New Jersey Bankers Association
June 21, 2017

Happy Independence Day!

This Independence Day, as we celebrate the birth of our nation... Let's take a few quiet moments to send thoughts of support to the soldiers who have fought for our freedom. Happy Independence Day!

NJBankers Meets with Members of the House Financial Services Committee

NJBankers Meets with Members of the House Financial Services Committee

On June 6th and 7th, an NJBankers delegation joined delegations from the Florida and Oregon Bankers Associations for a joint visit to Washington, D.C. This was NJBankers first joint visit with other states and it made for an interesting and informative couple of days. 
The group stayed at the Sofitel Hotel near the White House and enjoyed a cocktail reception and dinner the evening of June 6th that was co-sponsored by NJBankers Endorsed Service Providers EverFi and Bank Financial Services (BFS). Thanks to our friends at EverFi and BFS for their generous support. 
ABA Executive Vice President James Ballentine gave the group a legislative briefing that evening. The next day, June 7th, was a full one with seven Congressional briefings including Congressmen Blaine Luetkemeyer (R-MO), Andy Barr (R-KY), and John Delaney (D-MD), respectively, all members of the House Financial Services Committee. The first meeting was especially inspirational as the group met with freshman Congressman Brian Mast (R-FL), a double amputee veteran of the Iraq and Afghanistan wars. The day also included lunch at the Capitol Hill Club and concluded with a briefing by representatives of the Treasury Department. 
It was an exciting time to be in D.C. as the very next day the Financial Choice Act was passed by the House. While passing regulatory relief legislation through the Senate will clearly be a taller task, the Congressmen and Treasury representatives that met with the group expressed a lot of optimism that the banking industry will see meaningful regulatory reform this year. 
Representing New Jersey were NJBankers officers Chairman James Vaccaro, Manasquan Bank, First Vice Chairman Bill Moss, Two River Community Bank, Second Vice Chairman Tom Kemly, Columbia Bank, Immediate Past Chairwoman Angela Snyder, Fulton Bank, John Fitzgerald, Magyar Bank, Joe Iantosca, OceanFirst Bank, Tom O’Brien, Sun National Bank and Tom Shara, Lakeland Bank as well as John McWeeney and Mike Affuso from NJBankers.

NJBankers in the News

NJBankers Sends OpEd to Press about Elder Fraud
NJBankers recently sent a letter to the press, authored by John McWeeney, Jr. The OpEd focused on the importance of protecting the elderly from fraud. Banks are often the the front line of defense in protecting their elderly customers from financial abuse so bankers are trained to look for signs that may indicate abuses.

With that, the first media to publish the OpEd was NJBusiness. Read the OpEd.

Manasquan Bank President Jim Vaccaro Named Chairman of NJBankers Board
Manasquan Bank President James S. Vaccaro was named Chairman of the New Jersey Bankers Association during the 113th Annual Conference, held May 17-21.

NJBankers President-CEO John McWeeney Interviewed by NJBIZ About Rising Interest Rates
NJBankers President-CEO John McWeeney was interviewed by NJBIZ, the statewide business publication regarding rising interest rates. NJBIZ asked McWeeney several questions about the Federal Reserve's announcement that it was raising short-term interest rates.


Industry News

Consumers’ Inflation Expectations Drop and Spending Growth Expectations Remain Low
The May 2017 Survey of Consumer Expectations shows that household inflation expectations declined at the one-year ahead horizon and dropped noticeably at the three-year ahead horizon. Home price change expectations continued to edge up. The outlook of consumers in several other dimensions showed few signs of optimism—spending growth expectations remained at their series low and perceived current and expected future financial situations worsened from the previous month.

Supreme Court: Banks That Buy and Hold Debt Are Not ‘Debt Collectors’ under FDCPA
A bank that collects on debts it has bought and holds “for its own account” is not a debt collector under the Fair Debt Collection Practices Act, the Supreme Court has ruled in a unanimous decision.

