reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 4 - Maximum Interest Rate On Certain Loans › Section 4.1 - Interest rate

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of General Obligations Law sections 5-501 and
				  5-524, and Banking Law sections 108(1), 173(1), 202(1), 235-b, 380-e, 454(6),
				  510-a(1) and 577(1), and except as otherwise provided by law, the maximum rate
				  of interest to be charged, taken or received, upon a loan or forbearance of any
				  money, goods, or things in action is as follows:
Effective July 1, 1968.. 7. 25% per
				  annum......................................................................................
Effective February 16, 1969.. 7. 50% per
				  annum......................................................................................
Effective August 15, 1973.. 8. 00% per
				  annum......................................................................................
Effective October 11, 1973.. 8. 50% per
				  annum...........................................................................
Effective December 8, 1978.. 9. 50% per
				  annum........................................................................
Effective May 1, 1979.. 9. 75% per
				  annum...............................................................................
Effective August 1, 1979.. 10. 00% per
				  annum.........................................................................
Effective November 1, 1979.. 10. 25% per
				  annum...................................................................
Effective February 1, 1980.. 10. 50% per
				  annum......................................................................
Effective May 1, 1980.. 10. 75% per
				  annum...............................................................................
Effective August 1, 1980.. 11. 00% per
				  annum...........................................................................
Effective November 1, 1980.. 11. 25% per
				  annum.....................................................................
Effective December 1, 1980.. 16. 00% per
				  annum.....................................................................
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 4 - Maximum Interest Rate On Certain Loans › Section 4.2 - Amounts included as interest

Current through Register Vol. 46, No. 28, July 10, 2024
The term
interest
as used in section
				  4.1  of this
				  Part:
(a) when applied to any loan or
				forbearance secured primarily by an interest in real property improved by a
				one- or two-family residence occupied by the owner, shall include origination
				fees, points and other discounts and all other amounts paid or payable,
				directly or indirectly, by any person, to or for the account of the lender in
				consideration for making the loan or forbearance. The fees, charges and costs
				described in section
				4.3 
				of this Part do not constitute amounts paid or payable, directly or indirectly,
				to or for the account of the lender in consideration for making the loan or
				forbearance and are not included in "interest";
(b) when applied to any other loan or
				forbearance, shall mean all amounts paid or payable, directly or indirectly, by
				any person, to or for the account of the lender which would be includible as
				interest under New York law as it existed prior to the enactment of chapter 349
				of the Laws of 1968;
(c) when
				applied to any loan or forbearance insured by the New York City Rehabilitation
				Mortgage Insurance Corporation, shall not include premiums paid for insurance
				pursuant to section 654 (13)(a)  of the Private
				Housing Finance Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 4 - Maximum Interest Rate On Certain Loans › Section 4.3 - Amounts not included as interest in certain home mortgage loans

Current through Register Vol. 46, No. 28, July 10, 2024
The term
interest
for purposes of
				  subdivision (a) of section
				  4.2 
				  of this Part shall not include the following amounts payable in connection with
				  the loan or forbearance, if itemized in writing to the borrower:
(a) a reasonable fee in consideration for the
				legally enforceable written commitment of the lender to reserve funds for
				future disbursement to the borrower, provided such commitment was made prior to
				November 1, 1968;
(b) reasonable
				fees, charges and costs for the following services actually and necessarily
				rendered:
(1) appraisal of property securing
				the loan or forbearance;
(2)
				preparation of surveys, abstracts or similar documents;
(3) title examinations, examinations of
				public records or similar procedures;
(4) title insurance;
(5) legal services and reasonable
				disbursements related thereto;
(6)
				notarizations, authentications or similar procedures; and
(7) periodic inspections related to advances
				to be made under the loan agreement;
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 4 - Maximum Interest Rate On Certain Loans › Section 4.4 - Calculation of maximum rate of interest

