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2015 New York Laws
BNK - Banking
Article 10 - (Banking) SAVINGS AND LOAN ASSOCIATIONS
380-F - Power to make advances of federal funds.

NY Banking L § 380-F (2015) What's This?
 380-f.  Power  to make advances of federal funds. A savings and loan
  association may make advances of  federal  funds  to  commercial  banks,
  provided  such advances are made on the condition that they be repaid on
  the next business day following the day on which the  advance  is  made.
  For  purposes  of this section the term "federal funds" shall mean funds
  which a savings and loan association has on deposit at a commercial bank
  which are exchangeable for funds on deposit at a federal  reserve  bank;
  the  term  "commercial bank" shall mean any bank, trust company, private
  banker, national banking association, having  its  principal  office  in
  this  state; and the term "business day" shall mean any day on which the
  savings and loan  association,  the  commercial  bank  and  the  federal
  reserve  bank  where  the  funds are on deposit are all open for general
  business.

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