N.Y. Comp. Codes R. & Regs. tit. 3 § 6.1
In enacting section one of chapter three of the Laws of 1997, the Legislature found and declared "that the rapid expansion of Federal banking powers requires a means to ensure parity, in a timely manner, between banks and trust companies and national banks, in order to preserve and enhance the State banking charter." It was the stated intention of the Legislature that section one of chapter three of the Laws of 1997 "be construed in such a manner as to ensure that banks and trust companies may exercise the same rights and powers and engage in the same activities as national banks, on substantially the same terms and conditions as national banks." It was the further stated intention of the Legislature "that in exercising any right or power or engaging in any activity pursuant to section one of chapter three of the Laws of 1997, that is subject to licensing or regulation by any authority or agency of this State other than the superintendent, a bank or trust company be subject to the same licensing and supervisory requirements that apply to other persons who are authorized to exercise such rights or powers or engage in such activities."
N.Y. Comp. Codes R. & Regs. Tit. 3 § 6.1