N.Y. Banking Law Section 32
Insurance of deposits and share accounts

1.

Within one year from the date this section shall have become law, every bank, trust company, savings bank, savings and loan association and credit union shall obtain insurance of deposits and share accounts, as the case may be:

(a)

from the Federal Deposit Insurance Corporation, in the case of a bank, trust company, savings bank or savings and loan association;

(b)

from the Administrator of the National Credit Union Administration, in the case of a credit union; or

(c)

in the case of any such banking organization, from any other insurer upon such terms and conditions as the superintendent shall approve.

2.

No banking organization whose deposit or share accounts are so insured shall hereafter voluntarily terminate such insured status.

3.

Notwithstanding the foregoing provisions of this section, the superintendent shall have the power to promulgate such regulations as the superintendent deems necessary and proper (a) to implement and define the provisions of this section, (b) to exempt from the requirements of this section any banking organization which does not receive deposits or share accounts from the general public, and

(c)

for good cause shown, to extend for up to two years the period within which any banking organization must comply with the requirements of subdivision one of this section.

Source: Section 32 — Insurance of deposits and share accounts, https://www.­nysenate.­gov/legislation/laws/BNK/32 (updated Sep. 22, 2014; accessed Jun. 21, 2025).

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 35
Information pamphlet for residential mortgage applicants 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 and prohibition 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
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Verified:
Jun. 21, 2025

Last modified:
Sep. 22, 2014

§ 32. Ins. of deposits & share accounts's source at nysenate​.gov

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