N.Y. BNK Law § 455

§ 455. Trust powers. 1. The superintendent of financial services is\nauthorized and empowered to grant permission to a credit union to\nexercise any or all of the powers specified in sections one hundred, one\nhundred-a, one hundred-b and one hundred-c of this chapter. In passing\nupon applications for permission to exercise any such powers, the\nsuperintendent of financial services may take into consideration the\namount of net worth of the applying credit union, whether or not such\nnet worth is sufficient under the circumstances of the case, the needs\nof the community to be served and any other facts and circumstances that\nseem proper, and may grant or refuse it permission accordingly.\n 2. Whenever the laws of this state require a trust company acting in a\nfiduciary capacity to deposit securities with the state authorities for\nthe protection of private or court trusts, a credit union, so acting, is\nrequired and empowered to make similar deposits of securities.\n 3. The superintendent of financial services is authorized to\npromulgate such regulations as he or she may deem necessary or proper to\nimplement the provisions of this section and the proper exercise of the\npowers granted by this section.\n