Summary of Amendments to Supervisory Policy G 8
April 6, 2004
TO THE INDIVIDUAL OR INSTITUTION ADDRESSED:
RE: Final Adoption of Amendments to Supervisory Policy G 8 of Title 3 NYCRR (Registration of Domestic Representative Offices).
On April 1, 2004, the Banking Board adopted as final the attached amendments to Supervisory Policy G 8 of Title 3 of NYCRR. The Amendments will become effective upon their publication in the State Register on April 21, 2004.
Supervisory Policy G 8 sets forth the circumstances under which banks, trust companies, savings banks and savings and loan associations chartered under the laws of New York State, or any other state may establish representative offices in New York. The adopted amendments expand the activities of a representative office to closely parallel those activities permissible under federal laws. Specifically these amendments allow representative offices of state chartered institutions operating in New York to also approve loans and execute loan documents.
Very truly yours,
Christine M. Tomczak, Esq.
Secretary to the Banking Board