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Ask Rusty: When Should My Wife Claim SS Benefits?
Dear Rusty: I turned 64 in July and my wife turned 62 in August. My wife has not worked for about 15 years but does qualify for Social Security (SS) on her prior work record. My wife is having some physical issues and would like to not return to work. Since she is eligible to […]
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Dear Rusty: I turned 64 in July and my wife turned 62 in August. My wife has not worked for about 15 years but does qualify for Social Security (SS) on her prior work record. My wife is having some physical issues and would like to not return to work. Since she is eligible to collect Social Security, that would be an option to provide additional income, so she doesn’t have to work. My question is how would it affect her future SS spousal benefits based on my record if she begins collecting her own benefit now? I plan to work until at least my full retirement age (67), and maybe longer, but plan to start collecting SS at 67 even if I continue working.
Signed: Working Husband
Dear Working: If your wife has the required 40 SS quarter credits, she is eligible to collect reduced retirement benefits at 62 (for that needed extra income), but her age 62 benefit will be about 70 percent of what it would be if she waited until her SS full retirement age (FRA) to claim. That reduction would, in turn, carry over to her spousal benefit when you eventually claim your SS benefit. Here’s why:
Your wife’s spousal amount when you claim will be a combination of her own SS retirement benefit, plus an auxiliary amount (a spousal boost) that she is entitled to as your spouse. At age 62, her own benefit will be cut by 30 percent and she can collect that reduced amount until you claim — at which point her spousal boost will be added to make her benefit equal her spousal entitlement. So, her total benefit as your wife (when you claim) will consist of her reduced age-62 amount, plus an additional amount as your spouse.
If you claim at age 67, your wife will be about two years short of her own FRA, which means that her spousal boost amount will also be cut for claiming early. That reduced spousal boost will be added to her already reduced (age 62) SS retirement benefit, which will make her total benefit less than 50 percent of your FRA benefit amount.
So, your wife claiming her own reduced SS retirement benefit at 62 also means her spousal benefit amount will be affected, and taking her spousal boost before her FRA means that the boost amount will also be cut for early claiming. The only way your wife can get the full 50 percent of your FRA entitlement is to wait until she reaches her own FRA (67) to claim Social Security benefits.
Having said all of that, if your wife’s physical issues suggest that she claims her benefits early and she is comfortable with the smaller benefit she will get, then that may be the right choice. For reference, the reduction to your wife’s spousal boost amount (if you claim at your FRA) will be about 17 percent, and that reduced spousal boost will be added to her reduced age 62 SS retirement amount. The end benefit for your wife (if you claim at age 67) will likely be about 42 percent of your FRA entitlement (instead of 50 percent).
FYI, you can further delay your own SS retirement benefit (up to age 70) for a higher benefit yourself, but that would also mean your wife would need to wait longer to get her spousal boost. You could also wait to claim your SS until your spouse reaches age 67 (her FRA), which would give you a higher personal amount and also ensure your wife gets her maximum spousal boost (but her total will still be less than 50 percent of yours because she claimed her own SS retirement benefit at 62). When to claim Social Security depends on financial need and life expectancy. If a long-life expectancy is anticipated, waiting longer to claim is often the best move. But financial need always trumps waiting longer.
Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4-million-member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.
Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained, and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.
Report: Most Central New York regions added jobs in October
The Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, and Elmira regions all gained jobs between October 2023 and this past October. Bucking the trend, the Ithaca area lost jobs in that same period. That’s according to the latest monthly jobs report that the New York State Department of Labor (NYSDOL) issued on Nov. 14. October jobs data
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The Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, and Elmira regions all gained jobs between October 2023 and this past October.
Bucking the trend, the Ithaca area lost jobs in that same period. That’s according to the latest monthly jobs report that the New York State Department of Labor (NYSDOL) issued on Nov. 14.
The Syracuse region gained 2,900 total jobs in the past year, up 0.9 percent.
Elsewhere, the Utica–Rome metro area added 1,000 jobs, an increase of 0.8 percent; the Watertown–Fort Drum region picked up 100 positions, a rise of 0.2 percent; the Binghamton area gained 1,800 jobs, up 1.8 percent; and the Elmira region added 100 jobs in the past year, an increase of 0.3 percent.
Going the other way, the Ithaca region lost 1,000 jobs, a decrease of 1.6 percent, in October, compared to a year earlier.
