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Adopted Regulations

Explanatory All Institutions Letter

June 23, 2005 

TO THE INDIVIDUAL OR INSTITUTION ADDRESSED: 

RE:    Final Adoption of Amendments to Parts 95, 96, 97 and 113 of the General Regulations of the Banking Board and New Parts 326 and 327 of the Superintendent’s Regulations, Title 3 NYCRR (regulations regarding credit unions).

The Banking Board has authorized final adoption of the attached amendments to Parts 95, 96, 97 and 113 of the General Regulations of the Banking Board and the Superintendent of Banks has authorized the final adoption of the attached new Parts 326 and 327 of the Superintendent’s Regulations.  These changes, which had been proposed on March 2, 2005, became effective upon publication in the State Register on June 22, 2005.  The substantially similar emergency amendments, which were first adopted effective March 6, 2004 and are currently in effect, will be allowed to expire. 

Chapter 679 of the Laws of 2003 contains amendments to Article XI of the New York Banking Law that are intended to provide New York chartered credit unions with powers comparable to, and competitive with, those of their federal counterparts. It also makes technical amendments which modernize, clarify and simplify the Banking Law as it relates to credit unions. The provisions of this Chapter have effective dates that range from the date it became law to one year after that date. The amendments are needed to conform the existing affected Banking Board and Superintendent’s regulations to the provisions of the new law, either by amendment or repeal, or by adding new regulations that are required by such provisions   

Very truly yours, 

Sam L. Abram
Secretary of the Banking Board

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