reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 301 - SECURITY AT AUTOMATED TELLER FACILITIES › Section 301.4 - Notification of additional facilities or discontinuance of facilities

Current through Register Vol. 46, No. 28, July 10, 2024
Every banking institution which is required to file
					 information on additional automated teller facilities with the Banking
					 Department pursuant to section 75-d  of the Banking Law shall file such
					 information within 14 business days from the date upon which the facility or
					 facilities commences operation. Additionally, within 14 business days from the
					 date on which it ceases to operate an automated teller machine facility which
					 is subject to the provisions of article II-AA, every banking institution shall
					 notify the Banking Department in writing of such fact.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 301 - SECURITY AT AUTOMATED TELLER FACILITIES › Section 301.5 - Type and frequency of video tapes or digital recording media for atm surveillance systems

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Any
				  analog surveillance system operated by a banking institution within an
				  automated teller machine facility under its dominion and control as required by
				  section 75-c (1)  of the Banking Law
				  must use a commercial/industrial grade video tape, or a tape of better quality.
				  Such tape shall be used no more than one time (or cycle), from beginning to
				  end, in any 30-day period. Such videotapes shall not be used more than 12 times
				  in total and must be replaced not later than 365 days from the date of its
				  first use. Once such videotape is used, it must be retained for at least a
				  45-day period prior to reuse.
(b)
				  Any digital surveillance system operated by a banking institution within an
				  automated teller machine facility under its dominion and control as required by
				  section 75-c (1)  of the Banking
				  Law, must retain the digitally recorded images for at least 45 days.
(c) The intent of this regulation is that a
				  banking institution's video recording method produce a clear and undistorted
				  picture image. A banking institution may request from the Superintendent of
				  Banks approval of an alternative method of producing images which is at least
				  as effective in meeting this objective as the measures set forth in this
				  regulation.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 301 - SECURITY AT AUTOMATED TELLER FACILITIES › Section 301.6 - Report of compliance

Current through Register Vol. 46, No. 28, July 10, 2024
The semi-annual report of compliance required to be filed
					 pursuant to the provisions of section 75-g  of the Banking Law shall be filed with
					 the Department of Financial Services no later than the 15th day of January and
					 July of each year or the following business day if that day is not a business
					 day. This report shall be certified, under the penalties of perjury, and shall
					 be on a form prescribed by the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 301 - SECURITY AT AUTOMATED TELLER FACILITIES › Section 301.7 - Variances and exemptions

Current through Register Vol. 46, No. 28, July 10, 2024
A banking institution which requests a variance or
					 exemption from the requirements of article II-AA shall make such request in
					 writing. All such requests will be considered on a case-by-case basis and must
					 comply with each of the specific documentary requirements of the provisions of
					 section 75-m  of the Banking Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 301 - SECURITY AT AUTOMATED TELLER FACILITIES › Section 301.8 - Documentation

Current through Register Vol. 46, No. 28, July 10, 2024
All documentation required to be sent to the Banking
					 Department under article II-A and this Part shall be sent to the New York State
					 Banking Department, Criminal Investigations Bureau, at the address set forth in
					 section
					 1.1  of
					 Supervisory Policy G 1 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 303 - Consumer Warranty on Farm Equipment - Arbitration Program Regulations › Section 303.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
On or prior to the 60th day after the end of each fiscal
					 year, each mutual savings bank and mutual savings and loan association shall
					 prepare a complete statement of its financial condition and of its income and
					 expense as of the end of such year, in conformity with generally accepted
					 accounting principles. The statements may also include such additional
					 information as the institution may wish to provide its
					 depositors.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 303 - Consumer Warranty on Farm Equipment - Arbitration Program Regulations › Section 303.2 - Publication

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to making copies of such statements available
					 to depositors and other persons in a convenient and conspicuous location on the
					 premises of each of its authorized places of business, other than electronic
					 facilities, each mutual savings bank and mutual savings and loan association
					 shall mail a copy of the statement of its financial condition and of its income
					 and expense, to each depositor who requests it.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 303 - Consumer Warranty on Farm Equipment - Arbitration Program Regulations › Section 303.3 - Remuneration of management

