Bill Text: NY S03758 | 2017-2018 | General Assembly | Amended

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Bill Title: Relates to bank organization examinations; requires an extension from one year to eighteen months where a bank has total assets of less than one billion dollars.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2017-10-23 - SIGNED CHAP.380 [S03758 Detail]

Download: New_York-2017-S03758-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         3758--A
            Cal. No. 1349
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 26, 2017
                                       ___________
        Introduced  by Sens. HAMILTON, SAVINO -- read twice and ordered printed,
          and when printed to be committed to the Committee on Banks -- reported
          favorably from said committee, ordered to  first  and  second  report,
          ordered  to  a third reading, amended and ordered reprinted, retaining
          its place in the order of third reading
        AN ACT to amend the banking law, in relation to examinations
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph (b) of subdivision 2 of section 36 of the banking
     2  law,  as  amended by chapter 464 of the laws of 2006, is amended to read
     3  as follows:
     4    (b) the superintendent may extend the  examination  interval  from  at
     5  least once in each calendar year to at least once in each eighteen month
     6  period if the banking organization to be examined:
     7    (1)  has total assets of less than [two hundred fifty million dollars]
     8  one billion dollars;
     9    (2) is well-capitalized, which  for  purposes  of  this  paragraph  is
    10  defined as having capital which significantly exceeds the required mini-
    11  mum level for each relevant capital measure or as having such capital as
    12  the superintendent shall otherwise define by regulation;
    13    (3)  at  its most recent examination, was found to be well-managed and
    14  its composite condition was found to be outstanding or good;
    15    (4) is not currently subject to a  formal  enforcement  proceeding  or
    16  order  by  the superintendent, the federal deposit insurance corporation
    17  or any other federal banking agency; and
    18    (5) has not been acquired by any person during the twelve month period
    19  in which an examination would be required but for this paragraph, and
    20    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08454-03-7