What are the requirements to become designated as a depository to accept deposits on behalf of the State of New York?
• The bank must be a commercial bank unless legislation has been passed that allows savings banks to participate in a particular program. • The bank must be willing to pledge collateral for all deposits as outlined in Section 105 and Section 106 of New York State Finance Law. • The bank must have at least a LACE rating of a C+ or a comparable rating by another rating agency.
