Academic journal article ABA Banking Journal

Gone Fishing

Academic journal article ABA Banking Journal

Gone Fishing

Article excerpt

Dick Yanak is what they call a live wire. He speaks in superlatives and exclamation points--and lives his life in the same manner. So when the 61-year-old president and CEO of the New York Cash Exchange (NYCE) retires in October, don't expect him to fade into the woodwork. He'll still be a force to reckon with in the financial world as a part-time consultant and possibly a teacher. Now he'll just have more time to play with his three grandchildren and take in a little fishing.

Retirement will be a challenge to Yanak after 23 years at the forefront of the electronic payments industry. Since 1993 he has headed NYCE, the leading electronic funds transfer (EFT) network in the Northeast. He comes into work 7:30 in the morning and leaves 7:30 at night. Thirty percent of his time is spent talking to any of the 1,300 financial institutions belonging to NYCE, another 30% is spent working with any of his 200 employees, and the remainder is spent keeping abreast of technological and legislative issues.

"This is a varied job with so many contact points," says Yanak. "In addition to being technology providers and service providers, NYCE has an information dissemination and lobbying role."

As a result, Yanak has found himself speaking before the U. …

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