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History
- Referred to banks
- Delivered to assembly
- Passed senateVote 57–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.816
- Referred to banks
- Returned to senate
- Died in assembly
- Referred to banks
- Delivered to assembly
- Passed senateVote 61–0
Show 4 earlier actions
- Advanced to third reading
- 2nd report cal.
- 1st report cal.669
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Authorizes state chartered banking institutions to invest their assets to the extent authorized in the rules and regulations of the Federal Deposit Insurance Corporation
In Assembly Committee · Banks · Sponsor Anthony Brindisi
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4304
Title of bill
An act to amend the banking law, in relation to the investment of the tier 1 capital of state chartered banking institutions
Purpose
To authorize state chartered banking institutions to invest their assets to the extent authorized in the rules and regulations of the Federal Deposit Insurance Corporation.
Summary of provisions
The banking law is amended by adding a new section 12 which states: power of state chartered banking institutions to invest its tier 1 capital. 1. For the purpose of this section, "tier 1 capital" shall mean the common stock, disclosed reserves and non-redeemable non-cumulative preferred stock of a state chartered banking institution. 2. Notwithstanding any provision of this chapter to the contrary, each state chartered banking institution shall be authorized to invest its tier 1 capital to the extent permitted by the rules and regulations of the Federal Deposit Insurance Corporation.
Justification
There are a number of state chartered banks that have the permission of the Federal Deposit Insurance Corporation to invest 100% of their tier one capital. However, New York banking law restricts these state chartered institutions to invest the lesser of 100% of their capital or 5% of their assets.
This bill establishes that state chartered banks permitted to invest 100% of their tier one capital by the Federal Deposit Insurance Corporation are granted the same permission by the state.
Legislative history
New Legislation.
Fiscal implications
To be determined.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.