N.Y. Banking Law § 86: Eligibility

§ 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.