Ask Reggi Your Question Now
Can you summarize NYCL BNK 107?
Banks and Trust Companies > Reserves against deposits
Short Summary
This legal document governs the requirement for banks and trust companies to maintain reserves against their demand and time deposits. The superintendent of financial services imposes ratios for these reserves. Additionally, if a bank or trust company is located in a special requirement area, designated as Albany, Buffalo, Brooklyn, Manhattan, or The Bronx, they must maintain additional reserves as prescribed by the superintendent. The reserves may be deposited with a federal reserve bank or reserve depositaries, and the remaining reserves must consist of authorized currency. Banks or trust companies that are members of the federal reserve system are exempt from these provisions as long as they comply with the requirements of the federal reserve act. Failure to maintain the required reserves may result in assessments levied by the superintendent.
Whom does it apply to?
Banks and trust companies
What does it govern?
Reserves against deposits
What are exemptions?
Banks or trust companies that are members of the federal reserve system and comply with the requirements of the federal reserve act
What are the Penalties?
Assessment or assessments levied by the superintendent of financial services
Jurisdiction
New York