New York state as a whole added more than 120,000 jobs, an increase of 1.2 percent, in the 12-month period between October 2023 and October 2024. The state economy, however, lost nearly 11,000 jobs, or a 0.1 percent change, between September and October of this year, the NYSDOL said.
The Syracuse area added 2,100 private-sector positions between October 2023 and October 2024, up 0.8 percent.
In the other regions, the Utica–Rome metro area added 800 private-sector jobs, an increase of 0.9 percent; the Watertown–Fort Drum region picked up 200 such positions, a rise of 0.7 percent; the Binghamton area gained 1,100 private-sector jobs, up 1.4 percent; and the Elmira region gained 100 private jobs in the last 12 months, a rise of 0.3 percent.
However, the Ithaca region shed 1,400 private-sector positions, a decline of 2.6 percent, in October, compared to a year earlier.
New York state as a whole added more than 104,000 private jobs, an increase of 1.3 percent, in that 12-month period. The state economy, however, lost 800 private-sector positions, a 0.1 percent drop, between September and October 2024, the NYSDOL said.
Local investor group plans to buy Cazenovia College campus
CAZENOVIA — A local investor group is planning to buy the campus of Cazenovia College. The group calls itself 9 Fresh, and Village of Cazenovia Mayor Kurt Wheeler confirmed its plans for the campus in an email to CNYBJ. No expected purchase price was disclosed. The campus closed due to financial difficulties following the 2022-23
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CAZENOVIA — A local investor group is planning to buy the campus of Cazenovia College.
The group calls itself 9 Fresh, and Village of Cazenovia Mayor Kurt Wheeler confirmed its plans for the campus in an email to CNYBJ. No expected purchase price was disclosed.
The campus closed due to financial difficulties following the 2022-23 academic year.
9 Fresh has a website that says “CAZENOVIA COLLEGE: A fresh outlook on community impact.”
The 9 Fresh website describes the project, saying, “We have the opportunity to turn a once-vibrant academic institution into an equally as vibrant, reimagined district for innovation, business growth, and impact that not only strongly serves our community, but provides powerful global connections and influence alongside.”
The site also outlines the group’s approach to the project, saying in part, “This community-first approach will kickstart economic development, generate new job opportunities and provide investors with competitive returns.”
The group’s general partners include Kate Brodock, who is also general partner at The W Fund, a venture-capital firm that invests into early-stage tech startups. She also serves as CEO of SWITCH, a firm that focuses on women-led startups and angel investors, per the site. In addition, Hardeep Bindra is the second general partner in 9 Fresh. Bindra is an entrepreneur, real estate investor and former Amazon executive.
Cazenovia College closed due to financial difficulties following the 2022-23 academic year.
The New York State Police are currently leasing the campus for use as a training facility.
VIEWPOINT: IRS Clarifies 403(b) Plans’ Obligations to Part-Timers
On Oct. 3, 2024, the Internal Revenue Service (IRS) released important guidance on the obligations of 403(b) plan sponsors to their part-time employees. Under recently passed legislation that is effective Jan. 1, 2025, a long-term, part-time (LTPT) employee — one who works 500 or more hours in each of two consecutive years — must be
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On Oct. 3, 2024, the Internal Revenue Service (IRS) released important guidance on the obligations of 403(b) plan sponsors to their part-time employees. Under recently passed legislation that is effective Jan. 1, 2025, a long-term, part-time (LTPT) employee — one who works 500 or more hours in each of two consecutive years — must be permitted to participate in a 403(b) plan, even if they previously had been excluded or excludible. The new IRS guidance (Notice 2024-73) explains which employees must be permitted to participate and the scope of their required participation, and answers several other important questions relating to the rights of LTPT employees under 403(b) plans.
The 403(b) plans (unlike 401(k) plans and other defined contribution plans) are subject to a “universal availability” rule. Since 1989, this rule has required that new employees of a 403(b) plan sponsor generally must be immediately eligible to make elective deferrals to the plan. (In contrast, 401(k) and other qualified retirement plans usually can exclude new employees until they complete one year of service — defined as a 12-month period during which they work at least 1,000 hours — and reach age 21.) However, the universal availability rule has always been subject to certain exceptions, which permit a 403(b) plan sponsor to exclude certain categories of employees. The excludible employees have included:
• Employees who normally work fewer than 20 hours per week (part-time employees);
• Certain student employees of colleges and universities (student employees);
• Non-resident alien employees with no U.S. source income (non-resident alien employees); and,
• Employees who are eligible to make elective deferrals under another 401(k), 403(b) or governmental 457(b) plan sponsored by the same employer (otherwise eligible employees).
