2023 New York Laws › FIS - Financial Services Law › Article 2 - Organization of the Department of Financial Services › 205-B - State Charter Advisory Board.

* §  205-b.  State  charter  advisory board. There shall be within the
department  a  state  charter  advisory   board   to   work   with   the
superintendent   in  retaining  state  chartered  banking  institutions,
encouraging federally chartered  institutions  to  convert  to  a  state
charter  and  promoting  the  state  banking system. There shall be nine
members  of  the  advisory  board  who  shall  be   appointed   by   the
superintendent.  The membership shall consist of: (a) one representative
of  credit  unions,  (b)  one  representative  of  consumers,  (c)   one
representative of foreign banks; and (d) representatives of banks which,
to  the  extent  practicable,  reflect  a range of size and geographical
location,  provided,  however,  that  at  least  one   shall   represent
institutions  of more than three billion dollars in assets; at least two
shall represent institutions of less than five hundred  million  dollars
in  assets.  The superintendent shall make rules to govern the method by
which state chartered institutions may nominate persons to the board and
the process for selecting such members, provided that the representative
of consumers shall be selected by the superintendent. The term  of  each
member of such advisory board shall be three years, or until a successor
is  appointed and vacancies shall be filled for the unexpired term only.
The board shall meet at least three times annually pursuant to the  call
of  the  superintendent.  Such  meetings  may  be  held  by  means  of a
conference telephone or similar communications  equipment  allowing  all
persons  participating  in  the  meeting  to hear each other at the same
time. The members of the advisory board shall  receive  no  compensation
nor reimbursement for expenses. The advisory board may:
(1)  consider  and  recommend  ways to maintain the state charter as a
viable and attractive option, including bringing to the superintendent's
attention issues of concern to state chartered banking institutions;
(2) consider and recommend ways to encourage banking  institutions  to
offer  a  diversity  of  financial  products and services throughout the
state;
(3) recommend to the superintendent the establishment of such laws  as
may be deemed necessary, and the amendment or repeal thereof;
(4)  recommend  to  the  superintendent  the promulgation of rules and
regulations not inconsistent with the law, as may be  deemed  necessary,
and the amendment or repeal thereof; and
(5)   report  within  thirty  days  after  receipt,  on  any  proposed
regulations, amendments thereto,  or  repeal  thereof,  prior  to  final
action thereon by the superintendent.
The   advisory  board  shall  have  no  executive,  administrative  or
appointive powers or duties.
The superintendent shall make an annual report no  later  than  thirty
days after the end of each year to the temporary president of the senate
and  the  speaker  of the assembly, which shall include a summary of the
topics discussed at state charter advisory board  meetings  during  such
year,  and  any legislative recommendations related to the topics raised
at such meetings or made by any member of  the  state  charter  advisory
board.
* NB Repealed October 3, 2026