Adopted RegulationsExplanatory All Institutions Letter
July 20, 2005
TO THE INDIVIDUAL OR INSTITUTION ADDRESSED:
RE: Final Adoption of Amendments to Supervisory Policies G 4 and G 6 and Supervisory Procedures G 104, G 105, G 108, CB 103, SB 101 and SL 101, Title 3 NYCRR (Streamlined Requirements for Branch and Related Applications)
On July 7, 2005 the Banking Board and the Superintendent adopted as final the attached amendments to Supervisory Policies G 4 and G 6 and Supervisory Procedures G 104, G 105, G 108, CB 103, SB 101 and SL 101. The amendments will become effective upon their publication in the State Register, which is expected to occur on July 27, 2005.
The amendments are the result of a review by the Department of the various supervisory procedures and application requirements relating to branches and public accommodation offices for banks and trust companies, savings banks, savings and loan associations, and credit unions. The major goals of the revisions are as follows:
- Provide an expedited branch application process for well-rated institutions;
- Develop simplified application forms;
- Eliminate outdated or unnecessary informational requirements; and
- Develop consistent or similar requirements among the different types of banking institutions, to the extent possible.
Enclosed is a detailed description of the changes made by the Department, including a description of the adopted amendments.
As part of the original package of streamlining proposals, the Banking Board at its March 3, 2005 meeting also approved the issuance for public comment of amendments to Part 73 of its General Regulations, relating to the establishment or sharing of electronic facilities. A comment was received raising significant objections to that proposal, and the proposed amendments to Part 73 have not been adopted.
Very truly yours,
Sam L. Abram
Secretary of the Banking Board