Bill > A07428

This bill amends the New York Banking Law to provide the Superintendent of the Department of Financial Services the authority to remove and prohibit directors, trustees, officers, members, or partners (referred to as "covered individuals") of certain financial entities (referred to as "covered entities") from their positions. The Superintendent can do this if the covered individual has directly or indirectly caused, facilitated, permitted, or participated in violations of laws, regulations, or written agreements, engaged in unsafe or unsound practices, or contributed to the failure of the covered entity. The bill outlines the notice, hearing, and review procedures for such removal and prohibition orders.

Business and Industry

https://www.nysenate.gov/legislation/bills/2023/A7428