Current through Register Vol. 46, No. 28, July 10, 2024
Upon written request by a depositor or other person, the
					 Banking Department shall furnish such depositor or other person with the
					 following information with respect to the remuneration paid or to be paid to
					 the three highest paid officers and the fees paid to the trustees or directors
					 of the mutual organization:
(a) the
				  name of each of the three highest paid officers, the title of the office held
				  thereby, the salary (including deferred compensation) paid or to be paid to
				  each such officer for the period covered by the statement, and the total
				  annuities, pension or retirement benefit paid or proposed to be paid to such
				  officer, either directly or indirectly, under any existing plan in the event of
				  retirement at normal retirement date;
(b) the fee paid a trustee or director for
				  attendance at a board or committee meeting, specifying the various committees;
				  and
(c) the aggregate fees paid for
				  attendance at such board or committee meetings during the period
				  covered.
(d) A fee in the amount
				  specified in section
				  1.2  of
				  Supervisory Policy G 1 of this Title is required for each institution for which
				  information is requested.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 305 - Composition Of Boards Of Directors Of Banks And Trust Companies › Section 305.1 - Explanatory note

Current through Register Vol. 46, No. 28, July 10, 2024
Section 7001 (4)  of the Banking Law
					 authorizes the superintendent to adopt a regulation which establishes the
					 amount of capital stock, surplus and undivided profits above which a bank or
					 trust company may not have more than one third of its directors as active
					 officers or employees. Any officer or employee serving as a director at the
					 time this regulation takes effect or at the time the total capital stock,
					 surplus and undivided profit of an institution rises above the threshold
					 contained herewith, may continue to serve as a director until the expiration of
					 the term for which such person was elected.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 305 - Composition Of Boards Of Directors Of Banks And Trust Companies › Section 305.2 - Definition

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of this Part, capital notes and debentures
					 shall be counted as capital stock. Undivided profits are defined by Supervisory
					 Procedure CB 120.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 305 - Composition Of Boards Of Directors Of Banks And Trust Companies › Section 305.3 - Superintendent's determination

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No
				  more than one third of the entire board of directors of any bank or trust
				  company with capital stock, surplus fund and undivided profits (as shown on the
				  most recent call report of condition filed with the superintendent) in excess
				  of $50,000,000 shall be active officers or employees of such
				  institution.
(b) No more than one
				  half of the entire board of directors of any bank or trust company with capital
				  stock, surplus fund and undivided profits in excess of $7,500,000, but less
				  than $50,000,000 shall be active officers or employees of such
				  institution.
(c) Any bank or trust
				  company with capital stock, surplus fund and undivided profits in excess of
				  $7,500,000, but less than $50,000,000, with more than one half of its board as
				  active officers or directors at the time this regulation takes effect, shall
				  have until its 1988 annual meeting to comply with this threshold.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 306 - Corporate Governance Vacancies On The Board Of Directors › Section 306.1 - Explanatory note regarding vacancies on the board of directors

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Subdivision 1 paragraph (b) of section 7005  of the Banking Law authorizes the
				  superintendent to adopt a regulation which establishes the circumstances under
				  which vacancies on the board of directors of a bank, trust company, stock-form
				  savings bank, and stock-form savings and loan association may be left unfilled
				  until the next annual election by the stockholders.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 306 - Corporate Governance Vacancies On The Board Of Directors › Section 306.2 - Maximum number of vacancies on the board of directors that may be left unfilled

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Unless the superintendent, in his/her discretion provides otherwise, an
				  institution described in section
				  306.1 
				  of this Part is permitted to have vacancies of up to one-third of its entire
				  board of directors left unfilled until the next annual election by the
				  stockholders provided that the institution:
(1) is well capitalized (within the meaning
				  of title 12, Code of Federal Regulations[FN*] section 325.103[b][1]
				);
(2) is well managed (within the
				  meaning of title 12, Code of Federal Regulations* section 362.17[e]). Any
				  non-depository institution will be considered well managed if it is in
				  satisfactory condition as determined upon examination by the superintendent. In
				  the case of an institution that has not been examined by the superintendent,
				  such institution will be considered well managed upon a finding by the
				  superintendent of managerial resources that the superintendent determines
				  satisfactory; and
(3) has been in
				  existence for more than five years.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 307 - Corporate Governance Actions Permitted To Be Taken By Unanimous Written Consent Of Board Of Directors › Section 307.1 - Explanatory note regarding action permitted to be taken by unanimous written consent of a board of directors

