reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 26 - Stock Options › General Provisions › Section 26.4 - Final approval

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Following approval by the holders of a majority of the outstanding shares of
				  capital stock of the bank and following the expiration of a 20-day period from
				  the date notice of the stockholder's meeting was mailed to stockholders, the
				  bank may submit to the superintendent an application for final approval of the
				  plan. The application, to be submitted in triplicate, shall consist of:
(1) a certified copy of the resolution of the
				  stockholders adopting the plan and approving any appropriate amendments to the
				  bank's organization certificate;
(2) a sworn statement of the bank's
				  president, secretary or cashier setting forth the votes cast for and against
				  the plan, and stating whether any stockholders have demanded payment for their
				  shares and if so, the number of shares for which payment has been demanded;
				  and
(3) such other documents or
				  information as the superintendent may require.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 26 - Stock Options › General Provisions › Section 26.5 - Notice to stockholders

Current through Register Vol. 46, No. 28, July 10, 2024
The following information shall accompany the notice given
					 to stockholders of the stockholders' meeting to be held for the purpose of
					 approving a plan:
(a) a copy of the
				  plan;
(b) comparative earnings
				  statements of the bank, in tabular form, for each of the last five calendar
				  years and for the current year, inclusive of the quarterly period preceding
				  such notice;
(c) comparative
				  balance sheets of the bank, in tabular form, for each of the last five calendar
				  years and for the current year, inclusive of the quarterly period preceding
				  such notice;
(d) the current annual
				  compensation of each of the bank's two highest paid officers and the current
				  annual aggregate compensation of all the bank's officers;
(e) any options previously granted by the
				  bank to its officers or employees;
(f) a statement to the effect that the
				  superintendent's preliminary review of the plan implies neither approval nor
				  disapproval of the plan's contents;
(g) such other information as may be required
				  by the superintendent; and
(h) such
				  other information as may be required by applicable law or regulation.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 26 - Stock Options › General Provisions › Section 26.6 - Amendments to plan or options

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Except as provided in subdivision (b) of this section, no amendment to a plan
				  shall become effective until such amendment has been adopted by the bank' s
				  board of directors, and approved by the holders of a majority of the
				  outstanding shares of the capital stock of the bank and by the superintendent
				  in accordance with the procedures set forth in sections
				  26.3 and
				  26.4  of this
				  Part.
(b) Stockholder approval of
				  the proposed amendment shall not be required if the plan contains a provision
				  similar to that permitted under section
				  26.13(a)(8) 
				  of this Part, the proposed amendment is not one of those specified in
				  subparagraphs (i) through (v) thereof and the proposed amendment does not
				  require an amendment of the bank's organization certificate. In such event,
				  following adoption of the amendment by its board of directors, a bank shall
				  submit to the superintendent an application for approval of the amendment, and
				  no such amendment shall become effective until the superintendent's approval is
				  granted. The application, to be submitted in triplicate, shall consist of:
(1) a copy of the amendment;
(2) a certified copy of the resolution of the
				  board of directors adopting the amendment;
(3) an opinion of the bank's counsel that the
				  provisions of the plan, as amended, will permit compliance with the provisions
				  of this Part; and
(4) such other
				  documents or information as the superintendent may require. The superintendent
				  shall approve or disapprove in writing such application.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 26 - Stock Options › Provisions of Plan › Section 26.10 - Granting committee

Current through Register Vol. 46, No. 28, July 10, 2024
The plan shall provide that options shall be granted only
					 by (or upon recommendation of) a committee elected by the bank's board of
					 directors. However, with respect to participation by directors, the plan shall
					 provide that options shall be granted by (or only in accordance with the
					 recommendation of) a committee elected by the bank's board of directors, none
					 of the members of which committee shall be under consideration for a grant of
					 options at the time such committee acts, or in accordance with the plan if the
					 plan specifies the number of options which will be granted to
					 directors.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 26 - Stock Options › Provisions of Plan › Section 26.11 - Option pricing

