221.0903 In-state branches maintained by out-of-state banks.

(1) Definitions. In this section:

(ag) “Bank" has the meaning given in 12 USC 1841 (c).

(ar) “Bank supervisory agency" means any of the following:

1. An agency of another state with primary responsibility for chartering and supervising banks.

2. The U.S. office of the comptroller of the currency.

3. The Federal Deposit Insurance Corporation.

4. The system of governors of the federal reserve board.

(b) “Home state" means:

1. With respect to a state-chartered bank, the state in which the bank is chartered.

2. With respect to a national bank, the state in which the main office of the bank is located.

3. With respect to a foreign bank, the state determined to be the home state of the foreign bank under 12 USC 3103 (c).

(c) “In-state branch" means a branch under s. 221.0302 located in this state.

(d) “Out-of-state bank" means a bank with a home state other than this state.

(dm) “Out-of-state state bank" means a bank chartered under the laws of any state other than this state.

(e) “State bank" means a bank chartered under this chapter.

(2) Notice and filing requirements. Each out-of-state state bank that has an in-state branch shall give the division notice of any merger, consolidation or other transaction that would cause a change of control with respect to the out-of-state state bank or a bank holding company of the out-of-state state bank, such that a filing would be required under 12 USC 1817 (j) or 12 USC 1841 to 1850. The notice required under this subsection shall be provided at least 30 days prior to date that the transaction is to become effective, unless the division determines that a transaction is an emergency transaction.

(3) Reporting requirements. The division may promulgate rules establishing periodic reporting requirements for out-of-state banks maintaining an in-state branch. Any reporting requirements established by rules promulgated under this subsection shall be consistent with all of the following:

(a) Reporting requirements applicable to state banks.

(b) The division's regulatory responsibilities with respect to that out-of-state bank and its in-state branch.

(4) Examinations.

(a) Examination power of division. The division may examine an in-state branch maintained by an out-of-state state bank, if the division considers the examination necessary to determine whether the in-state branch is being operated in compliance with the laws of this state and in accordance with safe and sound banking practices. The provisions of ch. 220, as they apply to examinations of state banks, apply to the examinations of in-state branches of out-of-state banks.

(b) Contracts for examination services. The division may enter into contracts with any bank supervisory agency with concurrent jurisdiction over a state bank or an in-state branch of an out-of-state state bank to engage the services of the agency's examiners at a reasonable rate of compensation, or to provide the services of the division's examiners to the agency at a reasonable rate of compensation. Contracts entered into under this paragraph are exempt from ss. 16.70 to 16.752, 16.754 to 16.76, and 16.767 to 16.82.

(5) Enforcement. If the division determines that an in-state branch of an out-of-state state bank is being operated in violation of the laws of this state or is being operated in an unsafe or unsound manner, the division may take any enforcement action against the in-state branch that it would be able to take if the in-state branch were a state bank.

(6) Joint examination and enforcement actions. The division may enter into joint examinations and joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over a state bank with an out-of-state branch, or an in-state branch of an out-of-state state bank. This subsection does not prevent the division from making examinations or taking enforcement actions independently, if the division considers it appropriate to carry out its responsibilities or to ensure compliance with the laws of this state.

(7) Assessments. The division may promulgate rules establishing assessments for in-state branches of out-of-state state banks.

History: 1997 a. 146; 2005 a. 217, 410.