Of these exceptions to the universal availability rule, the one for part-time employees has been the one most frequently utilized by 403(b) plan sponsors. It is also the exception directly affected by the new rules governing long-term, part-time employees.
New rules governing long-term, part-time employees in 401(k) plans were enacted in 2019 as part of the original SECURE Act. The IRS issued regulations on the obligations of 401(k) plans to LTPT employees in 2023. Note that the LTPT rules for 401(k) plans were effective Jan. 1, 2024.
The SECURE Act 2.0, passed in December 2022, enacted similar rules for 403(b) plans that are subject to ERISA (the Employee Retirement Income Security Act, the federal law that governs most private employee-benefit plans). The LTPT rules for 403(b) plans are effective Jan. 1, 2025, although the new rules require that hours of service of LTPT employees on and after Jan. 1, 2023 be taken into account for certain purposes.
Note: The LTPT rules for 403(b) plans only apply to plans that are subject to ERISA. Accordingly, governmental and non-electing church 403(b) plans do not have to comply.
The new LTPT rules for 403(b) plans require that employees who work 500 or more hours in each of two consecutive 12-month periods must be permitted to make elective deferrals to the plan, even if they typically work fewer than 20 hours per week (and so would have been excludible before 2025). In other words, the new LTPT requirements supersede the old exception to the universal availability rule for part-time employees. The 1,000-hour rule will continue to apply, so an eligible employee will be able to make deferrals to a 403(b) plan after working 1,000 hours in one year or, if earlier, after working 500 hours in each of two consecutive years. For this purpose, hours of service on and after Jan. 1, 2023 must be considered, so that an otherwise eligible employee who worked 500 or more hours in each of 2023 and 2024 will be eligible to make deferrals to a 403(b) plan, effective Jan. 1, 2025.
Importantly, the IRS Notice provides that the new LTPT rules will not supersede the other exceptions to the universal availability rule. Accordingly, student employees, non-resident alien employees, and “otherwise eligible employees” can continue to be excluded from 403(b) plans, even if they meet the LTPT requirements. Note, however, that the IRS Notice confirms that these other exclusions must be applied consistently, meaning that if the plan excludes (for example) student employees, it must exclude all student employees.
As with the LTPT rules that apply to 401(k) plans, the new 403(b) plan rules do not require that the employer make any contributions on behalf of an employee who is permitted to make deferrals to a 403(b) plan solely because of the new LTPT requirements. So, although long-term, part-time employees must be allowed to make elective deferrals to the plan after they complete two years of service with at least 500 hours, the employer is not required to match those deferrals, or to make a non-elective contribution for the LTPT employees, even if it does so for full-time employees. Even if the employer makes “safe harbor” matching or non-elective contributions for other employees, it need not make such contributions on behalf of long-term, part-time employees.
If the employer does make matching contribution or non-elective contributions on behalf of LTPT employees:
• Hours of service performed by LTPT employees on and after Jan. 1, 2023 must be taken into account in determining their vested interest in such employer contributions; but,
• The employer can exclude the LTPT employees from consideration in performing the required discrimination testing of the contributions, for as long as they are “only” LTPT employees.
Note: Once LTPT employees work 1,000 hours in a 12-month period, they become a “former long-term, part-time employee” and can no longer be excluded from employer contributions or discrimination testing.
If they have not already done so, 403(b) plan sponsors should:
• Determine whether any of their employees will qualify as long-term, part-time employees beginning Jan. 1, 2025, taking into account their hours of service on and after Jan. 1, 2023;
• Permit qualifying employees to begin making elective deferrals to the plan beginning Jan. 1, 2025;
• If the plan includes employer contributions, decide whether LTPT employees will be eligible for these contributions and, if they will be eligible, track their hours of service since Jan. 1, 2023 for purposes of determining their vested interest; and,
• Amend the 403(b) plan document if necessary to reflect the new eligibility rules.
Robert W. Patterson is a member (partner) in the Buffalo office of Syracuse–based law firm, Bond, Schoeneck & King PLLC. He has broad experience in assisting clients with complex and sophisticated human-resources concerns. Patterson has special expertise in 401(k) and other qualified retirement plans, ESOPs, deferred compensation and equity incentive plans, and more. Contact him at rpatterson@bsk.com. This article is drawn and edited from Bond’s website.
New York soybean production forecast to have jumped nearly 16 percent this year
Farms in New York state are estimated to have produced nearly 20.1 million bushels of soybeans in 2024, up 15.8 percent from more than 17.3 million bushels the prior year. That’s according to a USDA National Agricultural Statistics Service (NASS) crop-production report issued on Nov. 8. The total soybean yield per acre in New York
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Farms in New York state are estimated to have produced nearly 20.1 million bushels of soybeans in 2024, up 15.8 percent from more than 17.3 million bushels the prior year. That’s according to a USDA National Agricultural Statistics Service (NASS) crop-production report issued on Nov. 8.
The total soybean yield per acre in New York state averaged 55 bushels per acre this year, up 4 bushels, or nearly 8 percent, from 51 bushels in 2023, the USDA NASS said. Area harvested for soybeans totaled 365,000 acres in 2024, up almost 7.4 percent from 340,000 acres in the previous year.
U.S. soybean production jumped more than 7 percent to 4.46 billion bushels this year from 4.16 billion bushels in 2023, the USDA reported.
OPINION: New Data Shows New York Nowhere Near Energy Goals
New York progressives have put the state on a fast track to an energy overhaul that has consistently raised feasibility concerns from the day it was conceived. The shortcomings of New York State’s energy goals are concerning to nearly everyone who has looked objectively into the realities of the plan. Now, two new reports reinforce
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New York progressives have put the state on a fast track to an energy overhaul that has consistently raised feasibility concerns from the day it was conceived. The shortcomings of New York State’s energy goals are concerning to nearly everyone who has looked objectively into the realities of the plan. Now, two new reports reinforce the blatant unworkability of the path we have been forced upon.
As a result of the Climate Leadership and Community Protection Act (CLCPA) passing in 2019, New York’s homes and businesses are expected to virtually eliminate carbon emissions in the future. While protecting our environment is extremely important, the timeline set forth in the legislation, which has us stopping fossil fuel-based electricity production by 2040, simply cannot be met. As the old expression goes, “numbers don’t lie.”
Cornell University Professor Lindsay Anderson and her research team studied the problem using a model based on New York’s energy usage, transmission infrastructure, and weather. Their work is not a theoretical model based on fixed circumstances; it’s an extrapolation of what New York will actually look like if we implement this plan as written. The results are troubling, to say the least.
In order for New York to meet the energy demands laid out in the legislation, the state will need to supplement wind and solar power with about 40 additional gigawatts in new energy production. That figure, as it turns out, is how much energy New York uses right now. In other words, after we spend hundreds of billions of dollars to completely overhaul the state’s energy grid, we will still need as much energy as we use right now for the whole state on top of what the renewable-energy plan mandates.
According to the Cornell analysis, during the hottest and coldest months, with no backup in place, we could face blackouts “big enough to put half of New York City in the dark, for example. Blackouts that could last a month in some parts of the state.” While a worst-case scenario is unlikely, the question still remains, why are we spending billions and billions of dollars to create an energy grid that will not even come close to functioning properly?
Making matters clearer, the New York Independent System Operator (or NYISO) also released a new report, the 2024 Reliability Needs Assessment, indicating New York’s electricity demand is on the verge of spiking thanks to things like the “electrification of the transportation and building sectors and large, energy-intensive commercial projects that include data centers and chip fabrication.” On top of that, a coalition of business and energy groups called for a “deep analysis” of the state’s energy plan in a letter to Gov. Kathy Hochul.
The facts are plain; the CLCPA is not even close to feasible. The math doesn’t work, and we are on the wrong path to energy efficiency. We all want a better, cleaner energy grid. Unfortunately, the current proposal simply will not cut it. The state must pause this plan and rethink what we are doing before spending billions of taxpayers’ dollars on something that cannot work.
William (Will) A. Barclay, 55, Republican, is the New York Assembly minority leader and represents the 120th New York Assembly District, which encompasses all of Oswego County, as well as parts of Jefferson and Cayuga counties.
