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2017 Summer Meeting Featuring FDIC Examination Specialist

NYLIB held their Summer 2017 Meeting, featuring Michael Flynn, an Information Technology Examination Specialist in the FDIC’s Boston Area Office, who discussed the cybersecurity risks and challenges currently facing the banking industry.

On Wednesday, August 9, 2017, the New York League of Independent Bankers (NYLIB) held their Summer 2017 Meeting. The evening featured Michael Flynn, an Information Technology Examination Specialist in the FDIC’s Boston Area Office, who discussed the cybersecurity risks and challenges currently facing the banking industry. Mr. Flynn has been with the FDIC for 24 years and began as a Field Examiner in the former Holyoke, MA, Field Office. Over the past five years, he has focused primarily on supervising technology risks at large, complex, and problem banks and technology service providers.

Mr. Flynn’s presentation highlighted the increasing and inherent risk due to the banking industry’s ever-growing dependence on technology. Mr. Flynn identified specific technology, organization, human, and physical risks to financial institutions, and ways that institutions could minimize those risks, conceding that cybersecurity attacks were a “matter of when, not if.” He stressed that institutions were responsible not only for minimizing the possibility of such attacks, but for implementing a plan to deal with their aftermath. Mr. Flynn emphasized that the FDIC’s focus in examining institutions’ IT and cybersecurity would be on their preparedness and risk mitigation efforts.

Mr. Flynn took numerous questions from those in attendance both during and after his presentation. For example:

  • One attendee asked how to deal with the possibility of cybersecurity attacks on third party vendors and core service providers. Mr. Flynn explained, in response, that financial institutions could outsource tasks but not the responsibility, and that they needed to provide sufficient oversight of third party vendors and the vendors’ systems.

  • Another attendee asked whether New York State’s new cybersecurity regulations (Part 500) were more stringent than federal regulations and, therefore, whether banks could put off implementing more aggressive systems until a New York State examination year. Mr. Flynn stated that, just because the FDIC did not have regulations that paralleled Part 500, did not mean that the FDIC held banks to a lower level of cybersecurity. Instead, he explained that he believed cybersecurity issues could be tied back to safety and soundness and that the FDIC expected cybersecurity diligence equivalent to that required under Part 500. Mr. Flynn added that the Federal banking regulators continue to discuss and review issuing cybersecurity regulations, but that he did not know if, or when, these regulations would be passed.

Thank you to Mr. Flynn for coming to speak with the NYLIB community!

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2017 Spring Banking Conference

NYLIB held a Banking Conference on May 12, 2017 at TKP New York Conference Center.

NYLIB held a Banking Conference on May 12, 2017 at the TKP New York Conference Center. The conference discussed important topics affecting community bankers in the tri-state area and featured multiple notable speakers including:

Meera Joshi, NYC Taxi & Limousine Commission Chairwoman. Ms. Joshi has been intimately involved in New York’s for-hire transportation services for over a decade, serving as General Counsel and Deputy Commissioner of Legal Affairs at the Commission prior to becoming its Chairwoman in 2014.  Chairwoman Joshi discussed the current state of the New York taxi cab medallion market and its effect on community banking institutions, as well as potential efforts to improve the for-hire car industry in New York City.

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Judy Selby, Senior Advisor at Hanover Stone Partners and former National Lead of Cyber Insurance & Data Privacy at BDO Consulting. Ms. Selby has been hailed as “one of the premier voices in legal technology” by Legaltech News, and consults with clients on cyber insurance, cybersecurity, information governance, data privacy and complex insurance matters.  Ms. Selby presented on New York’s recently adopted cybersecurity regulation, Part 500, giving advice about how bankers might approach compliance with the rule, and manage risks related to the same.


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Jeffrey Alberts, Partner and Co-Head of Pryor Cashman LLP’s Financial Institutions Group and former Assistant United States Attorney for the Southern District of New York. Mr. Alberts’ practice focuses on government investigations and related regulatory proceedings, asset-forfeiture litigation, victims’ rights representation, and complex civil and commercial litigation. 

