NY A07353

Amends Banking Law Section 12-a to expand the definition of "counterpart" banking institutions from federally chartered only to include out-of-state chartered banking institutions.

Allows New York state-chartered banks, trust companies, savings banks, credit unions, and foreign banking corporations to exercise any permitted powers available to equivalent out-of-state or federally chartered institutions, subject to superintendent approval.

Requires state-chartered institutions to submit applications to the superintendent before exercising new federally or out-of-state permitted powers, with superintendent having 120 days to review (extensible to 180 days) and 45 days to decide after posting.

Superintendent may grant approval only upon finding that the power is consistent with New York state policy and necessary to achieve parity between state and federal/out-of-state chartered institutions.

Maintains that state-chartered institutions cannot exercise broader powers than their federal or out-of-state counterparts unless authorized by other New York law or court decision.