The
commissioner may authorize institutions subject to the
jurisdiction of the
department to engage in such joint and cooperative actions as the commissioner finds will be in the public interest, including:
| (1) |
mutual exchange of financial information as to depositors, borrowers, and other customers; |
Terms Used In Utah Code 7-1-303
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- Department: means the Department of Financial Institutions. See Utah Code 7-1-103
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
| (2) |
joint use of facilities; |
| (3) |
joint operation of clearing houses and other facilities for payment of checks, drafts, or other instruments drawn on or issued by various classes of depository institutions; |
| (4) |
joint participation in lending programs to promote the public welfare; |
| (5) |
joint risk management services; and |
| (6) |
joint ownership, operation, or furnishing of electronic funds transfer services. |
Amended by Chapter 378, 2010 General Session
