The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
FINAL RULE ON FINANCIAL SUBSIDIARIES OF STATE MEMBER BANKS
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
In a press release, the Board of Governors of the Federal Reserve System has announced its approval of a final rule permitting qualifying state member banks to establish financial subsidiaries and thereby engage in certain activities that have been determined to be financial in nature or incidental to financial activities. The Boards notice (pdf - 51kb) is attached.
Questions on this matter may be directed, at this Bank, to Darryll Hendricks, Senior Vice President, Bank Supervision Group.