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Can you summarize NYCL BNK Article 2-C?
Banking > Community Bank Deposit Program
Short Summary
The legal document governs the eligibility criteria for banks, trust companies, savings banks, and savings and loan associations to receive deposits or renew existing deposits under the Community Bank Deposit Program. To be eligible, these institutions must be chartered under the provisions of the Consolidated Laws of New York, Banking, and must have a current Community Reinvestment Act (CRA) rating of satisfactory or better. Federal banks, trust companies, savings banks, or savings and loan associations may also be eligible if their principal office is located in New York, they have a current CRA rating of satisfactory or better, and they meet any additional criteria established by the comptroller and the commissioner of taxation and finance. The document also pertains to the administration of funds in accordance with the provisions of sections ninety-eight-a and one hundred five of the state finance law. It requires the state comptroller and the commissioner of taxation and finance to consider depositing funds into eligible community banking institutions. The maximum amount of funds that can be deposited under this program is two hundred fifty million dollars each for the state comptroller and the commissioner of taxation and finance. Additionally, the maximum amount of funds on deposit at a community banking institution should not exceed twenty million dollars. Deposits made under this article can be secured by an irrevocable letter of credit issued by a federal home loan bank. The rates and periods of time for such deposits are to be agreed upon by the state comptroller or the commissioner of taxation and finance and the eligible community banking institution.
Whom does it apply to?
Banks, trust companies, savings banks, savings and loan associations, state comptroller, commissioner of taxation and finance, superintendent
What does it govern?
Eligibility criteria for banks, trust companies, savings banks, and savings and loan associations to receive deposits or renew existing deposits under the Community Bank Deposit Program, administration of funds in accordance with the provisions of sections ninety-eight-a and one hundred five of the state finance law
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New York