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Subdivision 3 of section 7008  of the Banking Law authorizes the
				  superintendent to adopt a regulation which establishes the circumstances under
				  which any action, authorized by the organization certificate or the by-laws to
				  be taken at a meeting of the board of directors of a bank, trust company, safe
				  deposit company, investment company, mutual trust investment company,
				  stock-form savings bank or stock-form savings and loan association may be taken
				  without a meeting, provided that all members of the board consent thereto in
				  writing and the resolution and written consents thereto are filed with the
				  minutes of the proceedings of the board. Subdivision 3 of section 7008  of the Banking Law does not govern
				  meetings of committees of such board of directors. Pursuant to section 7012  of the Banking Law, the conduct of
				  committees of such a board is governed by board resolution, organization
				  certificate, or by-laws, except as specified by section 7012. Action taken by
				  unanimous written consent pursuant to section
				  307.2 
				  of this Part shall not be considered a "meeting" for purposes of section
				  6.6 
				  of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 307 - Corporate Governance Actions Permitted To Be Taken By Unanimous Written Consent Of Board Of Directors › Section 307.2 - Prerequisite requirements

Current through Register Vol. 46, No. 28, July 10, 2024
Unless the superintendent in his/her discretion provides
					 otherwise, an institution described in section
					 307.1 
					 of this Part shall be eligible to have its board of directors take actions
					 authorized by its organization certificate or by-laws by unanimous written
					 consent except as specified in section
					 307.3 
					 of this Part, provided that the institution:
(a) is well capitalized (within the meaning
				  of title 12, Code of Federal Regulations[FN*] section 325.103[b][1]
				);
(b) is well managed (within the
				  meaning of title 12, Code of Federal Regulations* section 362.17[e]). Any
				  non-depository institution will be considered well managed if it is in
				  satisfactory condition as determined upon examination by the superintendent. In
				  the case of an institution that has not been examined by the superintendent,
				  such institution will be considered well managed upon a finding by the
				  superintendent of managerial resources that the superintendent determines
				  satisfactory; and
(c) has been in
				  existence for more than five years.
[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.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 307 - Corporate Governance Actions Permitted To Be Taken By Unanimous Written Consent Of Board Of Directors › Section 307.3 - Actions not permitted to be taken by unanimous written consent of a board of directors