Treasury Department Issues Sweeping Regulatory Reform Recommendations
The Treasury Department has issued a 150-page report making dozens of recommendations for how Congress and regulatory agencies can streamline bank regulation in a way that promotes economic growth. The report came in response to President Trump’s executive order outlining core principles of financial regulation and calling for a comprehensive review of the regulatory structure.

*click on headline for details


Member News

Robert Doherty, State President for New Jersey at Bank of America, is New Chair of the NJ Chamber of Commerce
Robert H. Doherty, state president for New Jersey at Bank of America, has been named chairman of the New Jersey Chamber of Commerce Board of Directors. Doherty will serve a two-year term. Doherty has been serving as the N.J. Chamber's first vice chair for the past two years. He has been a member of the Chamber's Board of Directors since 2006, and has been active with the Chamber since 2002. In addition, NJBankers members named as Officers also included Linda Bowden, regional president -  New Jersey, PNC Bank as First Vice Chair; and Walter Brasch, partner & chief business development officer, PKF O'Connor Davies as Treasurer. Congratulations to all.

First Bank Announces Closing of Public Offering of Common Stock
First Bank announced  the closing of its public offering of 3,289,474 shares of its common stock at a price to the public of $11.40 per share. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses, are approximately $37.5 million. All of the shares sold in the offering were offered by First Bank. In addition, First Bank has granted the underwriters a 30-day over-allotment option to purchase up to an additional 493,421 shares of its common stock.

First Hope Bank Annual Shareholders Meeting
At the Annual Shareholders Meeting of First Hope Bancorp on May 23, 2017, Chairman Lewis R. Beatty addressed the shareholders on a variety of topics including the Bank’s continued financial strength and its dedication to providing vibrant product offerings and enhancements with customer service in mind. Highlighting the Bank’s continued success over the last twelve months, Chairman Beatty reported:  as of March 31, 2017, the Bank's core loan portfolio aggregated $331,753,682 a 3.7% increase with retail branch deposits also growing to $396,801,742 which is a 7.3% increase from 2016.

Wells Fargo Announces New Regional Structure for Business Banking Group
In a move to further strengthen its capabilities and local market presence, Wells Fargo’s Business Banking Group (BBG), part of Wells Fargo & Company, announced it has moved from three to seven regions, with a banking leader appointed for each. With the new geographic presence, Wells Fargo can provide its Business Banking customers with more localized support and market expertise. 

Rutgers Taps Experts for Real Estate Conference
The Center for Real Estate at Rutgers University recently hosted a conference at the Hilton in Short Hills in an attempt to connect international and global concerns to local real estate and finance. A panel that focused on the allocation of capital from a regional perspective included NJBankers members Kevin Cummings, president/CEO, Investors Bank; Anthony Labozzetta; president/CEO, Sussex Bank; Christopher Martin, chairman/president/CEO, Provident Bank; and Paula Mandell, senior vice president/Area Executive, M&T Bank. 

A recent NJBIZ article features Members discussing Millennials as home buyers.





*click on headline for details

Endorsed Service Provider News

You're Invited: Mirador's 2017 Summer Product Update
Wednesday, July 26, 2017
1:00 pm Eastern/10:00 am Pacific
NJBankers endorses Mirador for bringing advanced lending technology to members. Mirador offers a white labeled, small business lending platform that enables banks to make faster, more profitable loans, build stronger customer relationships, and attract qualified new borrowers. 
We invite you to learn more about the Mirador solution and the new features that have launched as part of Mirador’s spring product release and the continued evolution of the lender/borrower experience.

FinPro's Annual Conference

Thursday, November 2, 2017
Fiddlers Elbow Country Club, Bedminster, NJ

This conference qualifies for credits towards the Directors Certification Training Certificate. The conference will focus on current and upcoming issues and opportunities for community banks providing advice and solutions geared towards enhancing value for all attendees. As the information provided during this conference will give attendees an edge in 2017, the materials and content from this conference will only be available to attendees.

