reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 9 - Basic Banking Accounts › Section 9.4 - Conditions for opening or maintaining a basic banking account

Current through Register Vol. 46, No. 28, July 10, 2024
A banking institution may require the following as conditions
				  for opening or maintaining a basic banking account:
(a) that the applicant provide the same
				information and identification required as in the case of other consumer
				transaction accounts at that banking institution;
(b) that the account holder be a resident of
				this State;
(c) that direct deposit
				to the banking institution be made of recurring payments such as, but not
				limited to, social security, wage, or pension payments where direct deposit is
				available to the account holder; and
(d) that the account holder may not maintain
				any transaction account other than the basic banking account; provided however,
				that an account holder may continue to maintain one or more other transaction
				accounts for a reasonable period of time, which shall not be less than 60 days
				from the date that the basic banking account is opened. This prohibition shall
				not apply to any transaction account which is a burial fund account that is
				separately identifiable and monitored as a burial fund account or where the
				burial fund account is separately identifiable as a contractual funeral
				agreement pursuant to the terms and conditions of
				42 USC
				1382 b or article 5 of New York's Social
				Services Law and any regulations promulgated thereunder.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 9 - Basic Banking Accounts › Section 9.5 - Required disclosures

Current through Register Vol. 46, No. 28, July 10, 2024
Prior to establishing a basic banking account for an account
				  holder, the banking institution shall furnish a written disclosure to each
				  account holder describing the following features of the basic banking
				  account:
(a) the initial deposit
				amount, if any, required to open the account;
(b) the minimum balance, if any, required to
				maintain such account;
(c) the
				charge per periodic cycle for the use of such account, and the length of the
				periodic cycle;
(d) the maximum
				number of withdrawal transactions during any periodic cycle which the account
				holder may make at no additional charge;
(e) that an account holder may make an
				unlimited number of deposits without incurring any additional charge;
(f) any charge imposed on transactions made
				at an electronic facility not operated by the account holder's banking
				institution;
(g) that a withdrawal
				shall be deemed to be made when recorded on the books of the account holder's
				banking institution which is not necessarily the date that the account holder
				initiated the transaction;
(h) such
				other fees and charges as may be imposed on the account, e.g., charges levied
				for dishonored items, certification of checks and check printing; and
(i) such other disclosures as are customarily
				given in connection with the opening of other consumer transaction accounts
				offered by the banking institution.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 9 - Basic Banking Accounts › Section 9.6 - Relationship to convenience accounts

Current through Register Vol. 46, No. 28, July 10, 2024
If a basic banking account is structured as a convenience
				  account pursuant to the terms and conditions set forth in Part 15 of the
				  General Regulations of the Banking Board, then the requirements set forth in
				  section 14-f  of the Banking Law shall be applicable
				  only to the owner of the convenience account.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 9 - Basic Banking Accounts › Section 9.7 - Alternative accounts and banking services

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A banking institution may submit an
				application to the Superintendent of Banks for approval of an alternative
				account or other banking services which are at least as advantageous to
				consumers as the basic banking account.
(b) In the case of alternative accounts, each
				application for approval shall include, as applicable:
(1) the initial deposit amount, if any,
				necessary to open the account;
(2)
				the minimum balance, if any, required to maintain the account;
(3) the average daily balance, if any,
				required to maintain the account;
(4) the charge per periodic cycle to maintain
				the account;
(5) the number of
				allowable withdrawals per periodic cycle without additional charge;
(6) the per-transaction charge per month for
				transactions in excess of those specified above;
(7) the length of the periodic cycle of the
				account;
(8) any other fees which
				may be charged to the account holder; and
(9) such other information and documentation
				as shall be required by the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 9 - Basic Banking Accounts › Section 9.8 - Cost of the basic banking account

Current through Register Vol. 46, No. 28, July 10, 2024
(a) If a banking institution determines that
				the cost imposed on basic banking account holders is less than the actual cost
				to the banking institution to provide such account, it may submit an
				application to the superintendent seeking permission to offer an alternative
				account or service. Such application shall include the information required in
				section
				9.7(b) 
				of this Part as well as data on the actual cost to the banking institution of
				providing the basic banking account and a description of the methodology
				utilized by the banking institution in obtaining such cost data.
(b) In reviewing such application, the
				superintendent shall consider whether the methodology utilized by the banking
				institution is independently verifiable.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 11 - Insider Transactions › Section 11.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of this Part:
(a) The term affiliate shall mean any person
				that directly, or indirectly, through one or more intermediaries, controls, or
				is controlled by or is under common control with the person
				specified.
(b) The term bank shall
				mean a bank, trust company, savings bank, savings and loan association and
				credit union.
(c)
(1) The term business transaction shall
				include, but not be limited to, the following types of transactions:
(i) loans or other extensions of credit
				(including, but not limited to, standby letters of credit and
				guarantees);
(ii) purchase of
				assets or services or agreements to purchase assets (including, but not limited
				to, forward foreign exchange contracts) from the bank;
(iii) sales of assets or services or
				agreements to sell assets (including, but not limited to, forward foreign
				exchange contracts) to the bank;
(iv) use of the bank's facilities, its real
				or personal property, or its personnel;
(v) leases of real or personal property to or
				from the bank;
(vi) payment of
				commissions and fees by the bank, including brokerage commissions and
				management, consultant, architectural, legal and appraisal fees; and
(vii) payments on time deposits or other
				obligations of the bank by the bank if the payments would result in a yield
				which is more favorable than for a comparable transaction made in the ordinary
				course or business to persons not deemed insiders of the bank.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 11 - Insider Transactions › Section 11.2 - Violations; unauthorized and unsafe banking practices

Current through Register Vol. 46, No. 28, July 10, 2024
Any insider transaction effected in violation of this Part or
				  failure by a bank or an insider to comply with the provisions of this Part
				  shall be deemed an unauthorized and unsafe banking practice in the conduct of
				  the business of the bank within the meaning of the Banking
				  Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 11 - Insider Transactions › Section 11.3 - Approval and disclosure of insider transactions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Any insider transaction which, either
				alone or when aggregated in accordance with section
				11.4 
				of this Part involves assets or services having a fair market value or payments
				in excess of the following amounts:
(1)
				$20,000 or one half of one percent of the net worth of the bank, whichever is
				less, if the total assets of the bank are $100,000,000 or less;
(2) $50,000 or one half of one percent of the
				net worth of the bank, whichever is less, if the total assets of the bank are
				more than $100,000,000 and not more than $500,000,000;
(3) $100,000 or one half of one percent of
				the net worth of the bank, whichever is less, if the total assets of the bank
				are more than $500,000,000 and not more than $1,000,000,000; and
(4) one half of one percent of the net worth
				of the bank if the total assets of the bank are more than $1,000,000,000;
shall be specifically reviewed and approved by the bank' s
				  board of directors or board of trustees. Notwithstanding the foregoing, no
				  approval of a separate insider transaction shall be required if the transaction
				  is part of a series of related business transactions involving the same insider
				  and the bank's board of directors or board of trustees has reviewed and
				  approved the entire series of related transactions and the terms and conditions
				  under which such transactions may take place.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 11 - Insider Transactions › Section 11.4 - Aggregation of insider transactions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Any loan or extension of credit to or on
				behalf of an insider or a person related to an insider shall be aggregated with
				the outstanding balances of (1) all other loans or extensions of credit to the
				insider, and (2) all other loans or extensions of credit to a person related to
				that insider, and (3) any loan or extension of credit to any other person where
				the loan or extension of credit inures to the tangible economic benefit of the
				insider or person related to the insider.
(b) Any purchase or sale of assets or
				services to, by, or on behalf of an insider or a person related to an insider
				shall be aggregated with the fair market value of, or payments made or to be
				made for, all other assets or services purchased or sold to, by, or on behalf
				of (1) such insider, and (2) a person related to that insider and (3) any other
				person where the purchase or sale inured to the tangible economic benefit of
				the insider or person related to the insider; provided, however, that such
				other assets or services shall have been purchased or sold within 12
				consecutive months of the purchase or sale in question.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 11 - Insider Transactions › Section 11.5 - Information pertaining to insider transactions; files

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each bank shall maintain a record of the
				insider transactions which require review and approval under section
				11.3 
				of this Part in a manner and form that will enable examiner personnel to
				identify such insider transactions. To comply with the requirements of this
				provision each bank shall cause each insider thereof to disclose to the bank in
				writing on or before July first of each year the identity of every person
				related to an insider within the meaning of such terms insider and person
				related to an insider as defined in sections
				11.1(e) and
				(i)  of this Part, and to update such
				disclosures as circumstances change. Information pertaining to each such
				insider transaction shall be readily accessible to examiners and shall include
				all documents and other material relied upon by the board in approving such
				transaction, including the name of the insider, the position or relationship
				which causes such person to be considered an insider, the date on which the
				transaction was approved by the board, the type of insider transaction
				involved, the relevant terms of the transaction, any other pertinent facts
				which may serve to explain or support the basis for the board's decision, and
				any statement submitted for the minutes or the file by directors or trustees
				who voted not to approve the transaction.
(b) A separate chronological record shall be
				currently maintained to show the date on which the insider transaction was
				approved by the board of directors or trustees, the date the transaction was
				entered into, the name of the insider and the name of the person related to the
				insider, if the business transaction was with the related person.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 11 - Insider Transactions › Section 11.6 - Discovery of insider relationship

Current through Register Vol. 46, No. 28, July 10, 2024
If a bank becomes aware of the existence of an insider
				  relationship after entering into a transaction for which approval would have
				  been required under section
				  11.3 
				  of this Part, the bank shall promptly report such transaction to the
				  Superintendent at the address of the Banking Department set forth in section
				  1.1  of
				  Supervisory Policy G 1 of this Title, except that no such report need be made
				  by a New York bank other than a credit union if the amount involved is less
				  than $5,000 or by a credit union if the amount involved is less than
				  $4,000.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 11 - Insider Transactions › Section 11.7 - Knowledge of proposed insider transaction

Current through Register Vol. 46, No. 28, July 10, 2024
Any insider, having knowledge of an insider transaction
				  between the bank and:
(a) that
				insider;
(b) another
				insider;
(c) a person related to
				that insider or such other insider; or
(d) any other person where the transaction
				inures to the tangible economic benefit of that insider or such other insider,
				or a person related to that insider;
which is subject to approval and disclosure under section
				  11.3 
				  of this Part, shall give timely notice of such transaction to the bank's board
				  or directors or trustees.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 11 - Insider Transactions › Section 11.8 - Action by executive or other committee of bank

Current through Register Vol. 46, No. 28, July 10, 2024
Whenever in this Part there is a requirement that action be
				  taken by a board of directors or by a board of trustees, such provision may be
				  complied with by a duly constituted and authorized executive committee of the
				  bank or by any other duly constituted and authorized committee of the bank
				  composed entirely of directors or trustees of the bank and having at least five
				  members. In that event, a dissenting member of such committee may note his or
				  her dissent on the minutes of the committee. No member of such committee may
				  vote on any insider transaction which requires the approval of the committee if
				  the transaction involves the member or a person related to the member within
				  the meaning of section
				  11.1(i) 
				  of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 11 - Insider Transactions › Section 11.9 - Compliance with other laws and regulations

Current through Register Vol. 46, No. 28, July 10, 2024
Nothing in this Part shall be deemed to modify, amend, or
				  repeal any restriction and limitation imposed by law on an officer, director,
				  trustee or employee of a bank and all such restrictions and limitations shall
				  remain in full force and effect.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 12 - Acquisition Of Residences And Similar Facilities By Banks And Trust Companies › Section 12.1 - Statement of policy

Current through Register Vol. 46, No. 28, July 10, 2024
The Banking Board recognizes that banks and trust companies
				  have valid business reasons for acquiring, by purchase, lease or rental,
				  residences and similar or related facilities (including the acquisition of
				  shares together with a lease in the case of cooperative apartment purchases) to
				  house directors, officers and employees under circumstances where arranging for
				  conventional housing is impractical, whether within or without the United
				  States. Such acquisitions would be considered inappropriate by the Banking
				  Board, however, if motivated principally by investment
				  objectives.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 12 - Acquisition Of Residences And Similar Facilities By Banks And Trust Companies › Section 12.2 - Limited authorization; delegation

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The Banking Board hereby grants
				permission to banks and trust companies to acquire any single residence or
				similar facility within or without the United States, as described in section
				12.1  of this
				Part in an amount not exceeding $700,000 or two and one half percent of capital
				stock, surplus and undivided profits, whichever is greater or lease any single
				residence or similar facility where total payments over the term of the lease
				and the term or terms of any renewal option provided in the lease will not
				exceed $700,000 or two and one half percent of capital stock, surplus and
				undivided profits, whichever is greater. Individual acquisitions or leases
				exceeding these limits will require prior approval of the Banking
				Board.
(b) All investments by the
				bank or trust company in such real property, including leasehold improvements
				and capitalized leases, when added to the amount invested by the bank or trust
				company pursuant to section 98 (1)(a)  of the Banking Law,
				shall not exceed the limitations set forth in section 98(1)(a).
(c) The bank or trust company shall agree in
				writing that within one year after the cessation of the use of said real
				property as the residence or similar facility for use of any director, officer
				or employee of the bank or trust company, it shall dispose of such real
				property or shall terminate its liability as tenant or sublessee, if
				applicable, on any leased premises; provided, however, that the Superintendent
				of Banks may, upon a showing of good cause, extend the time within which the
				bank or trust company must dispose of such real property.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 12 - Acquisition Of Residences And Similar Facilities By Banks And Trust Companies › Section 12.3 - Annual report

Current through Register Vol. 46, No. 28, July 10, 2024
Each bank or trust company availing itself of the limited
				  authorization provided in section
				  12.2 
				  of this Part shall, within one year of the initial acquisition or lease of such
				  property and annually thereafter, as to properties or leases held on the date
				  of such report, provide to the superintendent a list of:
(a) all property purchased or leased under
				the limited authorization of section
				12.2 
				of this Part which shall, with respect to each such acquisition or lease,
				include the following:
(1) address of the
				residence or similar facility;
(2)
				type of acquisition (e.g., lease or purchase);
(3) reason for acquisition of such real
				property;
(4) date of purchase of
				such real property, or date of commencement of the lease and date of its
				expiration, including description of any renewal rights;
(5) cost of purchase or rental; description
				of any sale-back, cancellation or similar clauses;
(6) a written assurance in accordance with
				section
				12.2(c) 
				of this Part; and
(7) such
				additional information or submit such documents, as the superintendent may
				require;
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 13 - Depositor Savings Information ("truth-in-savings") › Section 13.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part:
(a) The term banking organization shall mean
				all banks, trust companies, savings banks, savings and loan associations,
				credit unions and insured branches of foreign banking corporations licensed or
				chartered by the State of New York. An insured branch of a foreign banking
				corporation is a branch of a foreign banking corporation whose deposits are
				required to be insured by the Federal Deposit Insurance Corporation.
(b) The term savings account shall mean a
				deposit accepted by a:
(1) savings bank, in
				accordance with Banking Law section 245, subdivision 3- a or 3-b;
(2) savings and loan association, in
				accordance with Banking Law section 378(4) and  12 CFR § 526.1(d), (e) or
				(l)  of the Federal Savings and Loan Insurance Corporation (FSLIC)
				regulations;
(3) bank or trust
				company, in accordance with Banking Law section 96(1) and
				12
				CFR §§
											217.1(e) of
				the Federal Reserve Board regulations (Regulation Q) or
				12 CFR §§
											329.1(e) of the FDIC
				regulations; and
(4) credit union,
				in accordance with the provisions of Banking Law section 453(1) (share
				accounts) and
				12 CFR
				701.35(1) of the National
				Credit Union Administration regulations.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 13 - Depositor Savings Information ("truth-in-savings") › Section 13.2 - Distribution of disclosure brochures

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each banking organization shall provide
				to any potential depositor upon request, and to any depositor at the time of
				the first deposit of funds into a savings or time deposit account, the
				information required by this Part. In the case of an account opened by mail,
				such information shall be provided, by mail or in person, when the depositor
				receives acknowledgment of the opening of the account.
(b) In order to notify existing depositors of
				the availability of the disclosure information required by this Part, each
				banking organization shall either:
(1)
				prominently post a notice in the lobby of each office of the banking
				organization located in the State of New York (other than electronic
				branches);
(2) periodically
				prominently include a notice in existing advertising or in separate
				advertising; or
(3) mail a notice
				to each depositor.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 13 - Depositor Savings Information ("truth-in-savings") › Section 13.3 - Form of disclosure

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				disclosure required by this Part shall be made clearly, conspicuously, in
				meaningful sequence, subdivided under descriptive headings and printed in at
				least eight-point typeface. (Appendix 13 suggests how the required information
				may be disclosed in a clear, concise and simple form.)
(b) A banking organization may provide the
				required information in a single, consolidated disclosure document or may
				provide separate disclosure documents for each type of account.
(c) Banking organizations are encouraged to
				supplement the narrative statements with illustrations (i.e., give particular
				examples), tables, charts, drawings or other means which may aid the depositor
				in comprehending the disclosure information.
(d) The disclosure statement shall provide
				the name of a person or department or branch that can be contacted in order to
				answer any questions relating to the disclosure required by this
				Part.
(e)
(1) Each branch of the banking organization
				(excluding electronic branches and branches located outside of the State of New
				York) shall have a copy of its interest factor tables which will be available
				to any depositor in order to verify the interest in his (her) account. (Each
				branch need only have a copy available for depositor review on the branch
				premises.)
(2) Paragraph (1) of
				this subdivision shall not apply to any savings or time account which is
				offered at a rate which varies in accordance with market interest rates (e.g.,
				the so-called "money market certificate"). Nevertheless, interest factor tables
				applicable to a savings or time account which is offered at a rate which varies
				in accordance with market interest rates must be available at one of the
				banking organization's offices located in the State of New York.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 13 - Depositor Savings Information ("truth-in-savings") › Section 13.4 - Disclosure of information on savings accounts

Current through Register Vol. 46, No. 28, July 10, 2024
Each banking organization shall disclose the following
				  information on savings accounts, if applicable:
(a) the annual interest rate;
(b) the annual percentage yield;
(c) the compounding period;
(d) the periodic percentage rate paid in each
				compounding period;
(e) the
				principal amount to which the periodic percentage rate is applied ( e.g.,
				balance at the end of each day, the average balance for the quarter, the low
				balance for the quarter, etc.), including the following information, if
				applicable:
(1) if interest is not paid on the
				31st day of the month for those months with 31 days;
(2) the time or day the deposit begins to
				earn interest, if other than the day on which the deposit is made;
(3) the manner in which a withdrawal affects
				the interest calculation, e.g., Last In First Out (LIFO), First In First Out
				(FIFO), etc.; and
(4) the manner in
				which interest is paid on funds which are transferred from one account to
				another account within the banking organization, if such a transfer is treated
				differently from any other deposit;
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 13 - Depositor Savings Information ("truth-in-savings") › Section 13.5 - Disclosure of information on time deposits

Current through Register Vol. 46, No. 28, July 10, 2024
Each banking organization shall disclose the following
				  information on time deposits, if applicable:
(a) the annual interest rate;
(b) the annual percentage yield;
(c) the compounding period;
(d) the periodic percentage rate paid each
				compounding period;
(e) The
				principal amount to which the periodic percentage rate is applied, including
				the following information, if applicable:
(1)
				if interest is not paid on the 31st day of the month for those months with 31
				days;
(2) the time or day the
				deposit begins to earn interest, if other than the day on which the deposit is
				made; and
(3) the consequence of a
				maturity date which falls on a Saturday, Sunday or legal holiday;
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 13 - Depositor Savings Information ("truth-in-savings") › Section 13.6 - Compliance with federal regulation

Current through Register Vol. 46, No. 28, July 10, 2024
Banking organizations which comply with Regulation DD of the
				  Board of Governors of the Federal Reserve System ( 12 CFR Part 230) issued on
				  September 14, 1992 with respect to consumer accounts shall be deemed to be in
				  compliance with this Part. In addition, a banking organization may satisfy this
				  Part, in the case of business accounts, by providing either a disclosure
				  statement in the form required by  12 CFR 230  or a disclosure statement meeting
				  the requirements of this Part. Those banking organizations which choose to
				  satisfy the requirements of this Part with respect to business accounts by
				  complying with  12 CFR 230, need only comply with those portions of  12 CFR 230
				   which contain provisions to the same effect as those contained in this
				  Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 13 - Depositor Savings Information ("truth-in-savings") › Section 13.7 - Disclosure of information for variable rate deposits or money market deposits

