N.Y. FIS Law § 205-B — New York Code / Act FIS / Article 2 / Section 205-B
State charter advisory board
Status: in_force

* § 205-b. State charter advisory board. There shall be within the\ndepartment a state charter advisory board to work with the\nsuperintendent in retaining state chartered banking institutions,\nencouraging federally chartered institutions to convert to a state\ncharter and promoting the state banking system. There shall be nine\nmembers of the advisory board who shall be appointed by the\nsuperintendent. The membership shall consist of: (a) one representative\nof credit unions, (b) one representative of consumers, (c) one\nrepresentative of foreign banks; and (d) representatives of banks which,\nto the extent practicable, reflect a range of size and geographical\nlocation, provided, however, that at least one shall represent\ninstitutions of more than three billion dollars in assets; at least two\nshall represent institutions of less than five hundred million dollars\nin assets. The superintendent shall make rules to govern the method by\nwhich state chartered institutions may nominate persons to the board and\nthe process for selecting such members, provided that the representative\nof consumers shall be selected by the superintendent. The term of each\nmember of such advisory board shall be three years, or until a successor\nis appointed and vacancies shall be filled for the unexpired term only.\nThe board shall meet at least three times annually pursuant to the call\nof the superintendent. Such meetings may be held by means of a\nconference telephone or similar communications equipment allowing all\npersons participating in the meeting to hear each other at the same\ntime. The members of the advisory board shall receive no compensation\nnor reimbursement for expenses. The advisory board may:\n  (1) consider and recommend ways to maintain the state charter as a\nviable and attractive option, including bringing to the superintendent's\nattention issues of concern to state chartered banking institutions;\n  (2) consider and recommend ways to encourage banking institutions to\noffer a diversity of financial products and services throughout the\nstate;\n  (3) recommend to the superintendent the establishment of such laws as\nmay be deemed necessary, and the amendment or repeal thereof;\n  (4) recommend to the superintendent the promulgation of rules and\nregulations not inconsistent with the law, as may be deemed necessary,\nand the amendment or repeal thereof; and\n  (5) report within thirty days after receipt, on any proposed\nregulations, amendments thereto, or repeal thereof, prior to final\naction thereon by the superintendent.\n  The advisory board shall have no executive, administrative or\nappointive powers or duties.\n  The superintendent shall make an annual report no later than thirty\ndays after the end of each year to the temporary president of the senate\nand the speaker of the assembly, which shall include a summary of the\ntopics discussed at state charter advisory board meetings during such\nyear, and any legislative recommendations related to the topics raised\nat such meetings or made by any member of the state charter advisory\nboard.\n  * NB Repealed October 3, 2026\n