Is the dual banking system obsolete? New York’s streamlined approval for national bank activities

New York State amended its banking wild card statute, effective September 1, 2007, to greatly simplify the process by which New York-chartered banks can apply for a variety of powers otherwise only available for national banks. This new statute enables the New York State Banking Board to grant by resolution, after review of a simple application, state-chartered banks and state-licensed foreign bank branches and agencies the same powers possessed by counterpart national banks and federally licensed branches and agencies of foreign banks. Previously, wild card powers could be adopted only by regulation, a far more time-consuming process.