To the Editor:
We take strong exception to the opening paragraph of the article "State Trade Groups Rocked as Dissenters Go Own Way" that appeared in the Sept. 21 issue of the American Banker. In over 100 years of service to the industry, the New York State Bankers Association, like the other 49 state associations around the country, is not now and never has been a "glorified social club for like-minded businessmen."
Our bankers and professional staff have worked tirelessly to modernize laws and regulations affecting the banking industry, our customers, and our communities. Interest rate and trust fee deregulation laws, reform of consumer regulations such as delayed funds availability, the right to sell annuities, and development of the strategic plan approach incorporated into the new federal Community Redevelopment Act rules and regulations are just a few of the many reforms initiated at the state level.
This past spring we testified before the state Legislature strongly supporting opt-in legislation for interstate branching on behalf of all of our members, including the Independent Bankers Association of New York State.
Other critical areas of state association activity include community and business development, legal guidance, communication and education, and member and product services.
Our association recently celebrated its centennial with the publication of a history of banking in New York State, For Each the Strength of All, which begins with the call for unity issued by the association's founders and which chronicles the roles of thousands of bankers, both men and women, who made significant contributions to the development of our nation's banking system. Unity continues to be the only sound political course.
Thomas F. Goldrick Jr.
Chairman, president, and CEO,
State Bank of Long Island
Edward D. Miller
President,
Chemical Banking Corp.
Michael P. Smith
Executive vice president,
New York State Bankers Association
Mr. Goldrick is the current president of the New York State Bankers Association.
Mr. Miller is the immediate past president of the association.