Current through Register Vol. 46, No. 28, July 10, 2024
The plan shall provide that options may be granted at not
					 less than 100 percent of the fair market value of the shares covered by such
					 option on the date the option is granted. If a realistic and fair market value
					 of such shares is not readily determinable, an estimate of the fair market
					 value shall be made and options may be granted at not less than this figure and
					 in such case the plan shall set forth in detail the method to be employed in
					 estimating fair market value. Among the factors which should be considered in
					 such estimates are:
(a) the market
				  value of the shares of comparable banks; and
(b) the trend of the bank's
				  earnings.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 26 - Stock Options › Provisions of Plan › Section 26.12 - Additional mandatory provisions

Current through Register Vol. 46, No. 28, July 10, 2024
The plan shall provide:
(a) a general statement of the purposes of
				  the plan;
(b) that the plan is
				  subject to the provisions of the Banking Law, section
				  140-a, the regulations of the Banking
				  Board and any other applicable law or regulation;
(c) the total number of shares as to which
				  options may be granted, which number may, however, be subject to adjustment as
				  provided in section
				  26.13(a)(7) 
				  of this Part;
(d) the period of
				  time for which the plan shall be in effect;
(e) that options granted thereunder shall not
				  extend beyond a period of 10 years or such shorter period as the plan may
				  provide;
(f) that an optionee may
				  not sell within a specified period shares which he has purchased pursuant to
				  option (unless the superintendent shall waive, in writing, the requirement for
				  such a provision);
(g) that no
				  options shall be assignable or transferable except by will or by the laws of
				  descent and distribution; and
(h)
				  that the terms and conditions of options shall be set forth or incorporated by
				  reference in the instruments evidencing such options.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 26 - Stock Options › Provisions of Plan › Section 26.13 - Permissive provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				  plan may include:
(1) a limitation upon the
				  number of shares which may be optioned to any single individual;
(2) a limitation to the effect that an
				  optionee may exercise an option only while in the employ of the bank or within
				  three months after leaving such employment;
(3) a limitation to the effect that an option
				  may not be exercised more than two years after the death of the
				  optionee;
(4) a limitation upon the
				  times during a year when options may be exercised;
(5) a limitation upon the portion of an
				  optionee's options which may be exercised in any one year;
(6) an age limitation upon the persons who
				  may be granted options;
(7) a
				  provision which would permit a bank's board of directors, subject only to the
				  superintendent's approval, to make appropriate adjustments in the total number
				  of shares as to which options may be granted, the number of shares which may be
				  optioned to any single individual, the number of shares optioned under any
				  option, and the option price under any option, to reflect any stock dividend,
				  stock split or share combination duly effectuated by the bank; and
(8) a provision which would permit a bank's
				  board of directors to amend the plan, subject only to the superintendent's
				  approval; provided, however, that the approval of the holders of a majority of
				  the bank's outstanding capital stock shall be required for any amendment (other
				  than an adjustment made pursuant to paragraph [7] of this subdivision) which
				  would:
(i) increase the number of shares as
				  to which options may be granted;
(ii) change the number of shares which may be
				  optioned to any single individual;
(iii) decrease an option price;
(iv) extend the term of the plan or of an
				  option; or
(v) change the persons
				  or category of persons eligible to be granted options.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 26 - Stock Options › Provisions of Plan › Section 26.14 - Voidability of plans and options

Current through Register Vol. 46, No. 28, July 10, 2024
If the superintendent shall find at any time that there has
					 been, with respect to any plan approved by him, any violation of any of the
					 provisions of the Banking Law, section
					 140-a, of this Part, or of the plan, he
					 may declare such plan or any option granted thereunder null and void, and in
					 such event shall so advise the bank and, if appropriate, the optionee, by
					 official communications stating the grounds for such declaration, and
					 specifying the action, if any, to be taken by such bank or optionee to
					 effectuate or carry out such declaration. The superintendent may advise the
					 bank and, if appropriate, the optionee, of the action, if any, to be taken by
					 such bank or optionee to cure the defect.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 27 - Capital Notes And Debentures As Capital Stock › Section 27.1 - Capital notes and debentures as capital stock

