NY A10567

Expands definitions of "out-of-state bank" to include out-of-state federal savings associations and creates new definition of "out-of-state trust company" for nationally chartered or state-chartered trust companies with fiduciary powers but not FDIC-insured.

Establishes new procedures allowing out-of-state state banks and state-chartered trust companies to open trust offices in New York through notice procedures, in addition to existing branch authority.

Creates new section 224-a requiring out-of-state state banks and trust companies to obtain superintendent approval and pay investigation fees before relocating branches or trust offices within the state.

Modifies branch closing notification requirements by reducing the notice period from 90-120 days to 90-180 days and adding exemptions for out-of-state branches, branch transfers without service reductions, closures of failed institution branches within 180 days, and closures when unexpected circumstances make compliance impossible.

Permits foreign banking corporation branches to participate in fiduciary relationship transfers and requires them to establish a management committee of at least three officers to serve as a board of directors.