Explanatory All Institutions Letter
September 12, 2005
TO THE INDIVIDUAL OR INSTITUTION ADDRESSED:
RE: Final Adoption of Amendment to Part 70.2 of the General Regulations of the Banking Board (Interlocking Directors and Officers of Banking Organizations and Bank Holding Companies)
On September 1, 2005, the Banking Board adopted as final the attached amendment to Part 70.2 of the General Regulations of the Banking Board. The amendments will become effective upon their publication in the State Register, which is expected to occur on September 21, 2005.
Section 70.2 of the General Regulations of the Banking Board sets forth the process by which the Banking Board grants permission for interlocks as authorized by Banking Law Section 130(3). Previously, Part 70.2 required that “The Banking Board will express such permission in Special Regulation Part 207.” The amendment eliminates the quoted language.
Very truly yours,
Sam L. Abram
Secretary of the Banking Board