Current through Register Vol. 46, No. 28, July 10, 2024
Although an institution may satisfy the prerequisite
					 requirements specified in section
					 307.2 
					 of this Part, it is prohibited from taking action by unanimous written consent
					 of the board of directors in any of the following circumstances, unless the
					 superintendent in his/her discretion provides otherwise:
(a) adopting or amending any policies
				  required by any bank regulatory agency to be approved by the board of
				  directors;
(b) submitting to the
				  stockholders any action that requires stockholders' authorization under the
				  Banking Law;
(c) adopting, amending
				  or repealing of the by-laws;
(d)
				  removing any director or filling any vacancy in the board of directors, or
				  removing any member of a committee thereof or filling any vacancy in such a
				  committee;
(e) fixing compensation
				  of the directors for serving on the board or on any committee
				  thereof;
(f) selecting or removing
				  any of the following executive officers or the equivalent thereof; chairman of
				  the board, chief executive officer, president, chief financial officer, chief
				  operating officer, chief risk officer, or a member of the management
				  committee;
(g) causing or
				  permitting any change in the general character of the institution's business or
				  in the scope of its corporate powers;
(h) conveying any communication from the
				  Banking Department that is required to be presented to the board of directors,
				  pursuant to Banking Law section
				  11.4,
				  or that is required to be presented to the board of directors by any other bank
				  regulatory agency; or
(i) the
				  taking of any action which is expressly required by any provision of the
				  Banking Law to be taken at a meeting of the board of directors or by a
				  specified proportion of the directors at a board meeting.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 321 - Loans To Executive Officers And Directors Of Banks And Bank Holding Companies › Section 321.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The term bank
				  when used in this Part, unless a different meaning appears from the context,
				  means a bank or a trust company, a stock-form savings bank or a stock-form
				  savings and loan association.
(b)
				  The term executive officer means every officer who participates or has
				  authority to participate, otherwise than in the capacity of a director, in
				  major policy-making functions of the bank, regardless of whether he or she has
				  an official title or whether such title contains a designation of assistant and
				  regardless of whether he or she is serving without salary or other
				  compensation, provided that the chairman of the board of directors, the
				  president, every vice president, the cashier, the secretary and the treasurer
				  are assumed to be executive officers, unless, by resolution of the board of
				  directors or by the bylaws of the bank, any such officer is excluded from
				  participation in major policy-making functions, otherwise than in the capacity
				  of a director of the bank, and he or she does not actually participate
				  therein.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 321 - Loans To Executive Officers And Directors Of Banks And Bank Holding Companies › Section 321.2 - General provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Except as provided in subdivision (b) of this section, each of the following
				  shall be considered to be a loan to, extension of credit to or indebtedness of
				  an executive officer or director of a bank under the provisions of Banking Law,
				  sections
				  103(8),
				  130(5) and
				  130(6):
(1) any transaction as a result of which an
				  executive officer or director of a bank becomes obligated, or renews his
				  obligation, to such bank upon any note, draft, bill of exchange or other
				  indebtedness, as maker, drawer, endorser, guarantor, surety or
				  otherwise;
(2) any transaction as a
				  result of which a corporation, in which such executive officer or director, or
				  any combination of such persons, owns or controls a majority of the stock, or
				  as a result of which a partnership in which an executive officer or director is
				  a partner, becomes obligated, or renews its obligation, to such bank upon any
				  note, draft, bill of exchange or other indebtedness, as maker, drawer,
				  endorser, guarantor, surety or otherwise;
(3) any advance by means of an overdraft;
				  and
(4) any issuance of a standby
				  letter of credit.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 321 - Loans To Executive Officers And Directors Of Banks And Bank Holding Companies › Section 321.3 - Loans to executive officers and directors

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A bank may not make a loan to an
				  executive officer or director unless the loan (1) is made on terms, including
				  interest rate and collateral, that are not more favorable to the executive
				  officer or director than those customarily offered by the bank to persons who
				  are not executive officers or directors and who are not employed by the bank,
				  and (2) does not involve more than the normal risk of repayment or present
				  other unfavorable features.
(b)
				  Exception. Nothing in subdivision (a) of this section shall prohibit any
				  extension of credit made pursuant to a benefit or compensation program:
(1) that is widely available to employees of
				  the bank; and
(2) does not give
				  preference to any executive officer of director of the bank over other
				  employees of the bank.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 321 - Loans To Executive Officers And Directors Of Banks And Bank Holding Companies › Section 321.4 - Additional restrictions on loans to executive officers

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A bank is authorized to make a loan to
				  any executive officer of the bank:
(1) in any
				  amount to finance the education of the executive officer's children;
(2) in any amount to finance or refinance the
				  purchase, construction, maintenance or improvement of a residence of the
				  executive officer if:
(i) the loan is secured
				  by a first lien on the residence and the residence is owned (or expected to be
				  owned) by the executive officer; and
(ii) in the case of a refinancing, that only
				  the amount thereof used to repay the original extension of credit, together
				  with the closing costs of the refinancing, and any additional amount thereof
				  used for any of the purposes enumerated in this paragraph, are included within
				  this category of credit;
(3) in any amount, if the extension of credit
				  is secured by:
(i) a perfected security
				  interest in bonds, notes, certificates of indebtedness, or treasury bills of
				  the United States or in other such obligations fully guaranteed as to principal
				  and interest by the United States; or
(ii) unconditional takeout commitments or
				  guarantees of any department, agency, bureau, board, commission or
				  establishment of the United States or any corporation wholly owned directly or
				  indirectly by the United States;
(iii) a perfected security interest in a
				  segregated deposit account in the lending bank;
(4) for any other purpose not specified in
				  paragraphs (1) through (3) of this subdivision, if the aggregate amount of
				  loans to that executive officer under this paragraph does not exceed at any one
				  time the higher of 2.5 percent of the bank's capital stock, surplus fund and
				  undivided profits, or $25,000, but in no event more than $100,000.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 321 - Loans To Executive Officers And Directors Of Banks And Bank Holding Companies › Section 321.5 - Reports of executive officers' indebtedness to other banks

