§ 86. Eligibility.
183 words·~1 min read·
/ny/banking/community-bank-deposit-program/86A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 86. Eligibility. 1. To be eligible to receive deposits, or to renew
existing deposits under this program, a bank, trust company, savings
bank or savings and loan association:
(a)must be chartered under the
provisions of this chapter and
(b)must have a current CRA rating of
satisfactory or better. The superintendent shall, if requested by the
state comptroller or the commissioner of taxation and finance, confirm
whether a particular banking institution meets the criteria specified in
this section.
2. A federal bank, trust company, savings bank or savings and loan
association may also be eligible to receive deposits, or to renew
existing deposits, under this program if:
(a)its principal office is
located in this state;
(b)it has a current CRA rating of satisfactory
or better; and
(c)it meets any additional criteria established by the
comptroller and the commissioner of taxation and finance to determine
eligibility for participation in the program. Such criteria may include
an institution's loan to deposit ratio, its record of small business
lending, and the impact such deposits would have on an area's economic
activity.