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This section
				contains the sole informational and disclosure requirements for variable rate
				deposits or money market deposits (i.e.,savings or time deposits with interest
				rates which vary during the term or duration of the deposit), to the exclusion
				of the provisions of sections
				13.2
				and
				13.5 
				of this Part except as expressly provided herein.
(b) Disclosures for variable rate deposits or
				money market deposits may be provided in a separate document for each type of
				account. The following provisions apply:
(1)
				The disclosures shall contain the items listed in section
				13.4
				or
				13.5 
				of this Part, to the extent such items are applicable to any specific account,
				except that:
(i) no reference may be made to
				a periodic percentage rate;
(ii) no
				statement may be made of an annual percentage yield unless the statement is
				accompanied by a disclosure which indicates the hypothetical nature of the
				yield statement and which discloses the period of time during which the
				interest rate used to determine the annual yield will remain in effect;
				and
(iii) only the annual interest
				rate in effect on the date that the disclosure statement is distributed shall
				be provided, but the disclosure shall include the date up to which or period
				for which such rate shall apply and the frequency of rate adjustment
				thereafter.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 14 - Investments In Corporations By Banks And Trust Companies › Section 14.1 - Purpose and scope

Current through Register Vol. 46, No. 28, July 10, 2024
Section 97 (4-a)  of the Banking Law
				  authorizes the superintendent to adopt regulations to permit banks and trust
				  companies to own or make investments in the stock and other equity of
				  subsidiary corporations engaged in the transaction of any business in which a
				  bank or trust company may engage directly ("operating subsidiaries") and
				  corporations organized pursuant to section 25(a) of the Federal Reserve Act
				  ("Edge Act subsidiaries"). Banks and trust companies may also make investments
				  in the capital stock (which for the purposes of this Part shall be deemed to
				  include contributions to capital surplus) of other corporations if specifically
				  authorized by the superintendent pursuant to section 97 (5)  of the Banking Law.
				  This Part implements the superintendent's authority to authorize investments in
				  operating and Edge Act subsidiaries pursuant to section 97(4-a) and to
				  establish the procedures to make applications to invest in the capital stock of
				  other corporations pursuant to section 97(5).
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 14 - Investments In Corporations By Banks And Trust Companies › Section 14.2 - Limitations

Current through Register Vol. 46, No. 28, July 10, 2024
The investment procedures of section
				  14.3 
				  of this Part are limited to corporations of which a bank or trust company is or
				  will become the owner of at least a majority of the voting stock and which are
				  controlled by no other person.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 14 - Investments In Corporations By Banks And Trust Companies › Section 14.3 - Investment procedures for operating subsidiaries and edge act subsidiaries

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as
				provided in subdivisions (b) and (c) of this section, a bank or trust company
				which seeks to acquire, establish, make an additional investment (exceeding the
				lesser of one percent of the bank or trust company's capital stock, surplus
				fund and undivided profits or five million dollars) in, or perform new
				activities in an operating subsidiary, or acquire, establish, or make an
				additional investment in an Edge Act subsidiary, shall submit a notice to the
				superintendent containing a detailed description of the applicant's investment
				in the subsidiary (including, but not limited to, the purchase price, whether
				any shares are to be purchased from officers or executive officers of the bank
				or trust company, and the identity of any other investors), the activities or
				proposed activities of the subsidiary, the location of the subsidiary's offices
				and records, the organizational structure and management of the subsidiary, the
				relations between the applicant and the subsidiary (including, but not limited
				to, whether the bank or trust company intends to lend money to or guaranty the
				obligations of the subsidiary), and any other information the superintendent
				may request. The investment may be made or the new activity performed 30 days
				after the superintendent's receipt of the notice unless within that 30-day
				period the superintendent notifies the bank or trust company in writing that:
(1) it may make the investment or perform the
				new activity earlier;
(2) it may
				not make the investment or perform the new activity; or
(3) the superintendent requires additional
				time or information.
In the event the superintendent notifies the bank or trust
				  company that he or she requires additional time or information, the bank or
				  trust company may not make the investment or perform the new activity prior to
				  receiving written approval from the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 14 - Investments In Corporations By Banks And Trust Companies › Section 14.4 - Investment procedures for other stock investments

