Wild Card Activities

Wild Card Approvals

Actions Taken Under Section 12-a of the Banking Law

Institution Type	Subject	Power Granted	Date Approved	Application?	Applicant	Applies to	Need DFS approval?	Procedure Letter?
Banks and Trusts	Investments	Ability to make Public Welfare Investments	2023-01-30 see order	Yes	Manufacturers and Traders Trust Company	New York State-chartered Banks and Trusts		n/a
Credit Unions	Lending	Ability to purchase and sell loans and participations to the same extent as federally chartered credit unions	2020-04-14 see order	No	n/a	New York State-chartered credit unions	No	n/a
Private Bankers	Co-location with other banking institutions	Ability to co-locate	2020-03-27 see notice	Yes 2019-11-27	Brown Brothers Harriman & Co.	All NY-authorized private bankers	No	No
Credit Unions	Loans to Officers and Employees	Qualified Credit Unions may make certain loans to officers and employees without prior board approval	2019-10-09 see order	No NYBL §12-a (4)	n/a	All Qualified NY-chartered credit unions	No	No
Mutual Thrift Institutions	Family Restrictions	Permits well capitalized and well managed mutual thrift institutions to select trustees and directors with fewer restrictions	2019-06-13 see order	No NYBL §12-a(4)	n/a	All NY-chartered mutual thrift institutions	No	No
Mutual Thrift Institutions	Age Restrictions	Permits mutual thrift institutions to select trustees and directors without regard to age	2019-04-11 see order	No NYBL §12-a(4)	n/a	All NY-chartered mutual thrift institutions	No	No
Credit Unions	Funding	Accept secondary capital and nonmember deposits	2018-12-19 see order	No	n/a	n/a	Yes	No
< Savings Banks and S&Ls	Reorganization into a two-tier mutual holding company structure	Allows NY-chartered mutual savings banks or S&Ls to form a two-tier mutual holding company structure	2018-11-09 see order	Yes 2018-09-11 Amended 2018-10-24	Rhinebeck Bank and its parent, Rhinebeck Bancorp, MHC	NY-chartered mutual savings banks or S&Ls	Yes	N/A
Credit Unions	Health insurance premiums for board members	Reimburse board members for qualifying health insurance premiums	2018-10-01 see order	No NYBL §12-a(4)	n/a	All NY-chartered credit unions	No	No
Banks and S&Ls	Conversion of stock form savings bank to commercial bank	Allows direct conversion of NY-chartered stock form savings bank to commercial bank	2018-04-17 see notice	Yes 2016-10-06	Fairport Savings Bank	All NY-chartered stock form savings banks	Yes	No
Foreign Banking Corporations - Multiple	Interest on certain mortgage escrow accounts	Adjusts minimum interest rate that certain mortgage investing institutions pay on certain escrow accounts	2018-01-19 see order	No NYBL §12-a(4)	n/a	All NY-chartered banks, private bankers, trust companies, savings banks, savings and loan associations and credit unions	No	No
Credit Unions	Student Branches	Retain student membership for former students; allow faculty and staff to become members	2017-11-28 see order	No NYBL §12-a(4)	n/a	All NY-chartered credit unions	Notice required	No
Credit Unions	Oaths of Office	Relief from need to take and file oaths of office	2017-04-05 see notice	Yes 2016-10-06	Four Credit Unions	All NY-chartered credit unions	No	No
Banks and Trust Companies	Lending	Special lending arrangements for emergency situations	2008-09-25 see resolution	No NYBL §12-a (4)	n/a	All institutions	Yes	No
Banks and Trust Companies	Fiduciary Activities	Administration of common trust funds and commingled investment funds	2008-06-11 see resolution	No NYBL §12-a (4)	n/a	The Bank of New York	No	No
Banks and Trust Companies	Capital	Repurchase of common stock	2008-02-07 see resolution	No NYBL §12-a (4)	n/a	All institutions	Yes	Yes see letter

N.B. All wild card powers granted by the Banking Board pursuant to former Sections 14-g and 14-h of the Banking Law remain in effect. (BL §12-a(9).) Such powers may be found in Part 6 of the General Regulations of the Banking Board.