N.Y. Comp. Codes R. & Regs. tit. 3 § 418.13

Current through Register Vol. 46, No. 43, October 23, 2024

Section 418.13 - Financial responsibility requirements for insured depository institutions

(a) Net Worth; Surety Bond. An institution whose deposits are insured by the Federal Deposit Insurance Corporation and that is at least adequately capitalized as defined in Section 38 of the Federal Deposit Insurance Act (12 U.S.C. Section 1831o) shall be exempt from the net worth and surety bond requirements of Section 418.12 of this Part.

(b) Fidelity Bond; E&O Coverage. Each institution whose deposits are insured by the Federal Deposit Insurance Corporation and that services mortgage loans shall comply with the Fidelity Bond and E&O Coverage applicable to Exempted Persons under Section 418.12(c)of this Part, provided that the Superintendent need not be named as an additional loss payee under each such bond or coverage.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 418.13

Adopted New York State Register July 17, 2019/Volume XLI, Issue 29, eff. 7/17/2019