Current through Register Vol. 46, No. 28, July 10, 2024
The term maximum rate of interest as used in sections
				  4.1 and
				  4.5 
				  of this Part, when applied to any loan or forbearance, secured primarily by an
				  interest in real property, improved by a one- or two-family residence occupied
				  by the owner, shall mean that annual percentage rate which will yield a sum
				  equal to the amount of "interest" as defined in subdivision (a) of section
				  4.2 
				  of this Part when such rate is applied to the unpaid balances of the amount
				  financed, calculated according to the actuarial method (United States rule) by
				  allocating payments between the amount financed and the amount of such
				  "interest" so that a payment is applied first to such "interest" and the
				  balance to the unpaid amount financed. The term amount financed as used in this
				  section shall mean the sum of (a) the amount of the loan paid to, receivable
				  by, or paid or payable for the account of the borrower, plus (b) such fees,
				  charges or costs not included in "interest" as defined in subdivision (a) of
				  section
				  4.2 
				  of this Part but which at the time of any calculation of interest have been
				  added to the loan or forbearance. Such term maximum rate of interest, when
				  applied to any loan or forbearance not secured primarily by an interest in real
				  property improved by a one- or two-family residence occupied by the owner,
				  shall mean that annual percentage rate calculated according to any method
				  authorized under New York law as it existed prior to the enactment of chapter
				  349 of the Laws of 1968.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 4 - Maximum Interest Rate On Certain Loans › Section 4.5 - Interest rate applicable to subsequent advances

Current through Register Vol. 46, No. 28, July 10, 2024
Where an agreement with the borrower provides that the lender
				  shall advance funds from time to time, the maximum rate of interest applicable
				  to each advance shall be the maximum rate of interest authorized by law at the
				  time the first advance was made.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 4 - Maximum Interest Rate On Certain Loans › Section 4.6 - Escalation provisions in amortization loans

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of General Obligations Law, section
				  5-501(3) and (4), if a
				  loan or forbearance secured primarily by an interest in real property improved
				  by a one- or two-family residence occupied by the owner, providing for regular
				  payments of principal and interest designed fully or partially to amortize the
				  principal amount thereof, is extended or a new loan substituted therefor by the
				  original lender or a subsequent assignee as a consequence of:
(a) the exercise or forbearance from
				exercising an option to declare the loan due and payable prior to its normal
				maturity date; or
(b) the loan, by
				its terms, becoming due and payable prior to its normal maturity date, the
				original loan or forbearance together with such extended or substituted loan
				shall constitute a single loan or forbearance, provided that this section shall
				not apply in the event:
(1) exercise of the
				option, forbearance from exercising the option or accelerated maturity of the
				loan results from the obligor's act or default; or
(2) the extended or new loan or forbearance
				is made in consideration for additional funds, a release of a portion of the
				mortgaged property or other change in the terms of the loan or forbearance
				specifically requested in writing by the obligor.
As used in this section, the term normal maturity date shall
				  mean the date on which the principal amount of the loan would be fully
				  amortized by regular payments of principal and interest each substantially
				  equal to the first required regular payment.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 4 - Maximum Interest Rate On Certain Loans › Section 4.7 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall apply only to a loan or forbearance made on
				  or after July 1, 1968.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 5 - Internal And External Audits At Branches And Agencies Of Foreign Banking Corporations › Section 5.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
In order to maintain and enhance the safety and soundness of
				  foreign banks' New York offices, the Banking Board is establishing criteria
				  which would require under certain circumstances that such offices utilize
				  independent external and internal auditors satisfactory to the superintendent.
				  The Banking Board believes that the foreign bank office's annual ROC-A
				  examination rating serves as a straightforward and meaningful measure to
				  determine whether foreign bank offices require such additional assistance.
				  Nothing contained in this Part shall be deemed to limit the authority of the
				  superintendent under the provisions of the Banking Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 5 - Internal And External Audits At Branches And Agencies Of Foreign Banking Corporations › Section 5.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) The term foreign bank office means a
				branch or an agency of a foreign banking corporation licensed by the
				superintendent to conduct a banking business in New York.
(b) The term GAAP means United States
				generally accepted accounting principles.
(c) The term GAAS means United States
				generally accepted auditing standards.
(d) The term ROC-A examination rating means
				the examination rating system for a foreign bank office conducting a banking
				business in the United States, in which the term ROC-A stands for risk
				management, operational controls, compliance, and asset quality.
(e) The term independent external auditor
				means an independent public accountant registered or licensed to practice as a
				public accountant in New York State.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 5 - Internal And External Audits At Branches And Agencies Of Foreign Banking Corporations › Section 5.3 - External audits

