SB 32
Establishing branch banks and FDIC insurance requirements
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill restricts the establishment of branch banks or mergers/acquisitions involving banks or credit unions in West Virginia unless those institutions are insured by the Federal Deposit Insurance Corporation (FDIC). It amends existing state laws to strengthen regulations around banking operations and prevent potential risks associated with non-insured institutions. The bill also addresses specific aspects of branch banking, temporary office operations, and mergers involving credit unions, all with the goal of ensuring financial stability and consumer protection.
Key provisions
- Prohibits the establishment of branch banks or mergers/acquisitions between banks or credit unions unless they are FDIC-insured.
- Allows temporary business offices for banks on college campuses for limited periods with prior permission.
- Addresses the operation of off-premises walk-in facilities as branch banks, streamlining the approval process for existing facilities.
- Establishes a process for reviewing and approving branch bank applications, including requirements for financial condition, competition, and community reinvestment.
- Regulates mergers of credit unions, requiring commissioner approval and adherence to specific conditions.
- Requires a commissioner-led examination and investigation process for branch bank applications.
- Outlines procedures for notifying banking institutions of branch bank applications and allows them to intervene in the process.
- Specifies fees associated with branch bank applications and examinations.
Who is affected
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