N.Y. Banking Law Section 202-C
Reserves against deposits

Each such foreign banking corporation which is authorized to maintain a branch or branches in this state shall maintain such reserves against the deposits of such branch or branches as may be required from time to time by the laws of this state to be maintained by banks and trust companies. Such reserves shall be maintained, subject to call, as provided by sections thirty-three and one hundred seven of this chapter; provided, however, that any such foreign banking corporation which maintains reserves with a federal reserve bank pursuant to federal law shall be exempt from the preceding provisions of this section so long as it shall comply with the requirements of such law with reference to reserves, and provided further that the superintendent of financial services may determine that it is necessary or appropriate to require such a foreign banking corporation to maintain additional reserves against the deposits of its branch or branches in this state, taking into consideration the character of business conducted by such institutions and the need to maintain vigorous and fair competition between and among such branches and banks organized under the laws of this state. As to any such additional reserves which are required to be maintained pursuant to this section, to the extent permitted by the superintendent, amounts carried on the books of any such branch or branches as credits to the account of another office or branch or wholly owned (except for a nominal number of directors’ shares) subsidiary of such foreign banking corporation shall not be deemed to be deposits.

Source: Section 202-C — Reserves against deposits, https://www.­nysenate.­gov/legislation/laws/BNK/202-C (updated Sep. 22, 2014; accessed Jun. 22, 2024).

When foreign banking corporation may transact business in this state
Actions maintained by a foreign banking corporation
Actions maintained against foreign banking corporation
Maintenance of books, accounts and records
Conditions to be complied with by foreign banking corporations applying for initial license
Rights and privileges of foreign banking corporation under license
Fiduciary powers of foreign banking corporations
Notice of acquisition of control or merger
Rates of interest
Restrictions on receiving deposits
Maintenance of assets in this state
Reserves against deposits
Foreign banking corporation may not maintain both agencies and branches in this state
Restrictions on loans, purchases of securities and total liabilities of any one person to New York branch or agency of foreign bank
Succession to agency by branch and to branch by agency
Repayment of deposits standing in the names of minors, trustees, joint depositors or custodians
Safe deposit business of branches
Power to act as trustee under self-employed retirement trust or individual retirement trust
Change of location, name or business
Reports of foreign banking corporations
Payment of claims by foreign banking corporations where adverse claim is asserted
Termination of existence
Service of process on unlicensed corporation formed under laws other than the statutes of this state
Nondiscriminatory treatment of insured state banks and national banks
Restrictions on executive officers of foreign banking corporations and national banks

Jun. 22, 2024

Last modified:
Sep. 22, 2014

§ 202-C’s source at nysenate​.gov

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