Current through Register Vol. 46, No. 28, July 10, 2024
Every executive officer of a bank who becomes indebted to
					 any domestic or foreign banking corporation other than the bank of which he or
					 she is an executive officer or becomes indebted to any banking institution
					 organized under the laws of the United States, in an aggregate amount greater
					 than the amount specified for a category of credit in section
					 321.4 
					 of this Part shall, within 10 calendar days of the date the indebtedness
					 reaches such a level, make a written report to the board of directors of the
					 bank of which he or she is an executive officer, stating the date and the
					 amount of such loan or indebtedness and the security therefor. The reporting
					 requirement may be satisfied by making the report to the secretary of the board
					 within the allotted time and the subsequent presentation of the report to the
					 board at its next scheduled meeting.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 321 - Loans To Executive Officers And Directors Of Banks And Bank Holding Companies › Section 321.6 - Annual financial statements of directors

Current through Register Vol. 46, No. 28, July 10, 2024
Every director of a bank who is obligated on any loan or
					 extension of credit made by such bank to such director or to any other
					 individual, partnership or unincorporated association or corporation, shall
					 file a statement of his or her financial condition with such bank at least once
					 in each year and at such other times as the superintendent may require. This
					 section shall not apply to directors whose obligations are secured by
					 collateral having an ascertained market value of at least 15 percent more than
					 the amount of such obligations.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 321 - Loans To Executive Officers And Directors Of Banks And Bank Holding Companies › Section 321.7 - Loans to executive officers and directors of bank holding companies

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The provisions
				  of sections
				  321.1(b),
				  321.2,
				  321.3
				  and
				  321.4 
				  of this Part shall apply to any loan made by a bank subsidiary of a bank
				  holding company to an executive officer or director of the bank holding
				  company.
(b) The provisions of
				  section
				  321.6 
				  of this Part shall apply to any director of a bank holding company who becomes
				  obligated on any loan or extension of credit to any banking subsidiary of a
				  bank holding company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 321 - Loans To Executive Officers And Directors Of Banks And Bank Holding Companies › Section 321.8 - Limitations on certain loans to executive officers and directors of stock-form savings banks and savings and loan associations

Current through Register Vol. 46, No. 28, July 10, 2024
A stock-form savings bank or a stock-form savings and loan
					 association may not make a loan secured by an interest in improved or
					 unimproved real property to its executive officer or director if the amount of
					 that loan, aggregated with the amount of all such other loans to that executive
					 officer or director exceeds 15 percent of the bank's capital, surplus account
					 and undivided profits.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 321 - Loans To Executive Officers And Directors Of Banks And Bank Holding Companies › Section 321.9 - Compliance with federal regulation

Current through Register Vol. 46, No. 28, July 10, 2024
Banking organizations that comply with regulation O of the
					 Board of Governors of the Federal Reserve System ( 12 CFR part 215) shall be
					 deemed to be in compliance with this Part. In addition to complying with
					 regulation O, such banking organizations shall remain subject to section
					 321.6
					 or
					 321.7 
					 of this Part, as the case may be.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 322 - Pledge Of Assets And Maintenance Of Assets By Licensed Foreign Banking Corporations In New York › Section 322.1 - Deposit of assets; amount of assets to be deposited

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Upon opening a branch or branches or
				  agency or agencies in this State and at all times thereafter, except in the
				  instance where the deposit accounts at a branch or branches of a foreign
				  banking corporation are insured by the Federal Deposit Insurance Corporation,
				  each foreign banking corporation shall keep assets on deposit in accordance
				  with Part 51 of this Title ("assets"), in an amount, based upon the lower of
				  principal amount or fair (market) value, equal to the greater of:
(1) one percent of average total liabilities
				  for the previous month of such branch or branches or agency or agencies,
				  including liabilities of an international banking facility maintained by such
				  branch or branches or agency or agencies, but excluding amounts due and other
				  liabilities to other offices, agencies, branches and affiliates as defined in
				  section
				  322.6  of
				  this Part, of such foreign banking corporation; or
(2) $2 million.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 322 - Pledge Of Assets And Maintenance Of Assets By Licensed Foreign Banking Corporations In New York › Section 322.2 - Assets that may be deposited; conditions and limitations