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Those foreign bank offices with a composite ROC-A rating of four or worse, and
				a separate operational controls ("O") rating of four or worse, and, on a
				case-by-case basis as determined by the superintendent, foreign bank offices
				with an "O" rating of three or worse, regardless of the composite rating, must
				engage an independent external auditor, subject to the superintendent's
				approval, to:
(1) Issue a report on the
				foreign bank office's balance sheet and accompanying disclosures, which shall
				include off-balance sheet amounts and assets held on behalf of others. The
				balance sheet and disclosures must be stated under GAAP and audited under GAAS.
				The balance sheet and disclosures must be audited as of a quarter-end date
				within six months following the date the department issues its transmittal
				letter corresponding to an examination report and annually thereafter for such
				period as the foreign bank office shall be subject to this
				subdivision.
(2) Attest to
				management's assertions regarding the effectiveness of the foreign bank
				office's internal control structure over financial reporting based on
				reasonable criteria established by management. Independent external auditor
				attestation reports must be performed in accordance with United States
				generally accepted standards for attestation engagements. These reports must be
				dated as of the same date chosen in paragraph (1) of this
				subdivision.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 5 - Internal And External Audits At Branches And Agencies Of Foreign Banking Corporations › Section 5.4 - Internal audits

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				superintendent encourages all foreign bank offices to employ qualified internal
				auditors as an important aspect of adequate internal control. The
				superintendent may, in his or her discretion, require a foreign bank office to
				follow requirements similar to those set forth in paragraph (b) of this
				section.
(1) Internal auditors, whether head
				office, resident or regional, are expected to be well-qualified to perform
				their duties. Qualified internal auditors should possess significant experience
				in bank accounting, auditing and control functions, and attend relevant
				professional education courses on an annual basis.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 5 - Internal And External Audits At Branches And Agencies Of Foreign Banking Corporations › Section 5.5 - Compliance with laws and regulations

Current through Register Vol. 46, No. 28, July 10, 2024
Coincidental with the reports issued pursuant to section
				  5.3  of this Part,
				  management shall assert its compliance with applicable laws and
				  regulations.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 5 - Internal And External Audits At Branches And Agencies Of Foreign Banking Corporations › Section 5.6 - Additional actions and orders

Current through Register Vol. 46, No. 28, July 10, 2024
The requirements outlined in this Part are in addition to any
				  other additional supervisory or enforcement actions that the superintendent may
				  impose against a foreign bank office.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 5 - Internal And External Audits At Branches And Agencies Of Foreign Banking Corporations › Section 5.7 - Compliance with federal regulations

Current through Register Vol. 46, No. 28, July 10, 2024
Compliance by an insured foreign bank office with section 112
				  of the Federal Deposit Insurance Corporation Improvement Act (12 U.S.C. §
										1831 m), as it may be amended from time to
				  time, shall be deemed compliance by that insured foreign bank office with
				  section
				  5.3(a) 
				  of this Part, subject to the superintendent's authority to require additional
				  procedures as may be deemed to be necessary.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 6 - Additional Authority Of Banks, Trust Companies, Savings Banks And Savings And Loan Associations Pursuant To Banking Law, Sections 14-g And 14-h › Section 6.1 - Statement of purpose

Current through Register Vol. 46, No. 28, July 10, 2024
In enacting section one of chapter three of the Laws of 1997,
				  the Legislature found and declared "that the rapid expansion of Federal banking
				  powers requires a means to ensure parity, in a timely manner, between banks and
				  trust companies and national banks, in order to preserve and enhance the State
				  banking charter." It was the stated intention of the Legislature that section
				  one of chapter three of the Laws of 1997 "be construed in such a manner as to
				  ensure that banks and trust companies may exercise the same rights and powers
				  and engage in the same activities as national banks, on substantially the same
				  terms and conditions as national banks." It was the further stated intention of
				  the Legislature "that in exercising any right or power or engaging in any
				  activity pursuant to section one of chapter three of the Laws of 1997, that is
				  subject to licensing or regulation by any authority or agency of this State
				  other than the superintendent, a bank or trust company be subject to the same
				  licensing and supervisory requirements that apply to other persons who are
				  authorized to exercise such rights or powers or engage in such
				  activities."
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 6 - Additional Authority Of Banks, Trust Companies, Savings Banks And Savings And Loan Associations Pursuant To Banking Law, Sections 14-g And 14-h › Section 6.2 - Application procedure

