New York ADMINISTRATIVE ORDER DATED 6-11-13

State:
New York
Control #:
NY-SCC-39
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PDF
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ADMINISTRATIVE ORDER DATED 6-11-13 New York Administrative Order Dated 6-11-13 is an executive order issued by Governor Andrew Cuomo to establish a new set of regulatory standards for the banking industry in the state of New York. This order requires banks to strengthen their risk management and compliance practices, increase consumer protections, and reduce systemic risk. Specifically, the order requires banks to: establish a comprehensive risk management framework; create a governance structure to ensure compliance; develop and maintain robust capital and liquidity requirements; and adopt measures to reduce systemic risk. Additionally, the order requires banks to develop and implement plans to enhance consumer protection, including issues such as deposit insurance, foreclosure mitigation, and consumer lending. The New York Administrative Order Dated 6-11-13 applies to all state-chartered banks, foreign banking corporations, licensed branches of foreign banking corporations, and any other financial institution that is licensed or authorized to do business in the state of New York.

New York Administrative Order Dated 6-11-13 is an executive order issued by Governor Andrew Cuomo to establish a new set of regulatory standards for the banking industry in the state of New York. This order requires banks to strengthen their risk management and compliance practices, increase consumer protections, and reduce systemic risk. Specifically, the order requires banks to: establish a comprehensive risk management framework; create a governance structure to ensure compliance; develop and maintain robust capital and liquidity requirements; and adopt measures to reduce systemic risk. Additionally, the order requires banks to develop and implement plans to enhance consumer protection, including issues such as deposit insurance, foreclosure mitigation, and consumer lending. The New York Administrative Order Dated 6-11-13 applies to all state-chartered banks, foreign banking corporations, licensed branches of foreign banking corporations, and any other financial institution that is licensed or authorized to do business in the state of New York.

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New York ADMINISTRATIVE ORDER DATED 6-11-13