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The following categories of assets are
				  eligible for pledge, to the extent they are included on the superintendent's
				  asset pledge list (APL). The APL will be made available to the public by the
				  Banking Department and posted on the Banking Department's website.
(1) Specified assets. Obligations specified
				  in Banking Law section 202- b(1) (the specified assets).
(2) Permitted assets. Assets permitted as
				  eligible for pledge (the permitted assets) shall include:
(i) commercial paper, provided such paper is
				  accorded the highest rating of a rating service designated by the Banking Board
				  pursuant to section
				  61.1  of this
				  Title. In the event that an issue of commercial paper is rated by more than one
				  designated rating service, it must have the highest rating of each;
(ii) negotiable certificates of deposit
				  issued by an unaffiliated domestic banking institution or a domestic office of
				  an unaffiliated foreign banking corporation; and
(iii) bankers' acceptances issued by an
				  unaffiliated domestic banking institution or a domestic office of an
				  unaffiliated foreign banking corporation.
(3) Additional assets. Additional assets that
				  may be included on the superintendent's APL (the additional assets).
Under special circumstances, the superintendent may approve
					 otherwise ineligible assets upon written application by the foreign banking
					 corporation.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 322 - Pledge Of Assets And Maintenance Of Assets By Licensed Foreign Banking Corporations In New York › Section 322.4 - Liabilities requiring cover

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of this Part and Part 52 of this Title,
					 liabilities requiring cover shall include all liabilities of a foreign banking
					 corporation appearing in the books, accounts and records of its agency,
					 agencies, branch or branches in this State as liabilities of such agency,
					 agencies, branch or branches, including acceptances and such other liabilities
					 (including contingent liabilities) as the superintendent shall determine, but
					 excluding the following:
(a) amounts
				  due and other liabilities to other offices, agencies, branches and affiliates
				  as defined in section
				  322.6  of
				  this Part of such foreign banking corporation, including unremitted profits;
				  and
(b) reserves for possible loan
				  losses and other contingencies.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 322 - Pledge Of Assets And Maintenance Of Assets By Licensed Foreign Banking Corporations In New York › Section 322.6 - Definition of affiliate

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) Affiliate means any person, or group of
				  persons acting in concert, that controls, is controlled by or is under common
				  control with such foreign banking corporation.
(b) Control means any person, or group of
				  persons acting in concert, directly or indirectly:
(1) owning, controlling or holding with power
				  to vote, more than 50 percent of the voting stock of a company;
(2) having the ability in any manner to elect
				  a majority of the directors of a company; or
(3) otherwise exercising a controlling
				  influence over the management and policies of a company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 322 - Pledge Of Assets And Maintenance Of Assets By Licensed Foreign Banking Corporations In New York › Section 322.7 - Definition of well-rated foreign banking corporation

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For purposes of this Part, well-rated
				  foreign banking corporation means a foreign banking corporation designated as
				  such by the superintendent. Such an institution must be considered by the
				  superintendent generally to be well-capitalized and well-managed. The
				  superintendent will consider the following factors, among others, in making
				  such determination:
(1) whether the parent
				  foreign bank on a consolidated basis maintains a well-capitalized position
				  (currently, tier 1 and total risk-based capital ratios of 6 and 10 percent,
				  respectively, as calculated in accordance with standards set by the Basel
				  Committee on Banking Supervision);
(2) the strength of support assessment (SOSA)
				  rating issued by the Federal banking agencies;
(3) the composite rating for the foreign
				  banking corporation's New York office or offices (such rating should be no
				  lower than a "2"); and
(4) whether
				  there are any formal supervisory, regulatory, or enforcement actions
				  outstanding against the New York office or offices.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 323 - Acceptance Of Deposits From Noncitizens And Non-u.s. Residents By Licensed Agencies Of Foreign Banking Corporations › Section 323.1 - Explanation