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to such rules or regulations adopted by the
				  Banking Board at the request of the superintendent, any bank, trust company or
				  other person may make a request to the Banking Board to promulgate a rule or
				  regulation pursuant to the authority of section 14-g  of the Banking Law to
				  enable banks and trust companies to exercise any right, power, privilege, or
				  benefit, to engage in any activity, or enter into any loan, investment or
				  transaction that a national bank may lawfully exercise or into which it may
				  lawfully engage or enter, acting either directly or through a subsidiary or
				  subsidiaries. Such bank, trust company or other person shall submit a written
				  application to the superintendent, which shall include the following
				  information:
(a) a citation to the
				relevant Federal authority that enables a national bank to exercise the right,
				power, privilege or benefit, engage in the activity, or enter into the loan,
				investment or transaction which the Banking Board is being requested to extend
				to banks and trust companies;
(b)
				an analysis supporting the conclusion that the exercise of such right, power,
				privilege or benefit, or the engagement in such activity, or the entering into
				such loan, investment or transaction is:
(1)
				consistent with the policy of the State of New York as declared in section 10 
				of the Banking Law and is thereby in the public interest, including the
				interests of depositors, creditors, shareholders, stockholders and consumers;
				and
(2) necessary to achieve or
				maintain parity between banks and trust companies and national banks with
				respect to rights, powers, privileges, benefits, activities, loans, investments
				or transactions;
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 6 - Additional Authority Of Banks, Trust Companies, Savings Banks And Savings And Loan Associations Pursuant To Banking Law, Sections 14-g And 14-h › Section 6.4 - Additional insurance powers of savings banks and savings and loan associations

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				Banking Board hereby finds that the promulgation of this section is consistent
				with the policy of the State of New York as declared in section 10 of the New
				York Banking Law and thereby protects the public interest, including the
				interests of depositors, creditors, shareholders, stockholders and consumers
				and is necessary to achieve or maintain parity between savings banks and
				savings and loan associations and national banks with respect to rights,
				powers, privileges, benefits, activities, loans, investments or transactions
				relating to engaging in the insurance business.
(b) Savings banks and savings and loan
				associations may engage in the insurance business to the extent that banks and
				trust companies may engage in the insurance business pursuant to section
				6.3 
				of this Part, as such section may be amended from time to time. All conditions,
				restrictions and disclosure requirements imposed upon banks and trust companies
				in section
				6.3 
				of this Part with respect to engaging in such insurance business shall apply
				with equal force and effect to savings banks and savings and loan associations
				engaging in business pursuant to the authority granted by this
				section.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 6 - Additional Authority Of Banks, Trust Companies, Savings Banks And Savings And Loan Associations Pursuant To Banking Law, Sections 14-g And 14-h › Section 6.5 - Investments in community development entities or projects

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The Banking Board hereby finds that the
				promulgation of this section is consistent with the policy of the State of New
				York as declared in section 10 of the New York State Banking Law and thereby
				protects the public interest, including the interest of depositors, creditors,
				shareholders, stockholders and consumers and is necessary to achieve or
				maintain parity between banks and trust companies and national banks with
				respect to rights, powers, privileges, benefits, activities, loans, investments
				or transactions.
(b) The Banking
				Board hereby finds that title 12, United States Code,[FN*] sections 93a, 481
				and 1818, 1994 edition, and title 12, Code of Federal Regulations,* part 24,
				permits national banks to make investments designed primarily to promote the
				public welfare, including the welfare of low-and moderate-income areas or
				individuals, such as by providing housing, services or jobs.
(c) A bank or trust company may make equity
				investments in community development entities or projects provided that any
				such entity or project primarily serves a public purpose. An entity or project
				will be deemed to serve a public purpose if it primarily benefits low- and
				moderate-income individuals, low-and moderate-income areas, or other areas
				targeted for redevelopment by the local, State, tribal or Federal government
				(including Federal enterprise communities and Federal empowerment zones) by
				providing or supporting one or more of the following activities:
(1) affordable housing, community services,
				or permanent jobs for low- and moderate- income individuals;
(2) equity or debt financing for small
				businesses;
(3) area revitalization
				or stabilization; or
(4) other
				activities, services, or facilities that primarily promote the public
				welfare.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 6 - Additional Authority Of Banks, Trust Companies, Savings Banks And Savings And Loan Associations Pursuant To Banking Law, Sections 14-g And 14-h › Section 6.7 - Additional authority of banks and trust companies to underwrite and deal in certain securities, including municipal bonds

