Wild Card Approvals

Actions Taken Under Section 12-a of the Banking Law

Institution Type Subject Power Granted Date Approved Application? Date Received Applicant Applies to Need DFS approval? Procedure Letter?
Banks and Trust Companies

Capital

Repurchase of common stock 2008-02-07
see resolution
No
NYBL §12-a (4)
n/a n/a All institutions Yes Yes
see letter
Banks and Trust Companies

Fiduciary Activities

Administration of common trust funds and commingled investment funds 2008-06-11
see resolution
No
NYBL §12-a (4)
n/a n/a The Bank of New York No No
Banks and Trust Companies Lending Special lending arrangements for emergency situations 2008-09-25
see resolution
No
NYBL §12-a (4)
n/a n/a All institutions Yes No
Credit Unions Funding Accept secondary capital and nonmember deposits 2018-12-19
see order
No n/a n/a n/a Yes No
Credit Unions Health insurance premiums for board members Reimburse board members for qualifying health insurance premiums 2018-10-01
see order
No NYBL §12-a(4) n/a n/a All NY-chartered credit unions No No
Credit Unions Oaths of Office Relief from need to take and file oaths of office 2017-04-05
see notice
Yes 2016-10-06 Four Credit Unions All NY-chartered credit unions No No
Credit Unions Student Branches Retain student membership for former students; allow faculty and staff to become members 2017-11-28
see order
No
NYBL §12-a(4)
n/a n/a All NY-chartered credit unions Notice required No
Foreign Banking Corporations - Multiple Interest on certain mortgage escrow accounts Adjusts minimum interest rate that certain mortgage investing institutions pay on certain escrow accounts 2018-01-19
see order
No
NYBL §12-a(4)
n/a n/a All NY-chartered banks, private bankers, trust companies, savings banks, savings and loan associations and credit unions No No
Mutual Thrift Institutions Age Restrictions Permits mutual thrift institutions to select trustees and directors without regard to age 2019-04-11
see order
No
NYBL §12-a(4)
n/a n/a All NY-chartered mutual thrift institutions No No
Mutual Thrift Institutions Family Restrictions Permits well capitalized and well managed mutual thrift institutions to select trustees and directors with fewer restrictions 2019-06-13
see order
No
NYBL §12-a(4)
n/a n/a All NY-chartered mutual thrift institutions No No
Savings Banks and S&Ls Reorganization into a two-tier mutual holding company structure Allows NY-chartered mutual savings banks or S&Ls to form a two-tier mutual holding company structure 2018-11-09
see order
Yes 2018-09-11
Amended 2018-10-24
Rhinebeck Bank and its parent, Rhinebeck Bancorp, MHC NY-chartered mutual savings banks or S&Ls Yes N/A
Savings Banks and S&Ls Conversion of stock form savings bank to commercial bank Allows direct conversion of NY-chartered stock form savings bank to commercial bank 2018-04-17
see notice
Yes 2016-10-06 Fairport Savings Bank All NY-chartered stock form savings banks Yes No

N.B. All wild card powers granted by the Banking Board pursuant to former Sections 14-g and 14-h of the Banking Law remain in effect. (BL §12-a(9).) Such powers may be found in Part 6 of the General Regulations of the Banking Board.