Current through Register Vol. 46, No. 28, July 10, 2024
Every capital note or debenture issued by a bank or trust
				  company and authorized by the superintendent in accordance with section 96 (4)  of the Banking Law and
				  Supervisory Procedure CB 111, shall be in all respects considered and treated
				  as a share of capital stock having a par value equal to the face amount of such
				  note or debenture, for purposes of Banking Law, sections
				  97,
				  98(1)(a) and (1)(e),
				  103(1),
				  106,
				  121,
				  7001 and
				  7002.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 28 - Implementation Of Banking Law, Section 103 › Section 28.1 - Designation of departments, agencies and instrumentalities of the united states and the state of new york

Current through Register Vol. 46, No. 28, July 10, 2024
Pursuant to Banking Law, section
				  103.1(a),
				  the Banking Board hereby designates:
(a) Departments, agencies and
				instrumentalities of the United States.
(1)
				Export-Import Bank of Washington.
(2) Economic Development Administration, but
				only to the extent that such administration has agreed to pay the principal and
				interest of a loan or extension of credit, or has guaranteed payment (by
				guaranty or commitment to purchase or otherwise) of such principal and
				interest.
(3) Commodity Credit
				Corporation, but only to the extent that a loan or extension of credit is
				secured or covered by a guaranty, or by a commitment or agreement to take over
				or to purchase, made by such corporation, and such guaranty, agreement or
				commitment is unconditional and must be performed by payment of cash or its
				equivalent within 60 days after demand.
(4) Any guaranteeing agency designated or
				authorized by the President under section 301 or 302 of the Defense Production
				Act of 1950, as amended (50 App. U.S.C.A. §§ 2091, 2092), and any
				Federal Reserve Bank acting on behalf of any such agency, but only to the
				extent such agency or bank has guaranteed a loan or extension of credit (by
				commitment to purchase, agreement to share losses, or otherwise) against loss
				of principal and interest, or has made a commitment to make such
				guaranty.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 28 - Implementation Of Banking Law, Section 103 › Section 28.2 - Designation of public benefit corporations

Current through Register Vol. 46, No. 28, July 10, 2024
Pursuant to Banking Law, section
				  103(1)(c), the Banking
				  Board hereby designates the New York State Housing Finance Agency and the
				  Metropolitan Transportation Authority, as public benefit corporations to which
				  any bank or trust company may make loans equal but not exceeding 25 percent of
				  the capital stock, surplus fund and undivided profits of such bank or trust
				  company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 28 - Implementation Of Banking Law, Section 103 › Section 28.3 - Designation of rated investment securities

Current through Register Vol. 46, No. 28, July 10, 2024
The Banking Board hereby designates as independent rating
				  services for the purposes of Banking Law, section
				  103(1)(i), Moody's
				  Investors Service, Inc., Standard & Poor's Corporation, and Fitch Investors
				  Service Inc.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 28 - Implementation Of Banking Law, Section 103 › Section 28.4 - Designation of international lending facilities

Current through Register Vol. 46, No. 28, July 10, 2024
Pursuant to Banking Law, section
				  103(1)(c), the Banking
				  Board hereby designates Asian Development Bank, African Development Bank, the
				  International Bank for Reconstruction and Development, and the International
				  American Development Bank as international lending
				  facilities.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 28 - Implementation Of Banking Law, Section 103 › Section 28.5 - The new york city community preservation corporation

Current through Register Vol. 46, No. 28, July 10, 2024
The limitations and restrictions of Banking Law, section
				  103(4), shall not apply to
				  collateral trust notes issued by the The New York City Community Preservation
				  Corporation which notes have been issued pursuant to, and have terms
				  substantially similar to those set forth in an indenture that shall have
				  received the prior specific approval of the superintendent or to the mortgages
				  or other liens securing said notes.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 29 - Declaration Of Dividends › Section 29.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
Banking Law, section
				  112 authorizes banks and trust companies to
				  declare dividends in a calendar year without having obtained the prior approval
				  of the superintendent out of net profits for that calendar year together with
				  retained net profits for the immediately preceding two calendar years. The
				  Banking Department formerly has computed "net profits" by adding back to net
				  income any provision made for loan losses and deducting any net losses charged
				  to the loan loss reserve. This procedure is inconsistent with the recognition
				  of losses under generally accepted accounting principles
				  ("GAAP").
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 29 - Declaration Of Dividends › Section 29.2 - Computation of net profits

