-  This bill is not active in this session.
 

A07604 Summary:

BILL NOA07604
 
SAME ASSAME AS S05411
 
SPONSORButtenschon
 
COSPNSRWeprin
 
MLTSPNSRSayegh
 
Amd 7, Chap 3 of 1997; amd 6, Chap 322 of 2007
 
Relates to extending certain provisions authorizing banks and trust companies to exercise the rights of national banks to September 10, 2024.
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A07604 Actions:

BILL NOA07604
 
05/13/2019referred to banks
05/29/2019reported
05/30/2019advanced to third reading cal.562
06/06/2019passed assembly
06/06/2019delivered to senate
06/06/2019REFERRED TO RULES
06/11/2019SUBSTITUTED FOR S5411
06/11/20193RD READING CAL.900
06/11/2019PASSED SENATE
06/11/2019RETURNED TO ASSEMBLY
08/23/2019delivered to governor
08/30/2019signed chap.217
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A07604 Committee Votes:

BANKS Chair:Zebrowski DATE:05/29/2019AYE/NAY:29/0 Action: Favorable
ZebrowskiAyeLalorExcused
PerryAyeFinchAye
AbbateAyeMikulinAye
MillerAyeSmithAye
WeprinAyeManktelowAye
RodriguezAyeSalkaAye
BichotteAyeSchmittExcused
BlakeAyeSmullenAye
Jean-PierreAye
SeawrightAye
RichardsonAye
DickensAye
De La RosaAye
VanelAye
WrightAye
NiouAye
TaylorAye
BarnwellAye
SternAye
HevesiAye
SayeghAye
BurkeAye
ButtenschonAye

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A07604 Floor Votes:

DATE:06/06/2019Assembly Vote  YEA/NAY: 139/0
AbbateYCrespoYGanttERLiPetriYPerryYSimonY
AbinantiYCrouchYGarbarinoERLupardoYPheffer AmatoYSimotasY
ArroyoYCruzYGiglioYMagnarelliYPichardoYSmithY
AshbyYCusickYGlickYMalliotakisYPretlowYSmullenER
AubryYCymbrowitzYGoodellYManktelowYQuartYSolagesY
BarclayYDavilaYGottfriedYMcDonaldYRaYStecY
BarnwellYDe La RosaYGriffinYMcDonoughERRaiaYSteckY
BarrettYDenDekkerYGuntherYMcMahonYRamosYSternY
BarronYDeStefanoYHawleyYMikulinYRaynorYStirpeY
BenedettoYDickensYHevesiYMill B YReillyYTagueY
BichotteERDilanYHunterYMill MGERReyesYTaylorY
BlakeERDinowitzYHyndmanYMill MLYRichardsonYThieleY
BlankenbushYDiPietroYJacobsonYMontesanoYRiveraYTitusY
BrabenecYD'UrsoYJaffeeYMorinelloYRodriguezYVanelY
BraunsteinYEichensteinYJean-PierreYMosleyYRomeoYWalczykY
BronsonYEnglebrightYJohnsYNiouYRose D YWalkerER
BuchwaldYEpsteinYJonesYNolanYRose L YWallaceY
BurkeYFahyYJoynerYNorrisYRozicYWalshY
ButtenschonYFallYKimERO'DonnellYRyanYWeinsteinY
ByrneYFernandezYKolbYOrtizYSalkaYWeprinY
ByrnesYFinchYLalorYOtisYSantabarbaraYWilliamsER
CahillYFitzpatrickYLavineYPalmesanoYSayeghYWoernerY
CarrollYFriendYLawrenceYPalumboYSchimmingerYWrightY
ColtonYFrontusYLentolERPaulinYSchmittYZebrowskiY
CookYGalefYLiftonYPeoples-StokesYSeawrightYMr SpkrY

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A07604 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7604
 
