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Adopted Regulations
Text of Amendment to Section 333.1 of the Superintendent's Regulations


Section 333.1 of the Superintendent’s Regulations, NYCRR Title 3 is amended as follows (material to be added is underlined and material in [brackets] is being moved):

PART 333

INDICES WHICH MAY BE USED IN CONNECTION WITH VARIABLE RATE CLOSED-END LOANS MADE PURSUANT TO PART 33 OR IN CONNECTION WITH VARIABLE RATE OPEN-END ACCOUNTS ESTABLISHED BY BANKING INSTITUTIONS PURSUANT TO PART 90.

(Statutory Authority: Banking Law sections 108.4, 108.5, 202.9, 235.8-b, 352[a], 380-i; Personal Property Law section 413.3)

Section 333.1 Approval of indices.

The following are the indices approved by the Superintendent of Banks, for use by lending institutions which are making variable rate closed-end personal loans pursuant to the provisions of Part 33 of this Title, and for use by banking institutions which establish variable rate open-end accounts pursuant to the provisions of Part 90 of this Title:

  1. the bank prime loan index;
  2. the indices for one-month, three-month or six-month certificates of deposit sold in the secondary market;
  3. the indices for the auction averages from the sale of United States three-month, six-month or one-year Treasury bills;
  4. the indices for three-month, six month or one-year Treasury bills sold in the secondary market;
  5. the indices for the one-year, two-year, three-year, five-year, seven-year, ten-year, twenty- year or thirty-year constant maturity yield for United States Treasury securities;
  6. the index for the average cost of funds for FSLIC-insured institutions, for the New York district, as published by the Federal Home Loan Bank Board; and
  7. the prime rate as published by The Wall Street Journal. [The indices under subdivisions (a) through (e) of this section are the indices published and announced by the Board of Governors of the Federal Reserve System in such publications as The Federal Reserve Bulletin, H.15, G.13, etc. With respect to these indices, where daily rates and weekly and monthly averages of such daily rates are published, this Part allows use of either the daily rate or the weekly or monthly average rate for such index. This Part also allows use of a rate such as a quarterly or semiannual rate calculated by averaging four or less of the subdivision (a) through (e) rates. In the event of split rate figures for the prime rate as published under subdivision (g) of this section, the lending or banking institution shall use the low figure except where use of the high figure or an average of the two figures is provided by contract and disclosed to the borrower or customer.]
  8. the indices for one-month, three-month, six-month and one year London Interbank Offered Rate (LIBOR) as published in The Wall Street Journal.

The indices under subdivisions (a) through (e) of this section are the indices published and announced by the Board of Governors of the Federal Reserve System in such publications as The Federal Reserve Bulletin, H.15, G.13, etc. With respect to these indices, where daily rates and weekly and monthly averages of such daily rates are published, this Part allows use of either the daily rate or the weekly or monthly average rate for such index. This Part also allows use of a rate such as a quarterly or semiannual rate calculated by averaging four or less of the subdivision (a) through (e) rates. In the event of split rate figures for the prime rate as published under subdivision (g) of this section, the lending or banking institution shall use the low figure except where use of the high figure or an average of the two figures is provided by contract and disclosed to the borrower or customer.

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