Current through Register Vol. 46, No. 28, July 10, 2024
A bank or trust company must reduce net profits at the time a
				  provision for loan losses is made rather than when any net losses are charged
				  to the loan loss reserve. Accordingly, net profits of a bank or trust company
				  will equal its net income for purposes of Banking Law, section
				  112.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 29 - Declaration Of Dividends › Section 29.3 - Transition

Current through Register Vol. 46, No. 28, July 10, 2024
A bank or trust company must use section
				  29.2 
				  of this Part to compute net profits for all calendar years beginning on and
				  after January 1, 1991 and may use section
				  29.2 
				  of this Part for all calendar years beginning on and after January 1, 1990.
				  Whether using section
				  29.2 
				  of this Part for the computation of net profits on or after January 1, 1990 or
				  January 1, 1991, a bank or trust company may recompute retained net profits for
				  one or both of the two calendar years immediately preceding 1990 or 1991, as
				  the case may be, using section
				  29.2 
				  of this Part. Once a bank or trust company has elected to compute net profits
				  or retained net profits for a particular calendar year using section
				  29.2 
				  of this Part, net profits or retained net profits for all subsequent calendar
				  years must also be computed using section
				  29.2 
				  of this Part. If a bank or trust company has elected to use section
				  29.2 
				  of this Part to compute net profits or retained net profits for a particular
				  calendar year, it must thereafter use section
				  29.2 
				  of this Part to compute retained net profits for that calendar
				  year.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 30 - Insiders' Reports › Section 30.1 - General requirement

Current through Register Vol. 46, No. 28, July 10, 2024
Initial statements of, and statements of changes in, the
				  beneficial ownership of equity securities of a bank or trust company required
				  to be filed with the superintendent pursuant to Banking Law, section
				  130(7), should be prepared
				  and filed in accordance with the instructions contained on Banking Department
				  Forms BO-1 and BO-2, respectively.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 30 - Insiders' Reports › Section 30.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of this Part, the term officer means a
				  chairman of the board of directors, vice chairman of the board, chairman of the
				  executive committee, president, vice president (except as indicated in the next
				  sentence), cashier, treasurer, secretary, comptroller, and any other person who
				  participates in major policymaking functions. In some institutions
				  (particularly banks or trust companies with officers bearing titles such as
				  executive vice president, senior vice president, or first vice president as
				  well as a number of "vice presidents"), some or all "vice presidents" do not
				  participate in major policymaking functions, and such persons are not officers
				  for the purpose of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 30 - Insiders' Reports › Section 30.3 - Exemption

Current through Register Vol. 46, No. 28, July 10, 2024
An officer who owns no equity securities of the bank or trust
				  company of which he is an officer shall be exempt from the requirements of this
				  Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 30 - Insiders' Reports › Section 30.4 - Inspection

Current through Register Vol. 46, No. 28, July 10, 2024
The information filed pursuant to the requirements of this
				  Part will be available for public inspection and copying during business hours
				  at the address of the Banking Department set forth in section
				  1.1  of
				  Supervisory Policy G1 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.1 - Federal national mortgage association; government national mortgage association

Current through Register Vol. 46, No. 28, July 10, 2024
The Banking Board hereby authorizes any bank or trust company
				  which sells or assigns mortgages which it owns to the Federal National Mortgage
				  Association (FNMA), or the Government National Mortgage Association (GNMA) to
				  invest in and hold the stock of FNMA and GNMA which it acquires in connection
				  with making such sale or assignment effective and to do any and all other acts
				  which under the laws and regulations applicable to such sales may be required
				  to effect such sales.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.2 - The depository trust company

Current through Register Vol. 46, No. 28, July 10, 2024
Any bank or trust company is permitted to invest in or hold
				  shares of common stock of Depository Trust & Clearing Corporation, the
				  principal function of which is to serve as the holding company for The
				  Depository Trust Company and the National Securities Clearing
				  Corporation.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.3 - Distributions by small business investment company of new york, inc. of stock held in its portfolio

Current through Register Vol. 46, No. 28, July 10, 2024
Banks and trust companies holding stock in Small Business
				  Investment Company of New York, Inc. are authorized to hold stock, received
				  from Small Business Investment Company of New York, Inc. as a distribution from
				  its portfolio, for a period not exceeding two years from the date of receipt of
				  any such portfolio stock.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.4 - Student loan marketing association

