Senate Bill S4304

2015-2016 Legislative Session

Authorizes state chartered banking institutions to invest their assets to the extent authorized in the rules and regulations of the Federal Deposit Insurance Corporation

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-S4304 (ACTIVE) - Details

See Assembly Version of this Bill:
A7112
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L
Versions Introduced in 2017-2018 Legislative Session:
A2507

2015-S4304 (ACTIVE) - Summary

Authorizes state chartered banking institutions to invest their assets to the extent authorized in the rules and regulations of the Federal Deposit Insurance Corporation.

2015-S4304 (ACTIVE) - Sponsor Memo

2015-S4304 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4304

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             March 11, 2015
                               ___________

Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT to amend the banking law, in relation to the  investment  of  the
  tier 1 capital of state chartered banking institutions

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The banking law is amended by adding a new  section  12  to
read as follows:
  S  12. POWER OF STATE CHARTERED BANKING INSTITUTION TO INVEST ITS TIER
1 CAPITAL. 1. FOR THE PURPOSES OF THIS SECTION, "TIER 1  CAPITAL"  SHALL
MEAN THE COMMON STOCK, DISCLOSED RESERVES AND NON-REDEEMABLE NON-CUMULA-
TIVE 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.
  S  2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05917-01-5

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