Wild Card Approvals

Actions Taken Under Section 12-a of the Banking Law

Institution TypeSubjectPower GrantedDate ApprovedApplication?ApplicantApplies toNeed DFS approval?Procedure Letter?
Banks and TrustsInvestmentsAbility to make Public Welfare Investments2023-01-30
see order
YesManufacturers and Traders Trust CompanyNew York State-chartered Banks and Trusts n/a
Credit UnionsLendingAbility to purchase and sell loans and participations to the same extent as federally chartered credit unions2020-04-14
see order
Non/aNew York State-chartered credit unionsNon/a
Private BankersCo-location with other banking institutionsAbility to co-locate2020-03-27
see notice
Yes
2019-11-27
Brown Brothers Harriman & Co.All NY-authorized private bankersNoNo
Credit UnionsLoans to Officers and EmployeesQualified Credit Unions may make certain loans to officers and employees without prior board approval2019-10-09
see order
No
NYBL §12-a (4)
n/aAll Qualified NY-chartered credit unionsNoNo
Mutual Thrift InstitutionsFamily RestrictionsPermits well capitalized and well managed mutual thrift institutions to select trustees and directors with fewer restrictions2019-06-13
see order
No
NYBL §12-a(4)
n/aAll NY-chartered mutual thrift institutionsNoNo
Mutual Thrift InstitutionsAge RestrictionsPermits mutual thrift institutions to select trustees and directors without regard to age2019-04-11
see order
No
NYBL §12-a(4)
n/aAll NY-chartered mutual thrift institutionsNoNo
Credit UnionsFundingAccept secondary capital and nonmember deposits2018-12-19
see order
Non/an/aYesNo
< Savings Banks and S&LsReorganization into a two-tier mutual holding company structureAllows NY-chartered mutual savings banks or S&Ls to form a two-tier mutual holding company structure2018-11-09
see order
Yes
2018-09-11
Amended 2018-10-24
Rhinebeck Bank and its parent, Rhinebeck Bancorp, MHCNY-chartered mutual savings banks or S&LsYesN/A
Credit UnionsHealth insurance premiums for board membersReimburse board members for qualifying health insurance premiums2018-10-01
see order
No NYBL §12-a(4)n/aAll NY-chartered credit unionsNoNo
Banks and S&LsConversion of stock form savings bank to commercial bankAllows direct conversion of NY-chartered stock form savings bank to commercial bank2018-04-17
see notice
Yes
2016-10-06
Fairport Savings BankAll NY-chartered stock form savings banksYesNo
Foreign Banking Corporations - MultipleInterest on certain mortgage escrow accountsAdjusts minimum interest rate that certain mortgage investing institutions pay on certain escrow accounts2018-01-19
see order
No
NYBL §12-a(4)
n/aAll NY-chartered banks, private bankers, trust companies, savings banks, savings and loan associations and credit unionsNoNo
Credit UnionsStudent BranchesRetain student membership for former students; allow faculty and staff to become members2017-11-28
see order
No
NYBL §12-a(4)
n/aAll NY-chartered credit unionsNotice requiredNo
Credit UnionsOaths of OfficeRelief from need to take and file oaths of office2017-04-05
see notice
Yes
2016-10-06
Four Credit UnionsAll NY-chartered credit unionsNoNo
Banks and Trust CompaniesLendingSpecial lending arrangements for emergency situations2008-09-25
see resolution
No
NYBL §12-a (4)
n/aAll institutionsYesNo
Banks and Trust CompaniesFiduciary ActivitiesAdministration of common trust funds and commingled investment funds2008-06-11
see resolution
No
NYBL §12-a (4)
n/aThe Bank of New YorkNoNo
Banks and Trust CompaniesCapitalRepurchase of common stock2008-02-07
see resolution
No
NYBL §12-a (4)
n/aAll institutionsYesYes
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.