Expert Views on New Jersey Politics Presented at May Meeting
Compliance Management Solutions Offered at Mini-Session
Michael Affuso, Senior Vice President and Director of Government Relations for
the New Jersey Bankers Association was the keynote speaker at the Chapter’s May
Dinner Meeting. Michael shared his expert views on the “state” of New Jersey
politics, the expected outcome of the fall elections, pending legislation, as
well as several key developments affecting the banking industry and the
consumer. The afternoon mini-session featured a series of compliance “solutions”
presented by the Karen I. Martino Group LLC. Chapter Members and guests were
able to exchange ideas during the cocktail hour following the mini-session
before enjoying a sumptuous full-course dinner. The meeting was held on May 22,
2013 at the Stony Hill Inn in Hackensack.
Michael Affuso shared his expectation that incumbent New
Jersey Governor Chris Christie will win reelection by a wide
margin in November. Michael predicted that Christie’s opponent,
Barbara Buono, will have difficulty exceeding more than 40% of
the popular vote.
Michael touched on the key legislative issues affecting the
banking industry. He emphasized the difficulty the state legislature
currently faces to expedite legislation to ease the impact of the
typical 900 day foreclosure process. He explained how the extended
foreclosure process reduces affordable housing opportunities for
prospective homeowners. He emphasized the importance for bankers to
identify non-performing loans as quickly as possible, examine the
subject properties and take the steps necessary to expedite the
foreclosure process to avoid unnecessary losses.
He also discussed the impact of Hurricane
Sandy on the shore economy. He noted how businesses and homeowners
are struggling to return to normalcy. Michael emphasized that New
Jersey is showing leadership by “taking the bull by the horns” to
get the enormous job of recovery completed.
Karen Martino and Mary Marley, Partners in the Karen I. Martino
Group, LLC offered compliance solutions during the afternoon mini-
session. Karen and Mary are the founding partners in the firm and
specialize in performing compliance management consulting services
to community banks in the metropolitan area.
Mary Marley emphasized the importance of implementing an effective
Compliance Management System (“CMS”) to include board and management
oversight, a consumer complaint process and independent review.
She noted that a CMS includes information, documentation and communication.
She explained that the Board has ultimate responsibility for implementing
the plan, with management oversight, while the Compliance Committee
establishes systems, processes and disclosures. Mary provided specific
examples of plan components as well as the factors that management should
consider when implementing a CMS for a typical institution.
Topics and Speakers
State of New Jersey Politics
Your Compliance Management System