Scott A. Shay
Chairman and Co-founderScott A. Shay is co-founder and chairman of New York-based Signature Bank and is author of "In Good Faith: Questioning Religion and Atheism" (Post Hill Press, 2018).
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Providing incentives for banks to transition legacy loan contracts from the London interbank offered rate to the new Secured Overnight Financing Rate, as New York Gov. Andrew Cuomo’s proposed budget does, is a gift to megabanks and limits pricing options for smaller lenders.
March 17 -
Lawmakers need to create a coronavirus relief program targeting owners of smaller businesses facing more hardship than larger competitors that received much of the aid from the Paycheck Protection Program.
December 9 -
Some megabanks are pushing New York lawmakers to add a legal safe harbor if lenders use the new Secured Overnight Financing Rate. Smaller banks would have little choice but to take that option.
May 4 -
Policymakers should abolish the new accounting standard because it could distract banks at exactly the moment they need to be focused on pulling their communities from the brink of recession.
March 25
