S 5347 New York Senate · 2025 Regular Session

Relates to certain voidable transfers affecting a federal home loan bank

Summary

Relates to certain voidable transfers affecting a federal home loan bank including injunctions and the conduct of delinquency proceedings against insurers domiciled in this state.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2025

Committee Review

Floor Vote

Governor

Introduced Feb 20, 2025 Last action Jun 12, 2025

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What changed between versions

S5347 → S5347A · 5 edits

MODERATE

This bill amendment updates the bill number and committee status, while significantly modifying how federal home loan banks must respond to insurer insolvency. The changes tighten response timelines, add new cooperation requirements between regulators and banks, and clarify stock redemption procedures.

Scope change

The bill now applies more broadly to facilitate orderly proceedings during insurer insolvency, adding new provisions for department requests and information sharing with federal home loan banks.

TIMELINE

Response time from federal home loan banks to receiver requests was reduced from ten days to five days.

REQUIREMENT

Added requirement for federal home loan banks to act in good faith when responding to receiver requests.

New provisions require federal home loan banks to support department efforts for collateral substitutions, agreement transfers, additional advances, and other actions facilitating orderly proceedings.

Federal home loan banks must now provide confidential financial and credit information to the department upon request.

Stock redemption procedures now explicitly reference compliance with federal law, capital plans, and applicable capital stock practices.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jun 4, 2025

Upper · Passed

AMENDED 5347A

upper

Feb 20, 2025

Committee

REFERRED TO INSURANCE

upper

1 primary · 0 co-sponsors