SPONSOR: Buttenschon
  TITLE OF BILL: An act to amend chapter 3 of the laws of 1997, amend- ing the banking law and the insurance law relating to authorizing the banking board to permit banks and trust companies to exercise the rights of national banks, in relation to the effectiveness of certain provisions of such chapter; and to amend chapter 322 of the laws of 2007, amending the banking law relating to the power of banks, private bankers, trust companies, savings banks, savings and loan associations, credit unions and foreign banking corporations to exercise the rights of national banks, federal savings associations, federal credit unions and federal branches and agencies of foreign banks, in relation to the effectiveness of certain provisions of such chapter   PURPOSE OR GENERAL IDEA OF BILL: To extend, for an additional five years, the banking "wild card" law, which provides an administrative mechanism to keep the state banking charter viable and competitive with the federal banking charter.   SUMMARY OF SPECIFIC PROVISIONS: The effective date provisions of Chapter 322 of 2007 and Chapter 3 of the Laws of 1997 are amended to extend the sunset date from September 10, 2019 to September 10, 2024.   EXISTING LAW: Under the "wild card" law (Section 12-a of the Banking Law), the Super- intendent of Financial Services is authorized to permit state-chartered banking organizations to exercise banking powers that are available to corresponding federally-chartered institutions, but which are not expressly authorized under the Banking Law.   JUSTIFICATION: Under the nation's dual banking system, banking institutions may choose to operate under either a state or federal charter. Almost every state has a banking "wild card" law which provides an administrative mechanism to help maintain parity in regard to the powers of state banks and national banks. In general, a banking wild card law enables a state regulator to admin- istratively authorize state banks to exercise the same powers as national banks. A wild card law can provide a timely, flexible and effi- cient mechanism for keeping a state's banking charter competitive, attractive and viable in comparison with the federal charter. In 1997, a banking wild card law was enacted in New York State to help retain and promote the state banking charter and state banking system. With this law, the State sought to reassure its state-chartered banking institutions that it was committed and determined to keep the state charter competitive with the federal charter. With the rapid and continuing changes in the financial system, state- chartered institutions were becoming increasingly concerned that they would find themselves at a significant disadvantage. While federally- chartered institutions were positioned to immediately take advantage of any expanded powers and new opportunities granted at the federal level, state institutions feared that lengthy delays and uncertainty at the state level would place them at a significant disadvantage. The wild card law is intended to help address these concerns by estab- lishing an administrative process to enable New York State to quickly respond to significant parity issues. New York's wild card law included a sunset date, and the law has been extended several times since its original enactment in 1997. This bill would extend the law for an addi- tional five years.   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: None to the State.   EFFECTIVE DATE: Immediately.
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A07604 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7604
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 13, 2019
                                       ___________
 
        Introduced  by  M.  of  A.  BUTTENSCHON -- read once and referred to the
          Committee on Banks
 
        AN ACT to amend chapter 3 of the laws of 1997, amending the banking  law
          and  the  insurance  law  relating to authorizing the banking board to
          permit banks and trust companies to exercise the  rights  of  national
          banks,  in relation to the effectiveness of certain provisions of such
          chapter; and to amend chapter 322 of the laws of  2007,  amending  the
          banking  law  relating  to  the power of banks, private bankers, trust
          companies, savings banks, savings and loan associations, credit unions
          and foreign banking corporations to exercise the  rights  of  national
          banks, federal savings associations, federal credit unions and federal
          branches  and agencies of foreign banks, in relation to the effective-
          ness of certain provisions of such chapter
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.   Section 7 of chapter 3 of the laws of 1997, amending the
     2  banking law and the insurance law relating to  authorizing  the  banking
     3  board  to  permit  banks  and  trust companies to exercise the rights of
     4  national banks, as amended by chapter  113  of  the  laws  of  2014,  is
     5  amended to read as follows:
     6    §  7. This act shall take effect immediately provided that section two
     7  of this act shall take effect on the thirtieth day after it  shall  have
     8  become  a  law and shall apply to violations prescribed in section 44 of
     9  the banking law that occur on or after such date; and  provided  further
    10  that  sections  one,  three,  four  and  five shall expire and be deemed
    11  repealed September 10, [2019] 2024; and provided further that any  rules
    12  and  regulations  promulgated  pursuant to sections one, three, four and
    13  five shall remain in full force and effect on and after such  expiration
    14  date and shall not be affected by such expiration date.
    15    §  2. Section 6 of chapter 322 of the laws of 2007, amending the bank-
    16  ing law relating to the power of banks, private  bankers,  trust  compa-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11355-01-9

        A. 7604                             2
 
     1  nies,  savings  banks,  savings and loan associations, credit unions and
     2  foreign banking corporations to exercise the rights of  national  banks,
     3  federal savings associations, federal credit unions and federal branches
     4  and  agencies of foreign banks, as amended by chapter 113 of the laws of
     5  2014, is amended to read as follows:
     6    § 6. This act shall take effect immediately;  provided,  however  that
     7  sections  one, two, three and four of this act shall take effect Septem-
     8  ber 1, 2007; and provided further that sections one, two, three and four
     9  of this act shall expire and be deemed  repealed  September  10,  [2019]
    10  2024;  and provided further that any federally permitted powers approved
    11  under section three of this act shall remain in full force and effect on
    12  and after such repeal date and shall not be affected by such repeal.
    13    § 3. This act shall take effect immediately.
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A07604 LFIN:

 NO LFIN
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