DEPARTMENT OF BANKING AND INSURANCE
DIVISION OF BANKING
Readoption with Amendments: N.J.A.C. 3:6
Adopted Repeals: N.J.A.C. 3:6-3.1, 5.2, 8.1, 9, 15.1, and 17.1
Adopted Recodification with Amendments: N.J.A.C. 3:6-1.1 as 12.3
Proposed: March 19, 2001 at 33 N.J.R. 926(a)
Adopted: May 17, 2001 by Karen L. Suter, Commissioner, Department of Banking and Insurance
Filed: May 21, 2001 as R.2001 d. 203, without change.
Authority: N.J.S.A. 17:1-8, 8.1 and 15, 17:9A-24, 24b.1, 28.2, 31, 43, 62H, 71 to 74, 182.1, 195, 256A, 333 and 334.
Effective Date: May 20, 2001, Readoption (see N.J.A.C. 1:30-4.7);
Summary of Public Comments and Agency Responses:
The Department of Banking and Insurance ("Department") received written comments from Dennis Casale, Esq. of the law firm of Pepper Hamilton, LLP on behalf of the New Jersey Bankers Association and from Michael Horn, Esq. of the law firm of McCarter and English, LLP on behalf of the New Jersey League-Community and Savings Bankers.
COMMENT: The commenters suggested that, instead of readopting N.J.A.C. 3:6-12.1, 12.2 and 12.3 (formerly codified at N.J.A.C. 3:6-1.1), the Department should withdraw those sections or repeal them by non-adoption. These rules deal with parity. The commenters contend that they are inconsistent with P. L. 2000, c. 69, § 3, known as the "Parity Act" (amending N.J.S.A. 17:9A-24b.1), and that going forward with their readoption would create unwarranted confusion.
RESPONSE: As noted in the proposal Summary, 33 N.J.R. 926 (March 19, 2001), the Department is aware that subchapter 12 as proposed for readoption needs further amendment to be consistent with the Parity Act and the Commissioner’s over-arching regulatory responsibilities. Accordingly, the Department is preparing to publish a notice of proposal to amend N.J.A.C. 3:6-12 in the near future.
Federal Standards Statement
The readopted rules and adopted amendments do not contain standards or requirements that exceed standards or requirements imposed by Federal law. These rules continue to apply certain Federal standards to New Jersey financial institutions, set forth at 12 C.F.R. §§ 32.2(j)(1)(vi) and 32.3(a) and at 12 C.F.R. Part 215. In addition, pursuant to the current parity provisions in subchapter 12, banks and savings banks may become subject to additional Federal standards when they choose to exercise parity. While those Federal standards cannot be identified at this time, they shall in no event be exceeded by State standards.
Full text of the readoption can be found in the New Jersey Administrative Code at N.J.A.C. 3:6.
Full text of the adopted amendments follows: