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32-1-221. Regional banking organizations -- department authority

MT Code § 32-1-221 (2019) (N/A)
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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.

(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.

History: En. Sec. 1, Ch. 75, L. 2019.

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