Assembly Bill A2507

2017-2018 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

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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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2017-A2507 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L
Versions Introduced in 2015-2016 Legislative Session:
A7112

2017-A2507 (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.

2017-A2507 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2507
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2017
                                ___________
 
 Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
   tee 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:
   § 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.
   § 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.
                                                            LBD01881-01-7

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