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NY A02507

Bill

Official Source

Status

Introduced

1/20/2017

Primary Sponsor

Anthony Brindisi

Click for details

Origin

Assembly

2017-2018 General Assembly

AI Summary

  • Amends New York Banking Law by adding 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 tier 1 capital to the extent permitted by Federal Deposit Insurance Corporation rules and regulations
  • Takes effect January 1 following enactment into 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

1/3/2018

Committee Referrals

Banks1/20/2017

Full Bill Text

No bill text available