Montana Code 32-1-221. Regional banking organizations — department authority
32-1-221. Regional banking organizations — department authority. (1) Notwithstanding 32-1-211(2)(b), the department shall submit to a regional banking organization a report of the examination findings no later than 90 days after the completion of the examination.
Terms Used In Montana Code 32-1-221
- bank: as used in this chapter means any corporation that has been incorporated to conduct the business of receiving money on deposit or transacting a trust or investment business, as defined in this chapter. See Montana Code 32-1-102
- Bank holding company: means a bank holding company or a financial holding company registered under the federal Bank Holding Company Act of 1956, as amended, regardless of where the entity is located or has its headquarters. See Montana Code 32-1-109
- Department: means the department of administration provided for in Title 2, chapter 15, part 10. See Montana Code 32-1-109
- Regional banking organization: means a bank organized in this state that is owned by an entity with consolidated total assets between $10 billion and $50 billion and that has subsidiaries operating in one or more states but not nationwide. See Montana Code 32-1-109
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The department has the same examination authority over the bank holding company of a regional banking organization as the department has over the regional banking organization.
(3)The department may:
(a)participate in examinations of bank holding companies of regional banking organizations with federal financial institution regulatory agencies and one or more state‘s financial regulatory departments; and
(b)take an enforcement action against the bank holding company of a regional banking organization pursuant to this chapter if the department considers the action to be necessary or appropriate to carry out its responsibilities under this chapter or to ensure compliance with the laws of this state.
(4)Notwithstanding 32-1-322, at least one-third of the board of directors of a regional banking organization must be residents of Montana.