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A bank or trust company which seeks to
				acquire, establish, make an additional investment in, or perform new activities
				in any other corporation (whether or not the bank or trust company will own a
				majority of its stock) shall submit an application to the superintendent
				containing a detailed description of the applicant's investment (including, but
				not limited to, the purchase price, whether any shares are to be purchased from
				officers or executive officers of the bank or trust company, and the identity
				of any other investors), the activities or proposed activities of the
				corporation, the location of the corporation's offices and records, the
				organizational structure and management of the corporation, the relations
				between the applicant and the corporation (including, but not limited to,
				whether the bank or trust company intends to lend money to or guaranty the
				obligations of the corporation), and any other information the superintendent
				may request. The investment may be made or the new activity performed only upon
				receipt of Banking Board approval.
(b) A bank or trust company that seeks to
				make an additional investment in a corporation, the initial investment in which
				was approved by the Banking Board pursuant to subdivision (a) of this section,
				shall be required to follow only the notice procedures of section
				14.3(a) 
				of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 15 - Joint Deposits And Shares; Convenience Deposits And Shares › Section 15.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Joint account.
				For purposes of this Part, a joint account shall mean any deposit of cash
				(including purchases of shares in the case of mutual savings and loan
				associations and credit unions), securities or other property made in or with
				any banking organization or foreign banking corporation transacting business in
				this State, in the name of the depositor and another person or persons and in
				form to be paid or delivered to any or the survivor of them.
(b) Owner of a joint account. For purposes of
				this Part, the owner of a joint account shall refer to the depositor and any
				other person or persons named on the account.
(c) Convenience account. For purposes of this
				Part, a convenience account shall mean any deposit of cash (including purchases
				of shares in the case of mutual savings and loan associations and credit
				unions), securities or other property made in or with any banking organizations
				or foreign banking corporation transacting business in this State, in the name
				of the depositor and another person or persons and in a form to be paid or
				delivered to any of them "for the convenience" of the depositor without any
				right of survivorship in the account existing in favor of the other person or
				persons so named solely by virtue of such account designation.
(d) Owner of a convenience account. For
				purposes of this Part, the owner of a convenience accountshall refer only to
				the depositor and he or she shall be clearly designated as such on the records
				of the depositary. In the account title, "FCO" may be used to represent the
				term "For the Convenience Of" or "For Convenience Only" whichever is
				appropriate in the context of the account title. The word "owner" need not
				appear in the account title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 15 - Joint Deposits And Shares; Convenience Deposits And Shares › Section 15.2 - Requirement to furnish notice

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Every banking institution referred to in section
				15.1  of this Part
				shall furnish a written notice to each owner named in every joint account. Such
				notice shall include, but need not be limited to, the disclosures set forth in
				section
				15.3  of this
				Part.
(b) Every banking institution
				referred to in section
				15.1  of this Part
				shall furnish a written notice to the owner and other person or persons named
				on every convenience account which shall be established or into which funds
				currently on deposit with the institution shall be transferred or "rolled over"
				on or after the effective date of this section, which notice shall include, but
				need not be limited to, the disclosures set forth in section
				15.3  of this
				Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 15 - Joint Deposits And Shares; Convenience Deposits And Shares › Section 15.3 - Disclosures

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Joint accounts.
				The notice referred to in section
				15.2 
				of this Part shall reasonably inform the joint owners, in plain language, of
				the terms and conditions of the account, including the relationship and
				consequences between the parties in the account and the responsibilities of the
				depositary with which the account is established. Without limiting the
				foregoing, such disclosures shall indicate:
(1) that such deposit, and any additions
				thereto, shall become the property of each owner as joint tenants and, as such,
				that the depositary may release the entire account to any owner during the
				lifetime of all owners;
(2) that
				the depositary may honor checks or orders drawn by, or withdrawal requests
				from, any owner during the lifetime of all owners;
(3) that the depositary may be required by
				service of legal process to remit funds held in the joint account to satisfy a
				judgment entered against, or other valid debt incurred by, any owner of the
				account;
(4) that the depositary
				may honor checks or orders drawn by, or withdrawal requests from, the
				survivor(s) after the death of any owner(s);
(5) the depositary may treat the account as
				the sole property of the survivor(s) after the death of any owner(s);
(6) unless the depositary receives written
				notice signed by any owner not to pay or deliver any joint deposit, or addition
				or accrual thereon, the depositary shall not be liable to any owner for
				continuing to honor checks or other orders drawn by, or withdrawal requests
				from, any owner; and
(7) after the
				receipt of the notice referred to in subdivision (f) of this section, the
				depositary may require the written authorization of any or all joint owners for
				any further payments or deliveries.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 15 - Joint Deposits And Shares; Convenience Deposits And Shares › Section 15.4 - Retention of record of disclosures

