New York Legislature Approves Extension of ‘Wild Card’ Banking Law

The New York State Senate gave final legislative approval to a bill June 10 that would extend the state’s “wild card’’ banking law for another five years (A. 9057).

The bill would extend the expiration date of the law from Sept. 10, 2014 to Sept. 10, 2019. The law was originally enacted in 1997 and has been extended two times since.

The state Assembly approved the bill March 24.

The law authorizes the state’s superintendent of financial services to allow state-chartered banking organizations to exercise banking powers that are available to federally-chartered institutions, but are not expressly authorized under New ...