N.Y. Banking Law Section 14-C
Power of the superintendent of financial services to prescribe criteria for disclosure of information on savings and time accounts


1.

The superintendent of financial services shall promulgate rules and regulations with respect to the disclosure of information on savings and time accounts by all banking organizations and out-of-state state banks authorized to operate and maintain branches pursuant to article 5-C (Interstate Branching)article five-C of this chapter. Such rules and regulations shall set forth guidelines for, but not be limited to the following:

(a)

disclosure of the annual rate of simple interest; the effective annual yield; the formula used in calculating interest; the frequency of compounding and crediting of interest; date on which a deposit begins to earn interest; any delay in crediting a deposited instrument; grace periods for deposits and withdrawals; the minimum balance required to earn interest; the method of determining the balance on which interest is paid; the minimum length of time funds must remain on deposit to earn interest; any fees levied on inactive accounts; any charges, penalties or other conditions imposed upon withdrawals; any penalties for the closing of an account before a specific date; and any other fees, charges or penalties.

(b)

form, content and distribution of information.

2.

The superintendent of financial services may alter or amend rules and regulations or promulgate additional rules and regulations as he or she deems necessary and proper to effectuate the provisions of subdivision one.

Source: Section 14-C — Power of the superintendent of financial services to prescribe criteria for disclosure of information on savings and time accounts, https://www.­nysenate.­gov/legislation/laws/BNK/14-C (updated Sep. 22, 2014; accessed Jun. 15, 2024).

10
Declaration of policy
11
Department of financial services
12‑A
Power of state chartered banking institutions to exercise the rights of counterpart federally chartered banking institutions
14
Additional powers of the superintendent
14‑A
Rate of interest
14‑B
Power of the superintendent of financial services to prescribe minimum rate of interest on mortgage escrow accounts
14‑C
Power of the superintendent of financial services to prescribe criteria for disclosure of information on savings and time accounts
14‑D
Power of the superintendent of financial services to prescribe a reasonable period of time permitting the drawing on items received for d...
14‑E
Power of the superintendent to authorize the operation of savings banks and savings and loan associations in stock form
14‑F
Power of the superintendent of financial services to require the provision of basic banking services
18
Fees for copies and certifications
18‑A
Application fees
18‑B
Holocaust reparations payment fees
19
Assessments for deficiency in reserves against deposits
20
Assessments, penalties and forfeitures entitled to priority
21
Collection of assessments, penalties and forfeitures
22
Fingerprints
23
Acceptance or rejection of certificate
24
Investigation by superintendent
25
Authorization certificate
25‑A
Authority of superintendent to file organization certificate and issue authorization certificate under certain conditions
26
Licenses to foreign banking corporations
27
Exchange and examination of securities
28
Change of location
28‑A
Temporary change of location
28‑B
Credit needs of local communities
28‑BB
Credit needs of local communities
28‑C
Branch office closings
29
Branch offices
30
Unclaimed amounts
31
Index of persons entitled to unclaimed amounts
32
Insurance of deposits and share accounts
33
Reserve depositaries
34
Superintendent as attorney to accept service of process
36
Examinations
36‑A
Reports of lending by banking organizations
36‑B
Preservation of books and records
37
Reports to superintendent
37‑A
Submission of annual reports by the Holocaust claims processing office
38
Power of subpoena
39
Orders of superintendent
40
Revocation of authorization certificate or license or suspension of activities in certain cases
41
Removal of director, trustee or officer
42
Official acts of superintendent and details of department business to be made public
44
Violations
44‑A
Violations and penalties
45
Export finance awareness program

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 14-C’s source at nysenate​.gov

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