N.Y. Comp. Codes R. & Regs. tit. 3, § 300.5 – When reports not required. | Midpage
§ 300.5
N.Y. Comp. Codes R. & Regs. tit. 3, § 300.5
When reports not required.
Banking
(a) If a loss is due to a mysterious disappearance or shortage which does not indicate misconduct—such as clerical or operational error—no report is required. Frequent or numerous “errors” by the same person or persons may, however, indicate misconduct.
(b) Organizations with assets of $1 billion or more are not required to report any incident specified in section 300.1(b)-(d) of this Part if the loss is less than $100,000; and
(c) Organizations with assets over $500 million but less than $1 billion are not required to so report if the loss is less than $50,000; and
(d) Organizations with assets over $100 million but less than $500 million are not required to so report if the loss is less than $25,000.
(e) Other organizations are not required to so report if the loss is less than $5,000.