Legal Seminar, Denver, CO

Depository Institutions

Enactments:

Connecticut (Act 173) With respect to the annual assessment collected from banks and credit unions, a new section provides that if the Commissioner determines that the amount to be collected from an uninsured bank is unreasonably low or high based on the bank’s size and risk profile, the Commissioner may require the bank to pay a fee in lieu of the annual assessment. If a bank does not pay the required fee by the time specified by the Commissioner, said bank shall pay an additional two hundred dollars to the Commissioner. [Effective October 1, 2018] Connecticut (Ch. 117) Allows Connecticut credit unions to, without prior approval from the Commissioner of Banking, engage in any activity that a federal credit union or out-of-state credit union may be authorized to engage in under state or federal law provided the credit union files prior written notice of its intention to engage in such activity. The Commissioner may disapprove the recent activity within 30 days of the filing of the notice. The law also: (1) changes the requirements for reviewing policies adopted by the governing board of a Connecticut credit union; (2) allows Connecticut credit unions to provide electronic notices of certain meetings; (3) allows members of a Connecticut credit union to vote by electronic means; and (4) expands the area of operation and services of Connecticut credit unions as well as their investment authority. [Effective October 1, 2018] Georgia (Act 339) Upon notification and approval by the Commissioner, a bank or credit union may exercise any federal power during the same period that a national bank or federal credit union has been able to do so, subject to the same limitations and restrictions as are applicable to national banks. The law specifies that federal preclusion or preemption shall apply to the same extent and during the same period that such law or regulation has been precluded or preempted as to a national bank or federal credit union. [Effective July 1, 2018] Arizona (Ch. 214) Lowers application fees for banking permits, approval for conversation from a federal credit union to a state-chartered credit union, and non-depository license applications. [Effective 91 st day after adjournment; projected adjournment April 28] Florida (Ch. 48) Changes the experience and residency requirements for bank boards and specifies that, except as limited or prohibited by federal law, up to 10 percent of the total assets of a bank may be invested in the stock, obligations, and other securities of subsidiary corporations and affiliates (did not previously include “affiliates). [Effective July 1, 2018] Parity Regulatory Relief