New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 85 - Investment In Service Corporations By Savings Banks And Savings And Loan Associations
Section 85.2 - Permitted activities

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 85.2

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Sections 235-d and 379-b of the Banking Law permit savings banks and savings and loan associations to invest in bank service corporations which may make such investments and render such services as are authorized for their parent savings banks or savings and loan associations, and which may engage in such other activities as may be prescribed by the Banking Board by general regulation. Savings banks and savings and loan associations may make such investments to the extent and upon the conditions that have been authorized by the Banking Board.

(b) A service corporation may engage in the following activities:

(1) originating, investing in, purchasing, selling, servicing or otherwise dealing in, directly or through participation, loans of any type which may be made by a thrift institution;

(2) providing services primarily for other financial institutions ( e.g., accounting, auditing, clerical, consulting, data processing, investment advisory, managerial);

(3) providing insurance brokerage or agency services;

(4) providing travel agency and tax preparation services;

(5) providing real estate services (e.g., brokerage, appraisal, inspection, property management);

(6) providing courier services;

(7) sponsoring, organizing and advising open-end mutual funds;

(8) providing securities services (e.g., brokerage, investment advice);

(9) leasing personal property to customers;

(10) engaging in factoring;

(11) acquiring investment securities;

(12) issuing letters of credit;

(13) issuing credit cards and engaging in credit card operations;

(14) acquiring improved or unimproved real property for the purpose of subdividing, developing, constructing improvements thereon, and reselling, leasing or operating such property for the production of income; and

(15) any other activity specifically approved by the Banking Board.

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