The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
The Shared National Credit Program was established in 1977 by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency to provide an efficient and consistent review and classification of any large syndicated loan. A SNC is defined as any loan or commitment to extend credit, or group of commitments, aggregating $20 million or more at origination; and committed under a formal lending arrangement; and shared by three or more unaffiliated supervised institutions. Supervised institutions are any financial institution subject to regulation by one of the three regulatory agencies. A non-bank subsidiary of a holding company is considered a supervised institution. The agencies' review is conducted annually, usually in May and June.