Staff Interpretations

Members of the Banking Department’s Legal Division as well as other Divisions express opinions and provide written guidance to regulated entities, members of the bar, public officials and others, on legal and regulatory matters within the jurisdiction of the Banking Department. 

The interpretive letters and memoranda that are posted to the website are intended to provide a research tool for attorneys and other members of the public.  The letters and memoranda address specific facts and circumstances, and a similar fact situation could result in a different view expressed by the Banking Department.  Staff memoranda in particular represent the informal views of the Department.  Accordingly, attorneys and others are advised to contact the Legal Division for guidance with respect to a current specific transaction or factual scenario. 

To facilitate website users’ retrieval of staff letters and memoranda, they are organized by Section of Law and Date of Issuance.  However, where necessary in order to protect the privacy of individuals from unwarranted invasion, or to maintain the confidentiality of sensitive commercial information, among other reasons, the letters and memoranda have been redacted to delete such confidential information. 

Subject to certain statutory limitations, letters and memoranda of the Banking Department, dating back to approximately the 1930s, may also be viewed and accessed as provided under New York’s Freedom of Information Law (Public Officers Law 87 et. seq.) and Banking Department Supervisory Procedure G-106 (3 NYCRR Supervisory Procedure G 106). 

Note: The Banking Department provides external links as a public service. The inclusion of, or linking to, other Web site URLs does not imply our endorsement of, nor responsibility for, those Web sites, but has been provided as a convenience to our Web site visitors.