funeral Home 101 South Finley Avenue, Basking Ridge, N.J. on Wednesday, May 14, 2014 from 2:00 to 4:00 p.m. and 6:00 to 8:00 p.m. In lieu of flowers, the family is accepting gifts for their children's higher education. Please make checks payable to Karen Bayeux or Cash.

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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.

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 is offering 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.

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ABA Accepting Applications for Community Commitment Awards

The American Bankers Association (ABA) is now accepting applications for the 2014  ABA Community Commitment Awards.  The association is inviting NJBankers membership to submit an application for the awards. 
The awards are open to banks of all assets sizes and charter.  Banks can enter in one or all seven categories:
•        Financial Education                                                         
•        Volunteerism
•        Affordable Housing
•        Community and Economic Development
•        Nontraditional Borrower and Underbanked
•        Protecting Older Americans
•        George Bailey Distinguished Service Award
Entries must be submitted by July 1, 2014 and Award winners will be honored in a ceremony during the ABA Annual Convention in Dallas, Texas.  You’ll find more information about the award categories, entry  forms, past winner, judging criteria and more at
http://www.aba.com/Engagement/Pages/CommunityCommitmentAwards.aspx. If you have questions, please contact Melissa Murray at mmurray@aba.com or 202-663-5440.

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