OPINION: The Voters Have Again Chosen Trump: What it Means for Foreign Policy?
The voters have spoken, and Donald J. Trump will be the 47th president of the United States, [after having also served as the 45th.]. With a Republican-controlled Senate and [a narrow majority] in the House, Trump will be in position to implement his agenda, starting in January. What does that mean for foreign policy? It’s
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The voters have spoken, and Donald J. Trump will be the 47th president of the United States, [after having also served as the 45th.]. With a Republican-controlled Senate and [a narrow majority] in the House, Trump will be in position to implement his agenda, starting in January. What does that mean for foreign policy?
It’s hard to say with certainty. In Trump’s first term, from 2017-2021, foreign policy was marked by chaos and disputes with our allies. He has promised more of the same: tariffs, confrontations and a go-it-alone approach to dealing with friends and enemies.
But Trump is unpredictable. We can count on surprises.
One of the most urgent questions is, what will happen with Ukraine? Since Russia invaded in February 2022, the U.S. has been Ukraine’s staunch supporter. Trump has praised Russian leader Vladimir Putin and criticized U.S. policy. He claimed Russia wouldn’t have invaded if he were president and boasted that he could end the war in 24 hours. Ukrainians are right to be worried.
Another crucial issue is U.S. involvement in NATO. Trump has railed against the organization, threatening, when he was president, to pull back support for the world’s most successful military alliance and the most important check on Russian aggression. President Joe Biden made America a reliable NATO partner. Trump may upend that stance.
In the Middle East, combine Trump’s unpredictability with the volatility on the ground, and it’s anyone’s guess what will happen. Israeli Prime Minister Benjamin Netanyahu welcomed Trump’s election, believing he will be more supportive of Israel and more hostile to Iran than Biden. But what that will look like defies guesswork.
The cornerstone of Trump’s foreign policy, according to his campaign promises, will be to impose steep import tariffs, especially on China and Mexico. The president-elect says tariffs will pay for his proposed tax cuts and help U.S. manufacturing. But economists say tariffs provoke trade wars, raise prices for consumers, and damage the economy.
Of course, Trump won’t necessarily get everything he wants. In his first term, for example, he vowed to build a border wall and make Mexico pay for it. That didn’t happen. When he imposed tariffs, other countries responded in kind, causing some U.S. exports to plummet.
But Trump’s “America First” approach did mark a real change. He angered many of our traditional allies, especially in Europe, and played nice with our adversaries.
He withdrew from the Paris climate accord, the Iran nuclear deal, and several arms control pacts. Biden brought the U.S. back into the climate agreement, but Trump says he will leave it again.
Trump has expressed admiration for autocrats like Putin, China’s Xi Jinping and Hungary’s Viktor Orban, who suppress dissent and scorn democracy. That worries advocates for human rights and the rule of law. Trump has promised the “largest deportation program in American history,” removing millions of immigrants [who are in the country illegally]. Such a move would be incredibly costly and could cause chaos in Latin America and the Caribbean region.
One of Trump’s most-worrisome plans is to fire thousands of career government employees and replace them with political appointees. This would be especially damaging at the State Department, where experienced and dedicated diplomats and regional experts are essential for representing America’s interests.
Trump values loyalty to himself above all else. With his transactional outlook, he casts every relationship as a “deal” in which there will be winners and losers. Supporters say his unpredictability is a feature, not a bug.
It keeps opponents guessing. The approach may work in business, but it’s not suited to governing.
Effective foreign policy requires looking out for our national interests while incorporating American values, including democratic decision-making, human rights, and individual dignity. It takes reliability and consistency: Allies and adversaries need to know we mean what we say and will keep our promises.
With a second Trump presidency, we can hope for the best, but there will be no guarantees.
Lee Hamilton, 93, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south-central Indiana.
VIEWPOINT: Strategies for Success: Top 5 Audit & Compliance Challenges
For financial institutions The regulatory compliance environment is becoming increasingly complex for financial institutions. A multitude of challenges — ranging from representment fees and fair-lending practices to AI privacy concerns, adjustable-rate mortgage compliance, and interest-rate risk management — demand meticulous attention from internal audit and compliance teams. Here are several strategies that financial institutions can
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The regulatory compliance environment is becoming increasingly complex for financial institutions. A multitude of challenges — ranging from representment fees and fair-lending practices to AI privacy concerns, adjustable-rate mortgage compliance, and interest-rate risk management — demand meticulous attention from internal audit and compliance teams.