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A record of acknowledgement of the
				account owner's or owners' receipt of such disclosures, as well as an
				acknowledgement of receipt of such disclosure by the other person or persons
				which acknowledgments may appear on the signature card or on any other form at
				the discretion of the depositary, shall be maintained by every banking
				institution referred to in section
				15.1  of this Part
				during the term of each joint or convenience account, and for a period of not
				less than two years after the termination date of the account.
(b) In the case of joint or convenience
				accounts opened by mail (including a depositor's return of a newspaper coupon
				or other marketing device) the depositary shall be deemed to have complied with
				this section if disclosures are mailed by separate envelope to the owner(s) and
				to the other person or persons at their addresses in the depositary's records
				not more than 10 days after establishment of the account, and a record of the
				mailing date of such notice is maintained as above in the file for each
				account. For any joint or convenience account opened in the name of an owner
				who does not appear in person, disclosures shall be sent as if that owner were
				opening the account by mail.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 16 - Certain Mergers And Acquisitions Of Assets Involving Banking Institutions › Section 16.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of this Part:
(a) stock-form thrift institutions shall
				include both stock-form savings banks and stock-form savings and loan
				associations organized under New York law;
(b) mutual thrift institutions shall include
				both mutual savings banks and mutual savings and loan associations organized
				under New York law;
(c) commercial
				banks shall include both banks and trust companies organized under New York
				law;
(d) Federal thrift
				institutions shall include both federally chartered savings banks and federally
				chartered savings and loan associations, whether in mutual or stock form;
				and
(e) investment companies shall
				have the same meaning as in subdivision 10 of section 2  of the
				Banking Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 16 - Certain Mergers And Acquisitions Of Assets Involving Banking Institutions › Section 16.2 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
This Part implements the Banking Board's authority to permit
				  mergers and acquisitions of assets not otherwise authorized by the Banking Law
				  between and among banking institutions.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 16 - Certain Mergers And Acquisitions Of Assets Involving Banking Institutions › Section 16.3 - Authorized transactions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				following mergers are hereby authorized:
(1)
				one or more stock-form thrift institutions with another stock-form thrift
				institution;
(2) one or more
				stock-form thrift institutions with one or more commercial banks;
(3) subject to the conditions contained in
				subdivision (e) of this section, one or more mutual thrift institutions with
				one or more stock-form thrift institutions or commercial banks;
(4) one or more stock-form thrift
				institutions with one or more Federal thrift institutions or national
				banks;
(5) subject to the
				conditions contained in subdivision (e) of this section, one or more mutual
				thrift institutions with one or more Federal thrift institutions or national
				banks.
(6) one or more commercial
				banks with one or more Federal thrift institutions; and
(7) one or more investment companies into a
				commercial bank or a national bank.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 16 - Certain Mergers And Acquisitions Of Assets Involving Banking Institutions › Section 16.4 - Application and fee

Current through Register Vol. 46, No. 28, July 10, 2024
Any application submitted pursuant to the authority of this
				  Part shall be in the form prescribed by Supervisory Procedure CB 105 of this
				  Title, except that the fee accompanying such application shall be in the amount
				  specified in section
				  1.2  of
				  Supervisory Policy G 1 of this Title in the case of a transaction to which one
				  or more of the parties is a stock-form thrift institution. The application
				  should be sent to the division of the Banking Department that supervises the
				  acquiring or receiving institution at the address of the department set forth
				  in section
				  1.1  of
				  Supervisory Policy G 1.