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Wild Card Authorization Request

Application Pursuant to New York State Banking Law Article 2, Section 12-a (Wild Card)

In order for the New York State Department of Financial Services to consider a request filed pursuant to New York State Banking Law Section 12-a(3) (Wild Card), the following information should be submitted in a letter application:

  1. The name of the institution.
  2. The name, position, address, telephone number, fax number and e-mail address for the individual(s) designated as the main contact person(s) for the purposes of the application.
  3. The legal entity in which the activity will be conducted.
  4. The location where the activity will be conducted (address, telephone number, fax number, e-mail address, website address).
  5. The officer(s) responsible for said activities.
  6. Description in detail of the particular federal power that your institution wishes to exercise.  To the extent relevant:
  7. Describe the activity/product to be engaged in.
  8. Provide a copy of your business plan for such activity.
  9. Has this activity/product been reviewed by your new product/activity committee?  If yes, please provide a copy of this committee’s report.  Alternatively, provide description of the due diligence performed as it relates to the existence of supporting control, risk management, and financial environment.
  10. Provide a copy of your new product/activity approval policies and procedures.
  11. Description in detail of the source or sources of legal authority indicating that such power has been federally permitted for your type of institution.
  12. Description in detail of any conditions, qualifications or restrictions imposed by federal laws or regulations, or otherwise by federal regulatory agencies, on the exercise of the power and provide supporting documentation as to how your institution would comply with them.

 

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