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The Banking Board hereby finds that the
				promulgation of this section is consistent with the policy of the State of New
				York as declared in section 10 of the New York Banking Law and thereby protects
				the public interest, including the interests of depositors, creditors,
				shareholders, stockholders and consumers and is necessary to achieve or
				maintain parity between banks and trust companies and national banks with
				respect to rights, powers, privileges, benefits, activities, loans, investments
				or transactions.
(b) The Banking
				Board hereby finds that section 24 (seventh) of title 12, United States Code
				and part 1 of title 12, Code of Federal Regulations permit a national bank to:
(1) deal in, underwrite, purchase and sell
				type I securities (including, in the case of a well capitalized national bank,
				municipal bonds as defined therein) in an amount not limited to a specified
				percentage of the bank's capital and surplus; and
(2) deal in, underwrite, purchase and sell
				type II securities, provided the aggregated par value of such securities issued
				by any one obligor held by the bank does not exceed 10 percent of the bank's
				capital and surplus.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 6 - Additional Authority Of Banks, Trust Companies, Savings Banks And Savings And Loan Associations Pursuant To Banking Law, Sections 14-g And 14-h › Section 6.9 - Merger of a bank or trust company with a nonbank affiliate

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The Banking Board hereby finds that the
				promulgation of this section is consistent with the policy of the State of New
				York as declared in section 10 of the New York Banking Law and thereby protects
				the public interest, including the interests of depositors, creditors,
				shareholders, stockholders and consumers and is necessary to achieve or
				maintain parity between banks and trust companies and national banks with
				respect to rights, powers, privileges, benefits, activities, loans, investments
				or transactions.
(b) The Banking
				Board hereby finds that  title 12, United States Code, section 215a-3  and title
				 12, Code of Federal Regulations, section 5.33(g)(4)  permit a national bank to
				merge with one or more nonbank affiliates of such bank.
(c) Definitions. For purposes of this
				section:
(1) Banking institution means a
				banking organization as defined in section 2 (11)  of the Banking Law,
				national bank, Federal savings bank, Federal savings and loan association,
				Federal credit union, foreign banking corporation, or any bank, trust company,
				savings bank, savings and loan association or credit union organized under the
				laws of any other state.
(2)
				Company means a corporation, limited liability company, partnership, business
				trust, association or similar organization.
(3) Control shall be deemed to exist when:
(i) one company or shareholder, directly or
				indirectly, or acting through one or more other persons, owns, controls, or has
				power to vote 25 percent or more of any class of voting securities of the other
				company; or
(ii) one company or
				shareholder controls in any manner the election of a majority of the directors
				or trustees of the other company;
provided, in either case, that no company shall be deemed to
				  own or control another company by virtue of its ownership or control of shares
				  in a fiduciary capacity.
(4) Nonbank affiliate of a bank or trust
				company means any company (other than a banking institution) that controls, is
				controlled by, or is under common control with the bank or trust
				company.
(5) Receiving corporation
				means the bank or trust company which is to receive into itself the merging
				affiliate or affiliates.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 6 - Additional Authority Of Banks, Trust Companies, Savings Banks And Savings And Loan Associations Pursuant To Banking Law, Sections 14-g And 14-h › Section 6.10 - Investment in a public deposit bank subsidiary by a savings bank or savings and loan association

