Bill Text: NY A07112 | 2015-2016 | General Assembly | Introduced

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Bill Title: Authorizes state chartered banking institutions to invest their assets to the extent authorized in the rules and regulations of the Federal Deposit Insurance Corporation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-06 - referred to banks [A07112 Detail]

Download: New_York-2015-A07112-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7112
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                    April 23, 2015
                                      ___________
       Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
         tee on Banks
       AN  ACT  to  amend the banking law, in relation to the investment of the
         tier 1 capital of state chartered banking institutions
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  banking law is amended by adding a new section 12 to
    2  read as follows:
    3    S 12. POWER OF STATE CHARTERED BANKING INSTITUTION TO INVEST ITS  TIER
    4  1  CAPITAL.  1. FOR THE PURPOSES OF THIS SECTION, "TIER 1 CAPITAL" SHALL
    5  MEAN THE COMMON STOCK, DISCLOSED RESERVES AND NON-REDEEMABLE NON-CUMULA-
    6  TIVE PREFERRED STOCK OF A STATE CHARTERED BANKING INSTITUTION.
    7    2. NOTWITHSTANDING ANY PROVISION OF THIS CHAPTER TO THE CONTRARY, EACH
    8  STATE CHARTERED BANKING INSTITUTION SHALL BE AUTHORIZED  TO  INVEST  ITS
    9  TIER  1  CAPITAL TO THE EXTENT PERMITTED BY THE RULES AND REGULATIONS OF
   10  THE FEDERAL DEPOSIT INSURANCE CORPORATION.
   11    S 2. This act shall take effect on the first of January next  succeed-
   12  ing the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05917-01-5