New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 21 - Reserves Against Commercial Bank Deposits
Section 21.1 - Statement of policy

A covered institution shall mean a depository institution which is required to hold reserves pursuant to the Monetary Control Act of 1980 ( Public Law 96-221 ) and the regulations of the Board of Governors of the Federal Reserve System thereunder. It is the policy of the Banking Board that, except as otherwise provided hereunder, every bank, trust company, private banker and foreign banking corporation, authorized under State law to maintain a branch or branches in this State, which is not a covered institution, shall maintain reserves at such times and in relation to such deposits and other balances as would be required if such institution were a covered institution. Except as otherwise provided by statute, regulation or order, the superintendent is authorized, but not required, to construe this Part in such manner as to require institutions to which it applies to conform to the reserve requirements imposed upon covered institutions.