For registration or questions contact:
Phone: 908-234-9398

*click on headline for details

Associate Member News

Data Security: Keys to Building a Sound Data Risk Management Program
Wednesday, June 28, 2017
12:00pm – 1:00 EST
With cyberattacks challenging organizations on a daily basis, organizations have elevated the importance of safeguarding valuable information assets from compromise or breach. As technology and risks evolve, organizations must review their data security strategies now and enact proactive, sustainable protection programs that can adapt to emerging issues and the legal landscape. Join Baker Tilly and Thompson Hine law firm for a critical discussion on data security.

Webinar: Measuring Profitability in Financial Institutions - 2 CPE credits 

July 13, 2017, 10am PT / 1pm ET; Length: 100 minutes

Financial institution leaders make decisions every day about the products, branches, channels, and customer segments to which operational and marketing budget should be allocated. In uncertain economic and regulatory times, it is more critical than ever not just to grow, but to grow profitably, advancing the segments that will help to achieve that.

Join finance experts from Wells Fargo Bank, Associated Bank and Kaufman Hall for a panel-based webinar exploring profitability drivers, priorities around profitability analysis, and techniques used for profitability measurement. This presentation includes results from a survey on profitability recently conducted by Kaufman Hall and the Association for Management Information in Financial Services (AMIfs). CMAs and CPAs in the Management Services field of study can earn 2 CPE credits for attending this webinar, developed in partnership with AMIfs.


*click on headline for details

Annual Summer Golf Outing and Networking Reception

chedule of Events
11:00 a.m. -  Registration/Open Driving Range/Barbecue Lunch
12:30 p.m. -  Shotgun Start
  5:30 p.m. -  Networking/Cocktail Reception
                     Includes:  Premium Open Bar, Hors d’Ouvres and Seafood Bar
  6:00 p.m. -  Awards & Buffet Dinner

Click here to see full agenda

Commercial Real Estate Conference

While CRE fund raising is continuing to grow since its 2010 low, it is being spread between fewer funds. With property prices ahead of 2007 peaks in many markets, rising interest rates, a new Administration, not to mention global volatility, 2017 will reward those who understand it and leave behind those who fail to grasp the strategic intricacies of CRE investment in an evolving environment.

Who should Attend: The program is designed for Bankers, including CEO’s, Lenders and Risk Management professionals.

Click here for full program

The 2017 Gubernatorial Election: What your Bank Needs to Know about the Regulated-Industry Ban and Pay-to-Play Compliance

New Jersey’s pay-to-play restrictions took center stage yet again earlier this year when news broke that a company was rendered ineligible for more than $7 million in government contracts due to a single political contribution. Now more than ever, the details of political giving matter.

New Jersey has extremely stringent pay-to-play laws in effect, which restrict political contributions of businesses that wish to contract with the New Jersey government. Although New Jersey's regulated-industry ban prohibits banks from using corporate resources for political activity, individual directors, officers, and employees may still engage in the political process through individual political activity and a voluntary employee PAC. Because contributions by your bank's directors, officers, and employees may affect your bank's eligibility to contract with the New Jersey government for years to come, join Rebecca Moll Freed, Chair of Genova Burns LLC's Corporate Political Activity Law Group on Wednesday, June 28th at 10:00 a.m. for a live webinar on pay-to-play and the regulated-industry ban.

With 2017's gubernatorial election in full swing, now is the time to think about compliance and to make sure that your bank is not deprived of lucrative government contracts because you did not have a political-activity compliance program in place.


Participate in this innovative way of addressing your talent needs

The African American Chamber of Commerce of NJ, in partnership with the NJ Bankers Association is preparing to form a consortium of industry experts committed to creating sustainable career pathways for residents of New Jersey. This initiative will be lead in part by the Financial Services Talent Network but streamlined by Financial Service Employers.  The task for this consortium will be to: create a comprehensive curriculum, develop talent and build internal capacity for the employers on board.  Please contact Michael Affuso if you would like to participant in this innovative way of addressing your talent needs.

Other Industry Meetings

Mark Your Calendar

Connections will return on July 19th. Enjoy the first day of summer!

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