Current through Register Vol. 46, No. 28, July 10, 2024
Section 202-a (1)(c)  of the
					 Banking Law permits a licensed agency of a foreign banking corporation to
					 accept deposits other than from citizens or residents of the United States as
					 the superintendent shall define. The purpose of this Part is to define the term
residents of the United States
as used therein, and to provide
					 for appropriate disclosures as to the uninsured status of such deposits. Unlike
					 large-denomination obligations which may be issued to corporations and other
					 business entities pursuant to section 202-a (1)(b)  of the
					 Banking Law and Part 81 of this Title, the deposits which may be taken pursuant
					 to the terms of this Part 323 may be in amounts of less than $100,000 and may
					 be taken from natural persons as well.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 323 - Acceptance Of Deposits From Noncitizens And Non-u.s. Residents By Licensed Agencies Of Foreign Banking Corporations › Section 323.2 - Definition

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of section 202-a (1)(c)  of the
					 Banking Law, the term resident of the United States shall mean:
(a) any individual residing in the United
				  States;
(b) any corporation,
				  partnership, association or other entity organized in the United States;
				  or
(c) any branch or office located
				  in the United States of any entity that is not organized in the United
				  States.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 323 - Acceptance Of Deposits From Noncitizens And Non-u.s. Residents By Licensed Agencies Of Foreign Banking Corporations › Section 323.3 - Notification that deposits are uninsured

Current through Register Vol. 46, No. 28, July 10, 2024
At or prior to the time a licensed agency of a foreign bank
					 shall open any deposit account under $100,000 for a depositor not a citizen or
					 resident of the United States, pursuant to section 202-a (1)(c)  of the
					 Banking Law, and this Part, it shall notify the depositor that the agency's
					 deposits are not insured by the FDIC. Such notification shall be in writing and
					 shall appear in a conspicuous place on the signature card or other related
					 documentation pertaining to the opening of the account.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 324 - Reports To Directors And Trustees › Section 324.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
Sections 121 and
					 252 
					 of the Banking Law provide for a monthly report to the board of directors or
					 the executive committee of such board of each bank, trust company or savings
					 bank containing certain information as listed by the statute except as
					 otherwise provided by the superintendent by regulation. This Part establishes
					 the requirements as to the minimum content of such monthly report. Nothing in
					 this Part shall be deemed to imply that the responsibility of management to
					 keep its directors informed in the areas of loans and investments will be met
					 solely through the fulfillment of these reporting requirements. It is
					 emphasized that it remains the responsibility of management to keep directors
					 informed of any important developments in these areas, and directors continue
					 to have the responsibility to keep so informed.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 324 - Reports To Directors And Trustees › Section 324.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of this Part:
(a) The term capital funds shall mean the
				  total of the combined capital stock (including capital notes and debentures
				  authorized under section
				  27.1 
				  of this Title), surplus fund and undivided profits (as defined by Supervisory
				  Procedure CB 120) of a bank, trust company or stock-form savings bank. In the
				  case of a mutual savings bank the term capital funds shall mean the net worth
				  (as defined in sections 234.5 -b and 244.4 of the Banking Law).
(b) The term loan shall include all
				  discounts, loans or other advances and such other extensions of credit,
				  including certain letters of credit, as are considered to be loans for the
				  purpose of section 103 (1)  of the Banking
				  Law.
(c) The term obligations of
				  the U.S. Government shall mean all securities issued by or unconditionally
				  guaranteed in full as to principal and interest by the U.S. Government or any
				  agency of the U.S. Government.
(d)
				  The term classified loans shall mean all loans adversely classified in the most
				  recent State or Federal report of examination, including those loans classified
				  under the Statistical Sampling and Shared National Credit programs, and all
				  loans adversely classified at the most recent Directors' Examination conducted
				  pursuant to sections 122 and
				  123 or
				  254  of the Banking Law.
(e) The term Federal funds shall have the
				  same meaning as given in section 103 (1)(h)  of the Banking
				  Law.
(f) The term broker/dealer
				  shall have the same meaning as that contained in section 224.5(C) of Federal
				  Reserve Board Regulation X.
(g) The
				  terms director, directors and board of directors shall, in the case of mutual
				  savings banks, refer to trustees and boards of trustees thereof.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 324 - Reports To Directors And Trustees › Section 324.3 - General provisions

