N.Y. Comp. Codes R. & Regs. tit. 3 § 6.2

Current through Register Vol. 46, No. 51, December 18, 2024

Section 6.2 - Application procedure

In addition to such rules or regulations adopted by the Banking Board at the request of the superintendent, any bank, trust company or other person may make a request to the Banking Board to promulgate a rule or regulation pursuant to the authority of section 14-g of the Banking Law to enable banks and trust companies to exercise any right, power, privilege, or benefit, to engage in any activity, or enter into any loan, investment or transaction that a national bank may lawfully exercise or into which it may lawfully engage or enter, acting either directly or through a subsidiary or subsidiaries. Such bank, trust company or other person shall submit a written application to the superintendent, which shall include the following information:

(a) a citation to the relevant Federal authority that enables a national bank to exercise the right, power, privilege or benefit, engage in the activity, or enter into the loan, investment or transaction which the Banking Board is being requested to extend to banks and trust companies;

(b) an analysis supporting the conclusion that the exercise of such right, power, privilege or benefit, or the engagement in such activity, or the entering into such loan, investment or transaction is:

(1) consistent with the policy of the State of New York as declared in section 10 of the Banking Law and is thereby in the public interest, including the interests of depositors, creditors, shareholders, stockholders and consumers; and

(2) necessary to achieve or maintain parity between banks and trust companies and national banks with respect to rights, powers, privileges, benefits, activities, loans, investments or transactions;

(c) a statement as to whether the exercise of the right, power, privilege, or benefit, the engaging in the activity, or the entering into of the loan, investment or transaction sought to be extended to banks and trust companies is subject to regulation by any other governmental authority, State or Federal, and a discussion of such regulatory requirements; and

(d) such other information as the superintendent may require.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 6.2