N.J. Admin. Code § 3:8-1.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:8-1.1 - Reserve depositaries approved for nonmember banks of Federal Reserve System

(a) The following are reserve depositaries approved for banks not members of the Federal Reserve System:

1. Banks and national banking associations with offices in New Jersey that have total assets in excess of $ 100 million; and

2. Banks and national banking associations with no offices in New Jersey, but with offices within the second and third Federal Reserve Districts, and that have total assets in excess of $ 300 million.

(b) For the purposes of this section, "banks" as used in (a)1 and 2 above excludes savings banks.

N.J. Admin. Code § 3:8-1.1

Amended by R.2006 d.441, effective 12/18/2006.
See: 38 N.J.R. 3103(a), 38 N.J.R. 5354(a).
In (a)1, substituted "with offices" for "located" and "that" for "which", and inserted "and" at the end; in (a)2, substituted "with no offices in New Jersey, but with offices" for "located outside of New Jersey which are", "that" for "which", and a period for "; 'banks' as used herein and in (a)1 of this section excludes savings banks;" at the end; deleted (a)3 through (a)7; and added (b).