Asaad Faquir, Director of Compliance at RSK Compliance Solutions. Mr. Faquir has a wide range of experience in regulatory compliance, business process improvement, and risk management in the banking and finance industry, and is an active compliance educator and trainer through a variety of outlets, including the RSKonnect Webinar Series, BankWebinars.com, and Atlantic Community Bankers Bank (ACBB) “Compliance Anchor.” 

Mr. Alberts and Mr. Faquir shared an in-depth look into New York’s recently adopted transaction monitoring and filtering regulation, Part 504, and set forth potential solutions for compliance with the regulation from both legal and compliance perspectives.


Prashant Nisar, Senior Manager in Grant Thornton’s New York Financial Services Audit Practice.   Mr. Nisar has over 12 years of public accounting experience, and advises on a variety of topics including complex accounting, audit quality, internal control over financial reporting, and risk management.  Mr. Nisar provided an update concerning emerging issues in FASB, AICPA, and GAAP accounting.

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Senator Jesse Hamilton, New York State Senator and Chair of the Senate Banks Committee.  Prior to his tenure as State Senator, Senator Hamilton spent 28 years with the New York City Department of Finance and served as Vice President of Community Board 8 in Crown Heights, Brooklyn for seven years.  Senator Hamilton presented an overview of current banking-related legislative initiatives, and then opened himself up for questions from NYLIB’s members who were able to engage in dialogue with the Senator on important issues effecting New York’s community banks.

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Thank you to BDO for sponsoring this event, as well as all those who spoke or were in attendance, for making NYLIB’s First Annual Conference a huge success!

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2017 Winter Meeting Featuring New York Congresswoman Carolyn Maloney

On January 18, 2017, the New York League of Independent Bankers hosted its Winter meeting. Guests enjoyed a cocktail hour, followed by dinner and a discussion led by Congresswoman Carolyn B. Maloney (NY-12).

On January 18, 2017, the New York League of Independent Bankers hosted its Winter meeting at Pryor Cashman’s office located at 7 Times Square.

Pinchus Raice, a NYLIB co-founder and board member, hosted the evening on behalf of Pryor Cashman LLP. Raice is a partner in the firm's Banking & Finance, Corporate, and Litigation Groups, as well as the co-leader of its Financial Institutions practice.

Guests enjoyed a cocktail hour, followed by dinner and a discussion led by Congresswoman Carolyn B. Maloney (NY-12). Maloney discussed issues concerning the banking industry, including Dodd-Frank and other federal regulatory matters, as well as the outlook under the new administration. Guests were eligible for 1 CPE Finance credit.

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2016 Fall Meeting Featuring Yolanda Ford

On September 14, 2016, the New York League of Independent Bankers hosted its Fall meeting. Guests enjoyed a cocktail hour, followed by dinner and a discussion led by Yolanda Ford, Deputy Superintendent of Banks at the New York Department of Financial Services Community & Regional Banks Unit.

On September 14, 2016, the New York League of Independent Bankers hosted its Fall meeting at Pryor Cashman’s office located at 7 Times Square.

Pinchus Raice, a NYLIB co-founder and board member, hosted the evening on behalf of Pryor Cashman LLP. Raice is a partner in the firm's Banking & Finance, Corporate, and Litigation Groups, as well as the co-leader of its Financial Institutions practice.

Guests enjoyed a cocktail hour, followed by dinner and a discussion led by Yolanda Ford, Deputy Superintendent of Banks at the New York Department of Financial Services Community & Regional Banks Unit. Ford's presentation highlighted relevant issues and evolving expectations from NYDFS on BSA, regulatory compliance, and safety and soundness for financial institutions.

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2016 Summer Meeting

On June 9, 2016, the New York League of Independent Bankers hosted its Summer meeting at Pryor Cashman’s office located at 7 Times Square.

Pinchus Raice, a NYLIB co-founder and board member, and Jeffrey Alberts hosted the evening on behalf of Pryor Cashman LLP. Raice is a partner in the firm's Banking & Finance, Corporate, and Litigation Groups, as well as the co-leader of its Financial Institutions practice. Alberts, partner and head of the firm’s White Collar Defense and Investigations practice, moderated a Q&A session.

Guests enjoyed a cocktail hour, followed by dinner and an enlightening presentation by ‎John P. Conneely, Deputy Regional Director at Federal Deposit Insurance Corporation.

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