N.Y. Banking Law § 32 Insurance of Deposits and Share Accounts

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Banking Law § 32

1. Within one year from the date this section shall have become law, every bank, trust company, savings bank, savings and loan association and credit union shall obtain insurance of deposits and share accounts, as the case may be:

(a) from the Federal Deposit Insurance Corporation, in the case of a bank, trust company, savings bank or savings and loan association;

(b) from the Administrator of the National Credit Union Administration, in the case of a credit union; or

(c) in the case of any such banking organization, from any other insurer upon such terms and conditions as the superintendent shall approve.

2. No banking organization whose deposit or share accounts are so insured shall hereafter voluntarily terminate such insured status.