§ 23-48-907 — Examinations - Periodic reports - Cooperative agreements - Fees

Arkansas § 23-48-907

• Jurisdiction: Arkansas
• Title: 23

Text

(a) To the extent consistent with subsection (c) of this section, the Bank Commissioner may make such examinations of any branch established and maintained in Arkansas pursuant to this subchapter by an out-of-state state-chartered bank as the commissioner may deem necessary to determine whether the branch is being operated in compliance with the laws of this state and in accordance with safe and sound banking practices. The provisions of the Arkansas Banking Code of 1997 shall apply to such examinations. (b) (1) The commissioner may prescribe requirements for periodic reports regarding any registered out-of-state bank that operates a branch in Arkansas. The required reports shall be provided by the bank. (2) Any reporting requirements prescribed by the commissioner under this subsection shall be consistent with the reporting requirements applicable to state banks and appropriate for the purpose of enabling the commissioner to carry out his or her responsibilities under this subchapter. (c) The commissioner may enter into cooperative, coordinating, and information-sharing agreements with any other bank supervisory agencies or any organization affiliated with or representing one (1) or more bank supervisory agencies with respect to the periodic examination or other supervision of any branch in Arkansas of an out-of-state state-chartered bank, or any branch of a state bank in any host state, and the commissioner may accept such parties' reports of examination and reports of investigation in lieu of conducting his or her own examinations or investigations. (d) The commissioner may enter into contracts with any bank supervisory agency that has concurrent jurisdiction over a state bank or an out-of-state state-chartered bank operating a branch in this state pursuant to this subchapter to engage the services of the agency's examiners at a reasonable rate of compensation, or to provide the services of the commissioner's examiners to the agency at a reasonable rate of compensation. Any such contract shall be deemed a sole source contract under § 19-11-232 . (e) The commissioner may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any branch in Arkansas of an out-of-state state-chartered bank or any branch of a state bank in any host state, provided that the commissioner may at any time take such actions independently if the commissioner deems such actions to be necessary or appropriate to carry out his or her responsibilities under this subchapter or to ensure compliance with the laws of this state, but provided further, that, in the case of an out-of-state state-chartered bank, the commissioner shall recognize the exclusive authority of the home-state regulator over corporate governance matters and the primary responsibility of the home-state regulator with respect to safety and soundness matters. (f) (1) Each out-of-state state-chartered bank that maintains one (1) or more branches in Arkansas may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the Arkansas Banking Code of 1997 and rules of the commissioner. (2) The fees may be shared with other bank supervisory agencies or any organization affiliated with or representing one (1) or more bank supervisory agencies in accordance with agreements between the parties and the commissioner.

Legislative History

Amended by Act 2019, No. 315,§ 2553, eff. 7/24/2019. Acts 1997, No. 408, § 20.