NY A10515

Expands authority for out-of-state banks and trust companies to establish and maintain trust offices in New York and other states, removing prior restrictions limiting such offices to specific jurisdictions.

Adds definitions for "out-of-state federal savings association," "out-of-state trust company," "branch," and "trust office" to the banking law to clarify interstate branching and trust company operations.

Modifies branch closing notification requirements by changing the advance notice period from 90-120 days to 90-180 days and exempting certain closures (out-of-state branches, sales without service reduction, acquired failing institutions closed within 180 days, and closures due to unexpected circumstances).

Permits foreign banking corporations with New York branches to establish a management committee of at least three officers to function as a board of directors for governance purposes.

Allows out-of-state state banks and trust companies to relocate branches and trust offices with superintendent approval and establishes procedures for fiduciary relationship transfers involving foreign banking corporation branches.