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NY A07112
Bill
Status
4/23/2015
Primary Sponsor
Anthony Brindisi
Click for details
AI Summary
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Adds a new section 12 to New York's banking law governing tier 1 capital investments by state chartered banking institutions
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Defines "tier 1 capital" as common stock, disclosed reserves, and non-redeemable non-cumulative preferred stock of a state chartered banking institution
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Authorizes state chartered banking institutions to invest their tier 1 capital to the extent permitted by Federal Deposit Insurance Corporation rules and regulations
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Takes effect on January 1st following the date the bill becomes law
Legislative Description
Authorizes state chartered banking institutions to invest their assets to the extent authorized in the rules and regulations of the Federal Deposit Insurance Corporation.
Last Action
referred to banks
1/6/2016