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Adopted Regulations

Explanatory All Institutions Letter

December 13, 2004

TO THE INDIVIDUAL OR INSTITUTION ADDRESSED: 

RE:         Final Adoption of Amendments to Supervisory Procedure FB 105 of Title 3 of NYCRR

On October 26, 2004 the Superintendent adopted as final the attached amendments to Supervisory Policy FB 105 of Title 3 of NYCRR.  The Amendments became effective upon their publication in the State Register on November 17, 2004.

Supervisory Procedure FB 105 sets forth the procedure for a foreign banking corporation for a change of manager, representative or individual designated to receive process.   This regulation outlines which documents are required to accompany a letter sent to the department for a change of manager, representative or individual designated to receive process.  The amendments eliminated the requirement that a litigation affidavit and resume must be submitted when a foreign banking corporation changes the individual designated to receive process.  These documents will continue to be required for the positions of manager, deputy manager and representative. The position deputy manager was also added to the title of the regulation to reflect the positions mentioned in the regulation itself.

Very truly yours,

Sam L. Abram
Secretary of the Banking Board