Current through Register Vol. 46, No. 28, July 10, 2024
Any bank or trust company is permitted to invest in and hold
				  shares of stock of the Student Loan Marketing Association. Any bank or trust
				  company is further permitted to act as underwriter for such stock, unless the
				  Board of Governors of the Federal Reserve System determines that such stock is
				  not eligible for underwriting by banks under title 12 of the United States
				  Code. Such investment, holding, or underwriting by any bank or trust company
				  shall not exceed in total amount two percent of the capital stock and surplus
				  of such bank or trust company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.5 - Capital housing rehabilitation corp

Current through Register Vol. 46, No. 28, July 10, 2024
Any bank or trust company is permitted to invest in shares of
				  common stock of Capital Housing Rehabilitation Corp. in a total amount not to
				  exceed two percent of the investing bank's or trust company's capital stock and
				  surplus.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.6 - Battery park city authority

Current through Register Vol. 46, No. 28, July 10, 2024
Any bank or trust company is permitted to invest in a
				  partnership, limited partnership, or joint venture formed pursuant to section
				  3937(a) or 3937(c) of title 42, U.S.C.A., for the purpose of undertaking,
				  assisting in or otherwise concerned with projects designated by the Battery
				  Park City Authority, a New York public benefit corporation, in connection with
				  the development of Battery Park City; provided, however, that the total cost of
				  investments made under this section shall not exceed two percent of the
				  investing bank's or trust company's capital stock and
				  surplus.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.7 - Minbanc capital corp

Current through Register Vol. 46, No. 28, July 10, 2024
Any bank or trust company is permitted to invest in shares of
				  common stock, par value $1 per share, of Minbanc Capital Corp., a closed-end
				  investment company, incorporated in Delaware, in a total amount not to exceed
				  two percent of the investing bank's or trust company's capital stock and
				  surplus.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.8 - Federal agricultural mortgage corporation

Current through Register Vol. 46, No. 28, July 10, 2024
Any bank or trust company is permitted to invest in shares of
				  common stock, of Federal Agricultural Mortgage Corporation, a corporation
				  established under title VII of the Agricultural Credit Act of 1987, in a total
				  amount not to exceed two percent of the investing bank's or trust company's
				  capital stock and surplus.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.9 - Government securities clearing corporation

Current through Register Vol. 46, No. 28, July 10, 2024
Any bank or trust company is permitted to invest in the
				  capital stock of Government Securities Clearing Corporation in a total amount
				  not to exceed the lesser of $250,000 or two percent of the investing bank's or
				  trust company's capital stock and surplus.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.10 - Participants trust company

Current through Register Vol. 46, No. 28, July 10, 2024
Any bank or trust company is permitted to invest in or hold
				  shares of Participants Trust Company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.11 - Euro-clear clearance system s.c

Current through Register Vol. 46, No. 28, July 10, 2024
Any bank or trust company is permitted to invest in or hold
				  one membership share in Euro-clear Clearance System S.C.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.12 - Federal home loan bank of new york

Current through Register Vol. 46, No. 28, July 10, 2024
Any bank or trust company is permitted to invest in shares of
				  common stock of the Federal Home Loan Bank of New York.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 31 - Investments Of Banks Or Trust Companies In Certain Corporations › Section 31.13 - Atlantic central bankers bank

Current through Register Vol. 46, No. 28, July 10, 2024
Any bank or trust company is permitted to make an investment
				  in the common stock of the Atlantic Central Bankers Bank not to exceed the
				  minimum number of shares of such stock required to become a member of such
				  bankers' bank and thereafter may increase such investment upon the written
				  approval of the superintendent, provided that such approval shall be given only
				  upon a finding that such investment is consistent with the declaration of
				  policy set forth in section 10 
				  of the Banking Law. In no instance shall the aggregate investment by any bank
				  or trust company in the Atlantic Central Bankers Bank exceed 10 percent of the
				  bank or trust company's capital stock, surplus fund and undivided profits, or
				  exceed five percent of any class of voting securities of such bankers'
				  bank.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 32 - Maximum Charges For Payments Made Against Insufficient Funds, Uncollected Balances And Return Items; Certain Disclosures › Section 32.1 - Maximum charges