Current through Register Vol. 46, No. 28, July 10, 2024
The monthly report to the board of directors shall contain
					 a written report of the following transactions which have taken place since the
					 date of the last preceding similar report:
(a)
(1) Any
				  purchase of the securities of any one issuer (except those which are
				  obligations of the U.S. Government) if it, by itself or together with any
				  previously unreported purchases, brings the total holdings of securities of
				  that issuer to an amount equal to, or in excess of, 21/2 percent of capital
				  funds.
(2) Any increase to a
				  securities holding previously reported (except those which are obligations of
				  the U.S. Government) if it, together with any other increases since the item
				  was last reported, is in an amount equal to, or in excess of, one percent of
				  capital funds. However, increases need not be reported if the total holdings of
				  securities of that issuer during the period since the last similar report was
				  prepared did not equal or exceed 21/2 percent of capital funds.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 325 - Nonaccrual Of Interest › Section 325.1 - Explanatory note

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Section 109 (2)(a)  of the Banking
				  Law prohibits a bank or trust company from accruing interest on
				  interest-bearing assets upon which a default of principal or interest has
				  existed for a period which shall be determined by the superintendent, unless
				  such assets are fully secured as to both principal and interest.
(b) Section 244 (1)(b)  of the Banking
				  Law permits the superintendent to direct that certain portions of interest
				  accrued but uncollected by a savings bank be excluded from income.
(c) Section 386 (1)(a)  of the Banking
				  Law prohibits a savings and loan association from accruing interest upon any
				  asset upon which a default exists. For the purpose of this section of the
				  Banking Law, a default is deemed to exist when payment of principal or interest
				  is 90 days or more past due and the asset is not fully secured as to both
				  principal and interest.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 325 - Nonaccrual Of Interest › Section 325.2 - Nonaccrual threshold

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For
				  the purpose of section 109 (2)(a)  of the Banking
				  Law, the period of time beyond which a bank or trust company must not accrue
				  interest upon a defaulted asset will be 90 days, except as noted in section
				  325.3  of this
				  Part.
(b) For the purpose of
				  sections 244 (1)(b) and
				  386 (1)(a)  of the Banking
				  Law, savings banks and savings and loan associations, respectively, will be
				  subject to the same rules as banks and trust companies regarding the nonaccrual
				  of interest.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 325 - Nonaccrual Of Interest › Section 325.3 - Policy

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A debt will be
				  considered fully secured for the purpose of this section if it is secured (1)
				  by collateral in the form of liens on or pledges of real or personal property,
				  including securities, that have a realizable value sufficient to discharge the
				  debt (including accrued interest) in full, or (2) by the guaranty of a
				  financially responsible party.
(b)
				  Loans which reach nonaccrual status may not be restored to accruing status
				  until all delinquent principal and/or interest has been brought current, or the
				  loan becomes fully secured as to both principal and interest. Notwithstanding
				  the foregoing, a loan may be restored to accrual status in accordance with
				  applicable regulatory accounting principles.
(c) The date on which a loan reaches
				  nonaccrual status is determined by the contractual terms of the loan. If a loan
				  reaches nonaccrual status on a date which falls between the dates on which the
				  bank or trust company closes its books, it remains on nonaccrual status until
				  it meets the criteria for restoration to accruing status.
(d) Consumer loans and loans secured by one-
				  to four-family residential properties, on which principal or interest is due
				  and unpaid for 90 days or more, are not required to be placed in nonaccrual
				  status. Such loans should, however, be subject to other alternative methods of
				  evaluation to assure that the institution's net income is not materially
				  overstated.
(e) The reversal of
				  previously accrued but uncollected interest applicable to any asset placed in
				  nonaccrual status, and the treatment of any subsequent payments as either
				  principal or interest, should be handled in accordance with generally accepted
				  accounting principles. Acceptable accounting treatment includes a reversal of
				  all previously accrued but uncollected interest applicable to assets placed in
				  a nonaccrual status against appropriate income and balance sheet
				  accounts.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 326 - Maintenance Of Reserves By Credit Unions › Section 326.1 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
The provisions of this Part shall apply to all net worth
					 reserve accounts required to be established and maintained by credit
					 unions.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter A - BANKING ORGANIZATIONS › Part 326 - Maintenance Of Reserves By Credit Unions › Section 326.2 - Reserve accounts

Current through Register Vol. 46, No. 28, July 10, 2024
Credit unions shall establish and maintain such net worth
					 reserve accounts as are required for federally chartered credit unions pursuant
					 to title
					 12 U.S.C.
					 1790 d and any regulations promulgated
					 thereunder by the National Credit Union Administration.