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.