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Insufficient funds. The establishment of charges that are imposed by a bank,
				trust company, savings bank, savings and loan association or licensed branch of
				a foreign banking corporation (collectively for purposes of this Part a
				"banking institution") in connection with a check drawn or other written order
				upon, or electronic transfer sought to be effectuated against, insufficient
				funds or on uncollected balances, irrespective of whether the check, order or
				electronic transaction (collectively for purposes of this Part "item") is paid,
				accepted or returned by the banking institution is a business decision to be
				made by each bank institution in its discretion, according to sound banking
				judgment and safe and sound banking principles. A banking institution shall be
				deemed to have reasonably established such charges if it considered the
				following factors, among others:
(1) the cost
				incurred by the banking institution plus a profit margin, in providing the
				service;
(2) the deterrence of
				misuse by customers of banking services;
(3) the enhancement of the competitive
				position of the banking institution in accordance with its marketing strategy;
				and
(4) the maintenance of the
				safety and soundness of the banking institution.
In establishing charges under this subdivision, a banking
				  institution may consider the nature of the account and may determine to
				  establish different charges for an account that is opened and maintained
				  primarily for personal, household or family purposes than for an account that
				  is not, and, in determining such charges, may also consider whether the item is
				  to be paid, accepted or returned.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 32 - Maximum Charges For Payments Made Against Insufficient Funds, Uncollected Balances And Return Items; Certain Disclosures › Section 32.2 - Charges imposed in connection with overdraft items

Current through Register Vol. 46, No. 28, July 10, 2024
No bank, trust company, savings bank, savings and loan
				  association or licensed branch of a foreign banking corporation shall, in
				  connection with the payment, acceptance or return of such check or order,
				  impose any fee, fine, commission or other charge, however designated, in
				  addition to the maximum charge established by section
				  32.1  of this
				  Part, except that nothing in this Part expressed shall prevent a bank, trust
				  company, savings bank, savings and loan association or licensed branch of a
				  foreign banking corporation from taking, receiving, reserving or charging
				  interest, as authorized by law in connection with credit extended in connection
				  with the payment of such check or order, or from imposing any charge in
				  accordance with a written agreement established as provided by sections 108 (5), 235 (8-b), 235-c, 380-g, 380-i and
				  202 (8)  of the Banking
				  Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 32 - Maximum Charges For Payments Made Against Insufficient Funds, Uncollected Balances And Return Items; Certain Disclosures › Section 32.3 - Lesser charges

Current through Register Vol. 46, No. 28, July 10, 2024
A bank, trust company, savings bank, savings and loan
				  association or licensed branch of a foreign banking corporation may, as an
				  accommodation to its customers, pay, accept, or return a check or order without
				  charge or at a lesser charge than the maximum charge established by the Banking
				  Board.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 32 - Maximum Charges For Payments Made Against Insufficient Funds, Uncollected Balances And Return Items; Certain Disclosures › Section 32.4 - Required disclosures

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to any disclosure required by Part 13 of the
				  General Regulations of the Banking Board, with regard to consumer deposit
				  accounts, a banking institution shall disclose in writing to its depositors the
				  order in which it pays items drawn against a depositor's account. By way of
				  illustration, and without limitation, such disclosure may inform the depositor
				  that the banking institution pays the largest items first, the smallest item
				  first, or by the number of the item or in the order received. Such disclosure
				  shall be given to the depositor at the time the account is opened and 30 days
				  prior to the time the payment policy is changed. For existing accounts, such
				  disclosure shall be provided within 120 days of the effective date of this
				  section.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 33 - Variable Rate Closed-end Personal Loans › Section 33.1 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
This Part governs personal loans made at a variable rate of
				  interest by banks, trust companies, branches of foreign banking corporations
				  which are authorized to maintain a personal loan department, savings banks,
				  savings and loan associations, credit unions and licensed lenders ("lending
				  institutions") pursuant to the statutory authority cited above. Loans subject
				  to this Part are to be treated as separate and apart from loans made pursuant
				  to the provisions of Part 80 of this Title. The use of indices for loans
				  subject to this Part must comply with the provisions of Part 333 of this
				  Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 33 - Variable Rate Closed-end Personal Loans › Section 33.2 - Disclosures

