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Can you summarize 3 NYCRR Part 327?
Banking Organizations > Investments by Credit Unions in the Shares of Corporate Credit Unions Located in This State
Short Summary
The provided legal document content pertains to investments by credit unions in the shares of corporate credit unions located in the state. According to the document, any credit union that intends to invest in the shares of a state or Federal corporate credit union located in this State in an amount exceeding 50 percent of its total capital or the insured limit, whichever is greater, must provide prior written notice to the superintendent. The superintendent will review the proposed investment and determine if it aligns with the declaration of policy outlined in section 10 of the Banking Law. Within 30 days of receiving the notice, the superintendent will notify the credit union in writing, either granting permission for the investment or requesting an additional period of up to 60 days for further evaluation. The document does not specify any exemptions or penalties related to these investments.
Whom does it apply to?
Credit unions that seek to invest in the shares of a state or Federal corporate credit union located in this State
What does it govern?
Investments by Credit Unions in the Shares of Corporate Credit Unions Located in This State
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New York