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				Banking Board hereby finds that the promulgation of this section is consistent
				with the policy of the State of New York as declared in section 10 of the New
				York Banking Law and thereby protects the public interest, including the
				interests of depositors, creditors, shareholders, stockholders and consumers
				and is necessary to achieve or maintain parity between savings banks and
				savings and loan associations (hereafter thrift institutions) and Federal
				savings associations with respect to rights, powers, privileges, benefits,
				activities, loans, investments or transactions.
(b) The Banking Board hereby finds that title
				 12, Code of Federal Regulations, section 559(3)(3) and (g), promulgated
				pursuant to title
				12
				United States Code, section 1462 et seq.,
				permit a Federal savings association to invest without limitation as to amount
				in the shares of a subsidiary which is an insured depository institution,
				including an insured depository institution which may accept deposits of public
				moneys.
(c) For purposes of this
				section, public deposit bank subsidiary means a bank as that term is defined in
				title
				12
				United States Code, section
				1841(c)(1):
(1) more than 50 percent of the voting shares
				of which are owned, directly or indirectly, by the thrift institution with no
				other person or entity exercising effective operating control; and
(2) which accepts only deposits of public
				moneys and the other types of deposits as enumerated in title
				12
				United States Code, section
				1841(a)(5)(E)(ii).
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 7 - Superintendent's Regulations: Information Subject to Confidential Treatment Under Section 36.10 of The Banking Law › Section 7.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The term
				confidential supervisory information shall mean any information that is covered
				by section 36.10 of the Banking Law.
(b) The term independent auditor shall mean a
				certified public accountant or a firm lawfully engaged in the practice of
				public accountancy retained or engaged by a regulated entity to provide
				accounting or auditing services to such regulated entity.
(c) The term legal counsel shall mean an
				external attorney and counselor at law admitted to practice in any of the
				courts of record of the United States or a law firm retained to provide legal
				representation to the regulated entity.
(d) The term regulated entity shall mean an
				entity or individual licensed, chartered, authorized, registered, or otherwise
				subject to supervision by the Department under the Banking Law.
(e) The term person shall include any
				individual, partnership, corporation, trust, association, or any other form of
				entity, as well as any federal, state, or local government or any agency,
				instrumentality or political subdivision thereof.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 7 - Superintendent's Regulations: Information Subject to Confidential Treatment Under Section 36.10 of The Banking Law › Section 7.2 - Disclosure of Confidential Supervisory Information

Current through Register Vol. 46, No. 28, July 10, 2024
(a) General Rule. Except as provided in
				section 36.10 of the Banking Law, or subdivisions (b), (c) and (d) below, a
				regulated entity shall not disclose any confidential supervisory information to
				any person without the prior written approval of the Department and subject to
				any terms and conditions that are imposed by the Department on any such
				disclosure.
(b) Limited Exception
				to Prior Written Approval Requirement. Notwithstanding the requirements of
				subdivision (a) of this section, without obtaining the prior written approval
				of the Department, a regulated entity may disclose confidential supervisory
				information, which is lawfully in the possession of such regulated entity, to
				legal counsel or an independent auditor that has been retained or engaged by
				such regulated entity pursuant to an engagement letter or written agreement,
				provided that such legal counsel or an independent auditor has in writing:
(1) acknowledged that such disclosed
				information is confidential supervisory information under section 36.10 of the
				Banking Law; and
(2) agreed to
				abide by, the prohibition on the dissemination of confidential supervisory
				information contained in subdivision (a) of this section.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 8 - Banking Development Districts › Section 8.1 - Explanation; authority

Current through Register Vol. 46, No. 28, July 10, 2024
The stated purpose of chapter 204 of the Laws of 1997, as
				  amended by chapter 526 of the Laws of 1998, is to encourage the establishment
				  of bank branches in specially designated geographic locations, known as
				  "banking development districts," where there is a demonstrated need for banking
				  services. The establishment of a new branch by a bank, trust company, national
				  bank, or, on and after January 1, 1999, by a savings bank, savings and loan
				  association, Federal savings and loan association or Federal savings bank
				  within such a banking development district should enhance access by consumers
				  to banking services and promote local economic development. Underserved
				  consumers may reside in urban or rural areas which may have different income
				  levels, demographic characteristics and population densities. Regardless of an
				  area's characteristics, it is anticipated that greater access to banking
				  services will encourage the area's residents, who may have no banking
				  relationships, to become part of the financial mainstream. It is further
				  anticipated that the establishment of a bank branch will provide a foundation
				  to stimulate the local economy by enhancing access to capital for local
				  businesses. This will promote long-term economic development, foster job
				  creation, and promote community stabilization and revitalization. As provided
				  in section 96-d (5)  of the Banking
				  Law, savings banks and savings and loan associations authorized to participate
				  hereunder, are further authorized to furnish security for any such deposits as
				  they may receive under the banking developments district programs in the manner
				  and to the extent authorized in the case of commercial banks and trust
				  companies under such program.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 8 - Banking Development Districts › Section 8.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a)
Bank
shall mean a state
				commercial bank or trust company, a national bank, savings bank, savings and
				loan association, Federal savings and loan association or Federal savings
				bank.
(b)
Alternative
				providers of banking services
shall mean licensed check cashers,
				licensed money transmitters, licensed lenders and licensed mortgage
				bankers.
(c)
Banking
				services
shall include, but not be limited to, deposit-taking,
				check-cashing, sale of money orders, origination of residential or commercial
				mortgages, consumer loans, and commercial loans.
(d)
Branch
shall mean a
				full-service branch.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 8 - Banking Development Districts › Section 8.3 - Criteria for approval

