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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

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Archive: Last Bill Status - In Assembly Committee

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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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