New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter A - BANKING ORGANIZATIONS
Part 333 - Indices Which May Be Used In Connection With Variable Rate Closed-end Personal Loans Made By Lending Institutions Pursuant To Part 33 Or In Connection With Variable Rate Open-end Accounts Established By Banking Institutions Pursuant To Part 90
Section 333.1 - Approval of indices
Current through Register Vol. 46, No. 12, March 20, 2024
The following are the indices approved by the superintendent, for use by lending institutions which are making variable rate closed-end personal loans pursuant to the provisions of Part 33 of this Title, and for use by banking institutions which establish variable rate open-end accounts pursuant to the provisions of Part 90 of this Title:
(a) the bank prime loan index;
(b) the indices for one-month, three-month or six-month certificates of deposit sold in the secondary market;
(c) the indices for the auction averages from the sale of United States three-month, six-month or one-year Treasury bills;
(d) the indices for three-month, six-month or one-year Treasury bills sold in the secondary market;
(e) the indices for the one-year, two-year, three-year, five-year, seven-year, ten-year, twenty- year or thirty-year constant maturity yield for United States Treasury securities;
(f) the prime rate as published by The Wall Street Journal; and
(g) the indices for one-month, three-month, six-month and twelve-month Secured Overnight Financing Rate (SOFR), published as "CME Term SOFR" rates by the CME Group Benchmark Administration Limited.
The indices under subdivisions (a) through (e) of this section are published and announced by the Board of Governors of the Federal Reserve System in such publications as The Federal Reserve Bulletin, H.15, G.13, etc. With respect to these indices, where daily rates and weekly and monthly averages of such daily rates are published, this Part allows use of either the daily rate or the weekly or monthly average rate for such index. This Part also allows use of a rate such as a quarterly or semiannual rate calculated by averaging four or less of the subdivision (a) through (e) rates. In the event of split rate figures for the prime rate as published under subdivision (f) of this section, the lending or banking institution shall use the low figure except where use of the high figure or an average of the two figures is provided by contract and disclosed to the borrower or customer.