Current through Register Vol. 46, No. 28, July 10, 2024
All disclosures required under this Part are to be made in a
				  single, separate document, in plain language and with captioned subdivisions
				  for the information to be disclosed. Such disclosures shall be provided by the
				  lending institution to the person who is to be primarily liable on the loan,
				  prior to the consummation of the loan. Disclosure shall be made, in any
				  reasonable order, of the following information:
(a) the identification of the index to be
				used by the lending institution in connection with varying the rate for the
				loan and where the index figures are available;
(b) the circumstances under which the rate
				for the loan may vary, including disclosures of the intervals at which the
				lending institution may change the rate on the loan, the time(s) or date(s) at
				which the lending institution calculates the rate with respect to the index,
				and any conditions or events on which the changes in rate are
				contingent;
(c) the effect or the
				combination of effects that an increase in the rate on the loan may have on the
				amount of the monthly payment, or the number of monthly payments or the amount
				of the final payment;
(d) a
				hypothetical example, illustrative of the type of credit being offered, of the
				effect or the combination of effects of a rate increase on the amount of the
				monthly payment, or the number of monthly payments or the amount of the final
				payment;
(e) the history of the
				movements in the index selected for the loan, as further provided under section
				33.3  of this
				Part;
(f) the fact that the
				borrower will receive prior notification from the lending institution of
				increases in the rate or changes in the terms of payment, and the time periods
				within which such notifications will be sent;
(g) any limitations provided by contract with
				respect to the amount of any increase in the rate or the extent of all
				increases in the rate over the life of the loan and if the lending institution
				establishes ceilings or floors (i.e., "caps") beyond which rate changes will
				not be made, a statement of such limits and the manner in which they will
				function; and
(h) the option which
				will be available to the borrower in the event that the requirements of section
				33.7 
				of this Part apply with respect to the final payment on the loan.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 33 - Variable Rate Closed-end Personal Loans › Section 33.3 - The index

Current through Register Vol. 46, No. 28, July 10, 2024
(a) General
				provisions. Lending institutions may use any single index from among the
				indices approved by the Superintendent of Banks pursuant to Part 333 of this
				Title on the terms stated therein. The loan rates may be based directly on the
				index values, may be based upon the index values plus or minus additional
				percentage points, or may be separately established and stated; provided,
				however, that variations in the rates shall correspond directly to the
				movements of the index. While only a single index shall be used for the life of
				a loan, the lending institution may provide for the use of a substitute index
				similar to the initial index in the event that the initial index should become
				unavailable during the term of the loan. This Part imposes no requirement on
				lending institutions to place limitations on the adjustment in the loan rate,
				as such adjustment would otherwise be allowed by movements in the index.
				Interest rate adjustments may be rounded, as determined by the lending
				institution, to the nearest percentage point or fraction thereof, provided that
				rounding applies equally to decreases and increases in rates. Subject to the
				rounding provisions, increases in the index need not be reflected on each
				adjustment date but may be accumulated to the next adjustment date, but
				decreases in the index must be reflected on each adjustment date.
(b) Information and disclosures with respect
				to the history of the index. The disclosure shall identify the index and shall
				contain a statement that past changes in the index are not necessarily
				predictive of future changes in the index. The lending institution shall
				provide the high and low figures for the index and the dates at which these
				levels were reached, for each of the three calendar years preceding the
				calendar year in which the loan is made. In addition, if a loan is made after
				August 31st of any calendar year, the disclosure shall include the high and low
				figures for the index's performance through June 30th of that year, and such
				disclosure may be used as the disclosure of the high and low in index
				performance for the calendar year next preceding the calendar year in which the
				loan is made, for any loan made prior to March 1st of a calendar
				year.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 33 - Variable Rate Closed-end Personal Loans › Section 33.4 - Generally accepted actuarial methods

Current through Register Vol. 46, No. 28, July 10, 2024
The term generally accepted actuarial method, as such term is
				  used in section 1 and following of chapter 296 of the Laws of 1983, means any
				  generally accepted actuarial method (e.g., the United States Rule method), but
				  does not include any method which results or may result in the addition of
				  unpaid interest amounts to the outstanding principal balance of the
				  loan.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 33 - Variable Rate Closed-end Personal Loans › Section 33.5 - Notifications