Current through Register Vol. 46, No. 28, July 10, 2024
In determining whether to approve an application for the
				  designation of a banking development district, the superintendent shall take
				  into consideration the following criteria:
(a) the location, number, and proximity to
				applicant's proposed site of sites where banking services are available within
				the proposed banking development district;
(b) the location, number, and proximity to
				applicant's proposed site of sites where banking services are available within
				a reasonable distance of the proposed banking development district;
(c) the identification of consumer needs for
				banking services within the proposed banking development district;
(d) the economic viability and local credit
				needs of the community within the proposed banking development
				district;
(e) the existing
				commercial development within the proposed banking development
				district;
(f) the impact additional
				banking services would have on potential economic development in the proposed
				banking development district;
(g)
				the physical size of the proposed banking development district;
(h) the nature of the community to be served,
				including, but not limited to, the demographic and economic characteristics of
				the proposed banking development district;
(i) the financial condition and managerial
				ability of the applicant bank as determined by the appropriate bank regulator
				or other reliable sources;
(j)
				compliance with all other applicable branching statutes and
				regulations;
(k) history of
				prolonged lack of service to the proposed banking development district;
				and
(l) such other criteria which
				the superintendent, in his or her discretion, shall identify as
				appropriate.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 8 - Banking Development Districts › Section 8.4 - Required information that must be included in an application to the superintendent for designation of a proposed banking development district

Current through Register Vol. 46, No. 28, July 10, 2024
A local government, in conjunction with a bank may submit an
				  application to the superintendent for the designation of a proposed banking
				  development district. The local government that applies for banking development
				  district designation may be different from the governing board of the municipal
				  corporation which adopts a local law, ordinance or resolution implementing
				  section 105 of the New York Finance Law and section 485-f of the New York Real
				  Property Tax Law. The application shall include the following:
(a) identification of the political
				subdivision in the State, whether county, town, city, or village, which shall
				constitute the proposed banking development district;
(b) in those instances in which the proposed
				banking development district is a portion of a political subdivision,
				identification of the census tracts as well as street boundaries which shall
				constitute the proposed banking development district;
(c) evidence of the approval of the
				application by the governing board of the local government;
(d) characterization of the proposed banking
				development district as urban or rural as such terms are defined by the United
				States Census Bureau;
(e) the
				number of residents of the proposed banking development district;
(f) distribution of banking
				services--provide, with regard to the following geographic areas:
(1) within the proposed banking development
				district;
(2) within the entire
				political subdivision if different from paragraph (1) of this subdivision;
				and
(3) within a reasonable
				distance of the proposed banking development district, such distance to be
				supported by a narrative justification:
(i)
				the identification and location of all full-service branches of all banking
				institutions;
(ii) the
				identification and location of all sites which offer both deposit- taking ATMs
				and ALMs;
(iii) the identification
				and location of all alternative providers of banking services;
(iv) the identification and location of
				deposit-taking ATMs (other than those sited at full-service branches);
				and
(v) the identification and
				location of non-deposit-taking ATMs (other than those sited at full-service
				branches);
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 8 - Banking Development Districts › Section 8.5 - Optional information that may be included in an application to the superintendent for designation of a proposed banking development district

