If this page doesn't display properly in your email, click here. October 26, 2016
New Jersey Bankers Association
Industry News

Beige Book: Economy Continues to Expand
Reports from the twelve Federal Reserve Districts suggest national economic activity continued to expand during the reporting period from late August to early October. Most Districts indicated a modest or moderate pace of expansion; however, the New York District reported no change in overall activity. 
Outlooks were mostly positive, with growth expected to continue at a slight to moderate pace in several Districts. Read more for finance section for Districts 2 and 3.

The FDIC, OCC, Federal Reserve, Farm Credit Administration and National Credit Union Administration issued a proposed rule implementing the 2012 Biggert-Waters flood insurance reform law’s efforts to stimulate a robust marketplace for private flood insurance that would offer a competitive alternative to the National Flood Insurance Program.

The Federal Financial Institutions Examination Council has published frequently asked questions related to its Cybersecurity Assessment Tool. Released in 2015, the tool is a voluntary resource designed to help banks determine their risk profile, identify cybersecurity risks and assess preparedness. The FAQs address questions received by FFIEC member agencies from financial institutions over the past year.   

As part of the Obama administration’s continued opening toward Cuba, the Treasury Department announced the easing of additional financial sanctions and limitations affecting interactions between the U.S. and Cuba. These changes follow a round of easing announced in 2015.
The share of the population that is unbanked continued falling in 2015, reaching 7 percent -- the lowest share yet recorded in the FDIC’s biennial survey of unbanked and underbanked households. The reduction in the unbanked was also seen across many population segments and demographics that have historically been less likely to use mainstream financial services, including blacks, Hispanics, the disabled and low-income households.
Access to and use of consumer credit is growing, according to research newly compiled by the Federal Reserve Bank of New York. Credit “inclusion” -- measured by the percentage of residents with a credit file and credit score -- edged up to 89.2 percent in 2015 from 89 percent in 2014. Those with access to revolving credit rose by 1.4 points to 69.7 percent. The study also tracked improvements in healthy credit behaviors.
Bank Secrecy Act-mandated reports play a critical role in helping stop cyber threats, the Financial Crimes Enforcement Network said in an advisory that included a restatement of regulatory expectations for BSA reporting of cyber events. Banks must file suspicious activity reports about “cyber events” affecting transactions or series of transactions because they are unauthorized, relevant to a possible legal violation or involve efforts to acquire funds illegally, FinCEN said.
The Federal Reserve’s Secure Payments Task Force is soliciting comments from the industry on its efforts to reduce fraud and improve the safety and security of the payments system. The task force is seeking feedback on three priority areas: payment identity management, data protection and information sharing. Bankers interested in providing comments must complete the survey by Tuesday, Nov. 8. 
*click on headline for details

Member News

Sussex Bank Named One of New Jersey's 2016 Fastest Growing Companies
Sussex Bank has been named one of New Jersey’s 2016 50 Fastest Growing Companies. The award program is produced by NJBIZ, New Jersey’s premiere business news publication. The NJBIZ 50 Fastest Growing Companies awards program celebrates New Jersey's most dynamic companies who progressively contribute to the success of the state's economic growth and stability.

*click on headline for details


Economic Leadership Forum
Friday, January 20, 2017

ABA Government Relations Summit
Monday-Wednesday, March 20-22, 2017

7th Annual Women in Banking Conference
Wednesday, April 5, 2017

NJBankers Leadership Academy
See njbankers.com for details.

Other Industry Meetings
View Other Meetings
Mark Your Calendar
View Upcoming Events
Associate Member News

Top Workplace. Top People. COCC Awarded "Most Clued-in Senior Management Team"
In addition to being awarded a Hartford Courant Top Workplace for six consecutive years, COCC, a leading provider of technology solutions, won a special award for “Most Clued-In Senior Management” in the midsize companies division.

Endorsed Service Provider News

Pentegra’s David Barrer Named National Director of TPA Markets

Pentegra Retirement Services announced the promotion of David Barrer to National Director of TPA Markets. Reporting to Pete Swisher, Pentegra Senior Vice President of National Sales, Barrer will lead the company’s business development efforts in the TPA market.

With more than 30 years of experience in the industry, Barrer will focus on promoting Pentegra as the “go to” 3(16) fiduciary service provider for advisors and recordkeepers nationwide. Said Pete Swisher, “Dave is a very talented, dedicated and accomplished industry professional. He will be an exceptional resource for the organization in expanding Pentegra’s TPA footprint and in working with our advisor-partners to market Pentegra’s unique fiduciary services platform.  As the National Director of TPA Markets, Dave will manage our TPA sales and will be a powerful force in helping our partners realize Pentegra’s potential as a 3(16) TPA, including our potential as a large case 3(16) and a Multiple Employer Plan (MEP) partner.”

 Read more

Operations & Technology Roundtable

Tuesday, November 8, 2016
Crowne Plaza, Monroe Township, NJ

The New Jersey Bankers Association’s Operations & Technology Committee is pleased to present the 12th in a series of interactive roundtable programs.  Topics include:
* Key Technology Metrics for Your Board
* Ransomware Cyberattacks
* The Most Expensive Vendor Management Mistakes and 7 Ways to Help Improve Your Bank’s  
* Due Diligence and Contract Negotiations Related to Cloud Based Service Providers

Read More

Break out your flip flops - May 17 - 21, 2017 - for NJBankers Annual Conference
NJBankers is back at The Breakers in Palm Beach, FL for our Annual Conference & Market Showplace.  
The room block is open!  The Breakers anticipates a sell-out over our dates and encourages attendees to make their reservations early.  

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Upcoming NJBankers Conferences - Don't Miss Out on Opportunities for Professional Development!

Beyond the Numbers - CFO CONFERENCE w/ FMS, NY/NJ Chapter – Tuesday, November 15, 2016
The role of the CFO has changed in recent years becoming much more complex with inherently demanding expectations for the CFO to play a central role in bank leadership. The state of the economy, increased regulatory scrutiny, changes in accounting standards and even talent planning have all affected the way the CFO impacts a financial institution.


Show Off Your Stuff!

The Community Service Award program highlights the significant impact NJ banks have on their local communities.  Members are encouraged to submit information and photographs on initiatives that show how their financial institution makes New Jersey’s communities’ better places to live, work and play. We compile a book that includes the submissions and then distribute it to Legislators and Regulators. This book is shared with media outlets to prompt interest in your bank’s programs and reinforce the impact the banking industry makes on the communities that members serve. Join us in this initiative and benefit from the exposure! Please pass this information to the appropriate individual at your institution.

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Please note that the NJBankers office will be closed on Friday, November 25, 2016.


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