2024 Annual Regulator Roundtable
On Thursday, November 21, 2024, NYLIB hosted our Annual Regulator Roundtable event. The panel discussion was moderated by Steve Bush, Chairman, President, and CEO of Apple Bank. Featured speakers included Janis Frenchak, Head of Consumer Compliance, Federal Reserve Bank of New York (FRBNY); Tracy Velez, Associate Deputy Comptroller for the Northeast, Office of the Comptroller of the Currency (OCC); and Raymond Dorado, Acting Executive Deputy Superintendent — Banking, New York State Department of Financial Services (DFS).
From left to right: Dustin Nofziger (Attorney, Pryor Cashman LLP), Steve Bush (Chairman, President & CEO, Apple Bank), Janis Frenchak (Head of Consumer Compliance, Federal Reserve Bank of New York), Tracy Velez (Associate Deputy Comptroller for the Northeast, Office of the Comptroller of the Currency), Raymond Dorado (Acting Executive Deputy Superintendent — Banking, New York State Department of Financial Services), Edward Lutz (President, NYLIB).
The topics discussed included the lessons learned since the March 2023 bank failures, and how regulators’ views on topics such as capital and liquidity have evolved since late 2023; examination report timeliness and appropriate MRA remediation timeframes; the surprising resilience of the CRE market and the importance of appropriately risk rating secondary sources of repayment; prudent practices with respect to artificial intelligence and instant payments; the growing risk posed by check fraud; the importance of third-party risk management and strong due diligence on third party partners and contracts; cybersecurity risks posed by remote employees and the importance of timely upgrades to access controls; and the importance of robust succession planning on both an executive and director level.
Moderator
Steve Bush, President and CEO of Apple Bank, served as moderator of the panel discussion. Steve previously served as Executive Vice President and Chief Operating Officer at Apple Bank, with oversight for the bank's lending units, as well as financial, risk management, planning, and operating functions. Steve joined Apple Bank in 1992 from Chemical Bank, where he was a Vice President in the Asset and Liability Management and Finance Divisions.
Panelists
Janis Frenchak leads Consumer Compliance Supervision for the Federal Reserve Bank of New York. In this role, she oversees consumer compliance holding companies’ supervision for firms over $10B, as well as Community Affairs (CA) and Community Reinvestment (CRA) examinations for all-size state member banks. Prior to joining the Federal Reserve Bank of New York, Janis was an officer and Assistant Vice President of the Federal Reserve Bank of Chicago for the Consumer Compliance Division, specializing in CRA, Fair Lending, and Unfair or Deceptive Acts or Practices (UDAP). Before joining the Federal Reserve System, she was the Vice President of a large, international banking organization, where she led the Fair Lending and UDA(A)P programs for national operations and across multiple consumer business lines, including mortgages, auto, commercial, and consumer loans. She also previously worked for the Economic Development Agency for Cook County, Illinois.
Tracy Velez is the Associate Deputy Comptroller (AsDC) in the OCC’s Northeast Region. In this role, she oversees seven offices and is responsible for supervising a combined 108 national banks and federal savings associations. Tracy has over 32 years of bank regulatory experience within the OCC’s Midsize and Community Bank Supervision (MCBS) division. Prior to accepting the AsDC position in December 2023, Tracy served as the Assistant Deputy Comptroller (ADC) in the Boston Office since 2019. Tracy has broad experience, having served in various leadership roles and offices nationwide, including ADC in Schaumberg, IL, Problem Bank Specialist in OCC Headquarters, and ADC Analyst in Nashville, TN. Tracy is a member of the MCBS Risk Committee and the OCC’s Climate Risk Implementation Committee. Tracy graduated from the University of South Florida with a bachelor’s degree in Accounting and Finance.
Ray Dorado is the Acting Executive Deputy Superintendent for the Banking Division of the New York State Department of Financial Services (DFS). In this role, he oversees the Division’s four supervision business groups — Foreign and Wholesale Banking, Community and Regional Banking, Licensed Financial Services, and Real Estate Financing—as well as Banking Operations, which includes applications and subject matter expert groups. His career has focused on advising large financial institutions on regulatory compliance and corporate governance, as well as managing their transactions and their legal and reputational risk. For the last 5 years, he has been a senior banking regulator in New York. Outside of work, his other focus has been philanthropy and community service, including investor literacy, pro bono activities, and looking out for the welfare of 1,200 high school students in the Bronx.
The Audience
Usman Isiaka, Deputy CEO, United Bank for Africa, America poses a question at the 2024 Annual Regulator Roundtable.
Sponsorship & Future Events
Thank you to AML RightSource for sponsoring NYLIB’s 2024 Annual Regulator Roundtable. AML RightSource is a leading managed services firm focused on fighting financial crime. AML RightSource assists clients with their AML/BSA, transaction monitoring, client onboarding (KYC), enhanced due diligence (EDD), and risk management needs.
If you are interested in sponsoring future NYLIB events, please fill out this contact form, and a member of our team will reach out to you.
From Left to Right: Edward Lutz (President, NYLIB), Dustin Nofziger (Attorney, Pryor Cashman LLP), Margaux Howard (First Vice President, Valley Bank).
As NYLIB continues to plan events and meetings, we are open to suggestions on topics or issues that are of interest to banks in the tri-state area. Subscribe to our mailing list below to stay informed on news and upcoming events.
Memorable Moments
Please enjoy more memorable moments from our evening here. We encourage you to download your favorite moments and share them on LinkedIn. Don’t forget to tag the New York League of Independent Bankers (NYLIB)!
