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 85.7 - Examination of service corporation
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 85.7
Current through Register Vol. 46, No. 12, March 20, 2024
No savings bank or savings and loan association shall invest in or make loans to any service corporation or subsidiary thereof after the effective date of this Part, unless and until the parent institution has executed and filed with the superintendent a letter agreement which (a) states that the service corporation is subject to the general supervision of the Banking Department, (b) permits periodic examinations of the service corporation and/or any subsidiary thereof, as the superintendent deems necessary, and (c) states that the parent institution will reimburse the Banking Department for the total cost of such examinations.
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