Allows a bank to arrange for the redeposit of moneys through a deposit placement program.
This bill amends the state finance law to allow a bank to arrange for the redeposit of moneys, in whole or in part, through a deposit placement program. The participating bank must meet specific conditions, including arranging for the redeposit into deposit accounts with banking institutions for the state's account and serving as custodian for the redeposited moneys. The comptroller can promulgate rules regarding the program, including contract requirements and reporting impacts on lending activities.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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