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Can you summarize 3 NYCRR Part 21?
General Regulations of the Superintendent > Reserves Against Commercial Bank Deposits
Short Summary
The provided legal document content pertains to the reserves that banks, trust companies, private bankers, and foreign banking corporations authorized under State law to maintain a branch or branches in New York are required to maintain against deposits and their equivalents. The document states that institutions subject to this Part, which are not covered institutions, must maintain reserves in the same amounts as if they were covered institutions, without any transitional adjustments permitted under the Monetary Control Act. However, the amount of reserves required for net demand deposits (or net transaction accounts) is one percent less than the amount required for covered institutions. A covered institution is defined as a depository institution required to hold reserves under the Monetary Control Act and the regulations of the Board of Governors of the Federal Reserve System. The superintendent’s policy is that every bank, trust company, private banker, and foreign banking corporation authorized to maintain branches in New York, which is not a covered institution, must maintain reserves as if they were covered institutions, unless otherwise provided by statute, regulation, or order. The superintendent has the authority to interpret this Part in a manner that requires institutions to conform to the reserve requirements imposed on covered institutions. The documents do not mention any specific exemptions or penalties.
Whom does it apply to?
Banks, trust companies, private bankers, and foreign banking corporations authorized under State law to maintain a branch or branches in New York
What does it govern?
Reserves against commercial bank deposits
What are exemptions?
The provisions of this Part do not apply to any deposit account or equivalent that is payable only at an office located outside of the United States.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New York