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Can you summarize 3 NJAC Chapter 8?
BANKING > RESERVES AND RESERVE DEPOSITARIES
Short Summary
This legal document governs the approval of reserve depositaries for banks not members of the Federal Reserve System. It applies to banks and national banking associations with offices in New Jersey that have total assets in excess of $100 million, as well as banks and national banking associations with no offices in New Jersey but with offices within the second and third Federal Reserve Districts, and that have total assets in excess of $300 million. However, savings banks are excluded from the definition of ‘banks’ in this document. No penalties are mentioned in this document. The document pertains to the approval of reserve depositaries for savings banks in New Jersey. It references the meaning of ‘reserve depositary’ as defined in 17:9A-49 and 3:8-1.1 of the New Jersey Administrative Code. The document indicates that it was repealed and replaced by R.2006 d.441, effective 12/18/2006. The document does not specify any penalties or exemptions. Overall, it provides guidelines for the designation and approval of reserve depositaries for savings banks in New Jersey.
Whom does it apply to?
Banks and national banking associations with offices in New Jersey that have total assets in excess of $100 million, as well as banks and national banking associations with no offices in New Jersey but with offices within the second and third Federal Reserve Districts, and that have total assets in excess of $300 million
What does it govern?
Approval of reserve depositaries for banks not members of the Federal Reserve System
What are exemptions?
Savings banks are excluded from the definition of 'banks' in this document
What are the Penalties?
No penalties are mentioned in this document
Jurisdiction
New Jersey