Loading chat...
NY S04304
Bill
Status
6/11/2015
Primary Sponsor
Joseph Griffo
Click for details
AI Summary
-
Amends New York Banking Law by adding new section 12 regarding tier 1 capital investment powers for state chartered banking institutions
-
Defines "tier 1 capital" as common stock, disclosed reserves, and non-redeemable non-cumulative preferred stock of a state chartered banking institution
-
Authorizes state chartered banking institutions to invest their tier 1 capital to the extent permitted by Federal Deposit Insurance Corporation rules and regulations
-
Takes effect January 1st of the year following enactment
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
5/25/2016