Official Compilation of Codes, Rules and Regulations of the State of New York Title 3
Chapter IV. Regulations of the Superintendent of Financial Services
Part 600. State Charter Advisory Board: Selection of Candidates Representing Banking Institutions
December 28, 2011
(Statutory Authority –§205-b of Part A of Chapter 62 of the Laws of 2011)
Section 600.1 Nomination procedure
The following procedure shall be followed in connection with the nomination of candidates for consideration by the Superintendent in appointing members of the State Charter Advisory Board (hereinafter the “Board”) who represent banking institutions (each a “Bank Member”):
- Within 90 days after the provisions of the law creating the Board become effective, and at least 30 days prior to the expiration of the term of any Bank Member, and within 60 days after a vacancy has occurred for any reason other than expiration of term in the office of any Bank Member, the Department of Financial Services (the “Department”) shall notify the institutions in the group or groups described in section 600.2 below in which such vacancy has occurred or will occur of the opportunity to nominate candidates to serve as the person representing such group. Such notice may be given by such means as the Superintendent deems appropriate, including publication in the bulletin of the Department.
- Upon the expiration of a period prescribed by the Superintendent, which shall be not less than 15 days nor more than 45 days from the date on which such nominations were first solicited, the names of the persons nominated shall be submitted to the Superintendent.
- No institution shall nominate more than one person for any vacancy.
- Notwithstanding the foregoing provisions of this section 600 .1, no solicitation for nominations of candidates shall be required prior to the reappointment of a person who has served not more than one year as a member of the Board.
Section 600.2 Representation
Of the eight members of the Board representing banking institutions, one member shall represent institutions in each of the following groups:
Group One – Credit unions.
Group Two – Foreign banking corporations licensed to maintain a branch or an agency in this state.
Group Three – Banks, trust companies, private bankers, savings banks, and savings and loan associations (collectively, for purposes of this section 600 2, “Banks”) having total assets of more than $3 billion as shown by the last periodical report of condition received by the Superintendent.
Group Four – Banks located in New York City or the Counties of Nassau, Suffolk, Sullivan, Westchester, Rockland, Putnam, Orange, Dutchess or Ulster, and having total assets of less than $500 million as shown by the last periodical report of condition received by the Superintendent.
Group Five – Banks, other than those in Group Four, having assets of less than $500 million as shown by the last periodical report of condition received by the Superintendent.
Group Six – Banks located in New York City and having total assets of $500 million to $3 billion as shown by the last periodical report of condition received by the Superintendent.
Group Seven – Banks located in the Counties of Nassau, Suffolk, Rockland, Westchester, Orange, Putnam, Sullivan, Ulster, Dutchess, Delaware, Greene, Columbia, Otsego, Schoharie, Albany, Rensselaer, Herkimer, Montgomery, Schenectady, Fulton, Saratoga, Washington, Warren, Hamilton, Essex, Clinton, Franklin, or St. Lawrence, and having total assets of $500 million to $3 billion as shown by the last periodical report of condition received by the Superintendent.
Group Eight – Banks, other than those in Group Six and Group Seven, having total assets of $500 million to $3 billion as shown by the last periodical report of condition received by the Superintendent.
Section 600.3 Appointment of Members
Members of the Board shall be selected by the Superintendent in his or her sole discretion. In selecting members, the Superintendent will give due consideration to persons nominated in accordance with section 600 .1, the extent to which the Bank Members of the Board reflect a range of size and geographical location, and the other factors set forth in Section 205-b of Part A of Chapter 62 of the Laws of 2011.