Current through Register Vol. 46, No. 28, July 10, 2024
An application for designation of a banking development
				  district may also (and if the superintendent shall deem such information
				  necessary to a determination, such application shall) include the
				  following:
(a) a narrative description
				of the population demographics including, but not limited to, the following:
(1) percentage of population age 64 and
				over;
(2) percentage of population
				that is non-English speaking;
(3)
				percentage of population consisting of minorities; and
(4) percentage of population that is
				disabled;
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 8 - Banking Development Districts › Section 8.6 - Other requirements

Current through Register Vol. 46, No. 28, July 10, 2024
The requirements of this Part are in addition to any
				  requirements established by the Department of Taxation and Finance and the New
				  York State Comptroller with respect to the deposit of public funds and the New
				  York State Board of Real Property Services with respect to real property tax
				  exemptions that may be available to banks within a banking development
				  district.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 9 - Basic Banking Accounts › Section 9.1 - Statement of policy

Current through Register Vol. 46, No. 28, July 10, 2024
In enacting section three of chapter one of the Laws of 1994,
				  the Legislature has found and declared that certain consumers residing in this
				  State may be unable to afford, without undue financial hardship, the cost of
				  maintaining a consumer transaction account at a banking institution located in
				  this State. Consequently, as provided in section 14-f  of the Banking Law, it is the policy
				  of this State that, consistent with safe and sound banking practices, banking
				  institutions shall make available lower cost banking services to consumers,
				  provided that no banking institution shall be required to offer lower cost
				  banking services at a cost to account holders which is less than the actual
				  cost to the banking institution to provide such services.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 9 - Basic Banking Accounts › Section 9.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) The term banking institution shall mean
				any bank, trust company, savings bank, savings and loan association, or credit
				union, or branch of a foreign banking corporation the deposits of which are
				insured by the Federal Deposit Insurance Corporation, which institution is
				incorporated, chartered, organized or licensed under the laws of this State or
				any other state or the United States, and which, in the ordinary course of its
				business, offers consumer transaction accounts to the general public or, in the
				case of a credit union, to its members.
(b) The term consumer transaction account
				shall mean a demand deposit account, negotiable order of withdrawal account,
				share draft account or similar account used primarily for personal, family or
				household purposes.
(c) The term
				periodic cycle shall mean the period covered by the banking institution's
				regular consumer transaction account statement, which shall be from 28 to 31
				days.
(d) The term withdrawal
				transaction shall mean a withdrawal from a consumer transaction account by
				means of a withdrawal slip, check, negotiable order of withdrawal or draft or
				through the use of an electronic facility operated by the banking
				institution.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 9 - Basic Banking Accounts › Section 9.3 - Required features

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Subject to the provisions of section
				9.6 
				of this Part, each banking institution shall offer consumer transaction
				accounts with the following features:
(1) The
				account shall be identified as a "basic banking account" or, in the case of
				credit unions, the term "basic share draft account" shall be used.
(2) The initial deposit amount required to
				open the account shall not exceed $25.
(3) The minimum balance, including any
				average balance, required to maintain such account shall not exceed
				$.01.
(4) The charge per periodic
				cycle for the maintenance of such account shall not exceed $3.
(5) The minimum number of withdrawal
				transactions which may be made during any periodic cycle at no additional
				charge to the account holder must be at least eight for account holders under
				sixty-five years of age, and at least twelve withdrawal transactions for
				account holders sixty-five years of age or older. For purposes of this
				paragraph, a withdrawal shall be deemed to be made when recorded on the books
				of the account holder's banking institution.
(6) Except as provided in paragraph (7) of
				this subdivision, an account holder shall not be restricted as to the number of
				deposits which may be made to the account without incurring any additional
				charge.
(7) The banking institution
				may charge account holders for transactions at electronic facilities which are
				not operated by the account holder's banking institution as well as other fees
				and charges for specific banking services not specified in this Part to the
				same extent that it charges its regular consumer transaction account holders
				for such services.
(8) Every
				periodic statement issued for a basic banking account shall contain, either on
				the statement or on a separate insert, a conspicuous notice identifying the
				maximum number of withdrawals which are permitted during each periodic cycle
				without the imposition of any additional charge, the consequences of exceeding
				such maximum and the fee, if any, for the use of electronic facilities which
				are not operated by the account holder's banking institution. Such notice shall
				in addition indicate that a withdrawal shall be deemed to be made when recorded
				on the books of the account holder's banking institution which is not
				necessarily the date that the account holder initiated the
				transaction.