NY Banking L § 14 (2021)
2021 New York Laws BNK - Banking Article 2 - Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers 14 - Additional Powers of the Superintendent.

§ 14.  Additional  powers of the superintendent. 1. For the purpose of effectuating the policy declared in section ten of this article, without limiting any other powers that the superintendent is permitted by law to exercise, the superintendent shall have the power  to  make,  alter  and amend  orders,  rules  and  regulations  not inconsistent with law. Such orders, rules and regulations shall be brought to the attention of those affected thereby in a manner prescribed by  law.  Without  limiting  the foregoing  power,  orders  or rules or regulations may be so adopted for the following specific purposes:  (a) To approve organization certificates and articles of  association, private  bankers'  certificates and applications of foreign corporations for licenses to do business in this state, as provided in this article.  (b) To determine the purposes  for  which  and  the  extent  to  which capital  notes  or debentures shall be considered and treated as capital stock  of  corporate  banking  organizations;  but  capital   notes   or debentures  shall  not be considered or treated as capital stock for the purposes of sections one hundred ten and  one  hundred  eleven  of  this chapter.  (c) To grant permission to a trust company, including a national bank, to  establish  one or more common trust funds upon application and after inquiry concerning the qualifications of such trust company to  maintain and  manage  the same, and to regulate the conduct and management of any common trust fund and for such purpose, but not by way of limitation  of the  foregoing  power,  to  prescribe (1) the records and accounts to be kept of such common trust funds; (2) the procedure  to  be  followed  in adding  moneys  to  or  withdrawing  moneys or investments from any such common trust fund; (3) the methods  and  standards  to  be  employed  in determining  the  value of such common trust funds and of the assets and investments thereof; (4) the maximum amount of  moneys  of  any  estate, trust  or  fund  which may be invested in any common trust fund; and (5) the maximum proportionate share of any such common trust fund which  may be apportioned to any estate, trust or fund; and in connection with such powers  to classify the corporations maintaining such common trust funds according to the population of the city, town or village  in  which  the principal  offices  of such corporations are respectively located and to prescribe the minimum total of  any  such  common  trust  fund  and  the permissible  limits  of  investment  therein  in  accordance  with  such classification.  (cc) To approve the incorporation by or on behalf of  trust  companies and  national  banks  with  trust  powers  of  a mutual trust investment company to form a medium for the common  investment  of  funds  held  by trust   companies,   including  national  banks,  acting  as  executors, administrators,  guardians,  inter-vivos  or  testamentary  trustees  or committees   or   conservators   either   alone   or   with   individual co-fiduciaries, and any amendments of the certificate  of  incorporation of such mutual trust investment company, and to regulate the conduct and management of such mutual trust investment company and for such purpose, but  not  by  way of limitation of the foregoing power, to prescribe (1) the records and accounts to be kept  by  such  mutual  trust  investment company;  (2)  the procedure to be followed in the sale or redemption of stocks or shares therein; (3) the methods and standards to  be  employed in  determining  the value of such shares in the mutual trust investment company and the assets and investments  thereof;  and  (4)  the  maximum proportionate  shares  of any such mutual trust investment company which may be apportioned or sold to any one trust company or national bank.  (d) To authorize a bank or a trust company to invest  in  the  capital stock of, or any other equity interest in, any corporation, partnership, unincorporated  association,  limited liability company, or other entity  not  included  among  the  corporations  or  other  entities  for  which investment  in  the  capital stock or other equity interest is expressly authorized by this chapter.  (e)  To  authorize  a  savings  bank  to  invest in the capital stock, capital notes and debentures of a trust company or other corporation, as provided in article six of this chapter.  (f) To authorize a savings and  loan  association  to  invest  in  the capital  stock, capital notes and debentures of a trust company or other corporation, as provided in article ten of this chapter.  (g) To prescribe from time to time: (1) the rates  of  interest  which may  be  paid  on  deposits  with  any banking organization and with any branch or agency of a foreign banking corporation; and (2) the rates  of dividends  which  may  be  paid  on  shares  of  any  savings  and  loan association or credit  union,  and  to  prohibit  the  payment  of  such interest  or such dividends by any banking organization or by any branch of  a  foreign  banking  corporation.  Interest  or  dividend  rates  so prescribed need not be uniform.  (h)  To  limit and regulate withdrawals of deposits or shares from any banking  organization,  if  the  superintendent  shall  find  that  such limitation  and  regulation  are  necessary  because of the existence of unusual and extraordinary circumstances.  (i) To prescribe from time to time reserves  against  deposits  to  be maintained  by  banks  and  trust companies pursuant to article three of this chapter; provided  that  no  reserve  requirement  imposed  against either  time  or demand deposits shall require any bank or trust company to maintain total reserves  in  an  amount  greater  than  it  would  be required  to  maintain  if  it  were at the time a member of the federal reserve system; and provided further, however,  that  a  bank  or  trust company  not a member of the federal reserve system may be authorized to maintain total reserves against deposits in an  amount  lower  than  the reserves  required  by  article  three of this chapter to be maintained, either in individual cases or by general regulations on  such  basis  as the  superintendent  may  deem  reasonable or appropriate in view of the character of the business transacted by such bank or trust company.  (j) To grant permission to officers, directors, clerks or employees of banks  and  trust  companies  to  engage  in   the   issue,   flotation, underwriting,  public  sale  or  distribution at wholesale or retail, or through syndicate  participation  of  stocks,  bonds  or  other  similar securities,  and  to  revoke  such  permission, both as provided in this chapter.  (k) To prescribe the methods and standards to be used  (1)  in  making the  examinations  provided  for in this chapter, and (2) in valuing the assets of banking organizations.  (l) To prescribe the  form  and  contents  of  periodical  reports  of condition   to  be  rendered  to  the  superintendent  by  banks,  trust companies, private bankers and branches of foreign banking corporations, and the manner of publication of such reports.  (m) To postpone or omit the  calling  for  and  rendering  of  reports provided  for by this chapter if the superintendent shall find that such postponement or omission  is  necessary  because  of  the  existence  of unusual and extraordinary circumstances.  (n)  To  define what is an unsafe manner of conducting the business of banking organizations.  (o) To define what  is  a  safe  or  unsafe  condition  of  a  banking organization.  (p) To make variations from the requirements of this chapter, provided such  variations  are  in  harmony  with  the  spirit of the law, if the  superintendent shall find that such variations are necessary because  of the existence of unusual and extraordinary circumstances.  (q)  To  establish safe and sound methods of banking and safeguard the interests  of  depositors,  creditors,  shareholders  and   stockholders generally in times of emergency.  (qq) To permit any banking organization, national banking association, federal  mutual  savings  bank, federal savings and loan association and federal credit union to offer graduated payment  mortgages  which  shall conform  to  the  provisions  of section two hundred seventy-nine of the real property law.  (s) To permit authorized lenders, as defined by  section  two  hundred eighty  or  two  hundred  eighty-a  of  the  real property law, to offer reverse mortgage loans which shall conform to the provisions of  section two hundred eighty or two hundred eighty-a of the real property law.