Current through Register Vol. 46, No. 28, July 10, 2024
The notification referred to in section
				  33.2(f) 
				  of this Part shall be delivered or mailed by the lending institution to the
				  person who is primarily liable on the loan, no less than 25 days nor more than
				  60 days prior to the effective date of a rate increase or change in payment
				  terms. The notice should indicate the new rate and, if applicable, the new
				  payment amount.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 33 - Variable Rate Closed-end Personal Loans › Section 33.6 - Grouping of loans

Current through Register Vol. 46, No. 28, July 10, 2024
If a lending institution adjusts the rate of interest charged
				  on loans on common adjustment dates (such as the first day of January, April,
				  July and October, or less frequently) rather than adjusting the rate of
				  interest on an individual quarterly (or less frequent) interval measured from
				  the date of the loan, the lending institution may on any common adjustment date
				  increase the rate of interest charged on a loan made within 25 days before that
				  common adjustment date only if prior to the consummation of the loan the
				  lending institution provides notice of the increase and the new rate of
				  interest to the person who is to be primarily liable on the loan. In no case
				  may the rate be adjusted more than once within any three-month
				  period.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 33 - Variable Rate Closed-end Personal Loans › Section 33.7 - Balloon payments; refinancing

Current through Register Vol. 46, No. 28, July 10, 2024
In the case of any loan made pursuant to this Part which is
				  repaid according to equal monthly payments and which will result in a balloon
				  payment as the final payment, the lending institution shall give prior notice
				  to the person primarily liable on the loan, within the time periods provided
				  for notifications under section
				  33.5  of this Part,
				  of the borrower's option either to pay the entire amount of the balloon payment
				  or to request in writing, and upon request to receive a refinancing, of any
				  amount remaining unpaid after the final regular payment. For purposes of this
				  section, a balloon payment means any payment which is two times or more the
				  amount of an equal monthly payment. For purposes of this Part, the amount
				  refinanced shall be deemed a new loan. The same index, the terms, conditions
				  and requirements applicable to the initial loan pursuant to contract and the
				  requirements of this Part shall continue to apply to the new loan, except for
				  the term of the loan, the provisions of this section and section
				  33.2  of this Part,
				  and provided that the monthly payment amount may be varied.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 33 - Variable Rate Closed-end Personal Loans › Section 33.8 - Compliance with federal regulation

Current through Register Vol. 46, No. 28, July 10, 2024
Lenders which comply with sections 226.19(b) and 226.20(c) of
				  Regulation Z ( 12 CFR part 226) or the provisions of  12 CFR 563.9-9  will be
				  deemed to be in compliance with sections
				  33.2,
				  33.3(b)
				 and
				  33.5  of this Part
				  to the extent that sections
				  33.2,
				  33.3(b)
				 and
				  33.5  pertain to
				  variable rate closed-end personal loan transactions subject to section
				  226.19(b) or  12 CFR 563.9 - 9(b).
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 34 - Availability Of Funds For Items Deposited For Collection › Section 34.1 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
The provisions of this Part apply to any office maintained in
				  this State for acceptance of deposits by State and federally chartered or
				  licensed banks, trust companies, savings banks, savings and loan associations,
				  credit unions and branches of foreign banking corporations.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 34 - Availability Of Funds For Items Deposited For Collection › Section 34.2 - Relationship to federal law

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				availability and disclosure provisions of this Part are inapplicable to
				transaction accounts except as provided in section
				34.4(c) 
				of this Part.
(b) Any bank of
				savings institution may elect to comply with the availability and disclosure
				provisions of regulation CC of the Board of Governors of the Federal Reserve
				System with respect to any type or category of non-transaction account (i.e.,
				account as defined in section
				34.3[a] 
				of this Part). Compliance with the provisions of regulation CC shall be deemed
				to be in compliance with the availability and disclosure provisions of this
				Part. (References to regulation CC are to 12 CFR[FN*] part 229 entitled
				"Availability of Funds and Collection of Checks".)
[FN*] For information regarding the United States Code (USC
				  or U.S.C.), the Code of Federal Regulations (CFR) and the Federal Register, see
				  Supervisory Policy G 1.