Bill Text: NY S04304 | 2015-2016 | General Assembly | Introduced

New York Senate Bill 4304 (Prior Session Legislation)

Introduced

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 (Republican 1-0)

Status: (Engrossed - Dead) 2016-05-25 - referred to banks [S04304 Detail]

Download: New_York-2015-S04304-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4304
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                    March 11, 2015
                                      ___________
       Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
         printed to be committed to the Committee 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