Here are several strategies that financial institutions can employ to address these challenges and maintain regulatory compliance:
1. Representment fees
A representment occurs if a check is presented to the bank, returned for insufficient funds, and then “re-presented” for deposit while still having insufficient funds. This can lead to multiple representment fees being charged to consumers, even though the cause of the insufficient funds was beyond their control. Not surprisingly, this issue has resulted in several class-action lawsuits.
Some banks may consider eliminating representment fees altogether or limiting the number of times these fees can be charged. At the very least, banks should conduct a comprehensive review of their current disclosures and fee schedules to ensure they are clear, accurate, and up to date. Financial institutions should then verify that their core banking system is accurately implementing their fee policies in accordance with their updated disclosures.
2. Fair lending
Both state and federal regulatory agencies are continuing to emphasize fair-lending practices. This is particularly true for financial institutions involved in indirect lending, such as auto lending. Regulators are focusing on areas such as appraisal bias, where appraisers might unfairly influence property values. This bias can manifest in two ways: undervaluing properties in certain areas to restrict lending, or overvaluing properties to increase lending availability for specific consumers. Both practices can have detrimental effects on communities and individuals.
To support fair lending, banks should ensure comprehensive policies and procedures are in place. Regularly reviewing lending practices, hiring third-party compliance professionals, and developing a thorough appraisal-review process can also help guard against discriminatory lending behaviors.
3. AI privacy
Many financial institutions have been exploring the use of AI technology for several years, integrating it into various chat services, automated phone systems, and more. However, as the use of AI by employees becomes more widespread, it introduces new risks, particularly concerning privacy and data security.
Ensuring that robust policies and procedures are in place is crucial to mitigate these risks. Employees must be clearly instructed on what information can and cannot be entered into open AI software, such as customer information and account numbers. Additionally, similar precautions must be taken when financial institutions use AI to carry out functions for customers, ensuring data security and compliance with privacy regulations.
4. Adjustable-rate mortgage compliance
Adjustable-rate mortgages (ARMs), home loans with varying interest rates, are experiencing a resurgence in popularity due to rising interest rates and market fluctuations. However, these loans pose significant compliance challenges, particularly concerning TILA-RESPA Integrated Disclosures (TRID) and other ARM-related disclosures.
Ensuring accurate disclosures is critical when it comes to ARM compliance. Banks should regularly review all disclosures related to ARMs for accuracy and compliance. This is especially critical when dealing with construction or renovation loans that have adjustable-rate features.
Prioritizing staff training is also important. Given the high turnover in the industry over the past few years, many employees may lack experience with ARMs. Comprehensive training is essential to ensure staff are well-versed in the intricacies of these loans.
5. Asset-liability management & interest-rate risk
Recent bank failures and interest-rate fluctuations have intensified the focus on asset-liability management (ALM) and interest-rate risk (IRR) management. ALM is the process through which financial institutions balance assets and liabilities to reduce risk and increase profitability, while IRR management looks to control an institution’s exposure to interest-rate fluctuations.
What can banks be doing in this regard? One strategy is to implement robust monitoring systems for liquidity management to ensure real-time tracking and response capabilities. They should also regularly update their ALM models to reflect institution-specific characteristics and risks. Lastly, ensuring that stress testing and rate-shock scenarios are updated to reflect current market conditions and potential future risks allows for better preparedness and resilience.
For additional guidance and support, financial institutions should connect with a trusted advisor to stay ahead of regulatory changes, strengthen operational resilience, and enhance overall compliance efforts in an evolving financial landscape.
Mallory Conway is an executive VP in The Bonadio Group’s Advisory & Consulting division. She has provided financial institutions with internal audits and regulatory compliance services for more than 15 years.
The U.S. Small Business Administration (SBA) is encouraging shoppers across New York state and the nation to think of local businesses during this weekend’s Small
Exit 31 study council plans public meeting in Utica on Dec. 3
UTICA, N.Y. — The Herkimer-Oneida Counties Transportation Council (HOCTC) will present improvement options for the Exit 31 interchange of I-90 at a public open house
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