N.Y. Financial Services Law § 205-b: State charter advisory board

* § 205-b. State charter advisory board. There shall be within the

department a state charter advisory board to work with the

superintendent in retaining state chartered banking institutions,

encouraging federally chartered institutions to convert to a state

charter and promoting the state banking system. There shall be nine

members of the advisory board who shall be appointed by the

superintendent. The membership shall consist of: (a) one representative

of credit unions, (b) one representative of consumers, (c) one

representative of foreign banks; and (d) representatives of banks which,

to the extent practicable, reflect a range of size and geographical

location, provided, however, that at least one shall represent

institutions of more than three billion dollars in assets; at least two

shall represent institutions of less than five hundred million dollars

in assets. The superintendent shall make rules to govern the method by

which state chartered institutions may nominate persons to the board and

the process for selecting such members, provided that the representative

of consumers shall be selected by the superintendent. The term of each

member of such advisory board shall be three years, or until a successor

is appointed and vacancies shall be filled for the unexpired term only.

The board shall meet at least three times annually pursuant to the call

of the superintendent. Such meetings may be held by means of a

conference telephone or similar communications equipment allowing all

persons participating in the meeting to hear each other at the same

time. The members of the advisory board shall receive no compensation

nor reimbursement for expenses. The advisory board may:

(1) consider and recommend ways to maintain the state charter as a

viable and attractive option, including bringing to the superintendent's

attention issues of concern to state chartered banking institutions;

(2) consider and recommend ways to encourage banking institutions to

offer a diversity of financial products and services throughout the

state;

(3) recommend to the superintendent the establishment of such laws as

may be deemed necessary, and the amendment or repeal thereof;

(4) recommend to the superintendent the promulgation of rules and

regulations not inconsistent with the law, as may be deemed necessary,

and the amendment or repeal thereof; and

(5) report within thirty days after receipt, on any proposed

regulations, amendments thereto, or repeal thereof, prior to final

action thereon by the superintendent.

The advisory board shall have no executive, administrative or

appointive powers or duties.

The superintendent shall make an annual report no later than thirty

days after the end of each year to the temporary president of the senate

and the speaker of the assembly, which shall include a summary of the

topics discussed at state charter advisory board meetings during such

year, and any legislative recommendations related to the topics raised

at such meetings or made by any member of the state charter advisory

board.

* NB Repealed October 3, 2031