Regulating bank subsidiaries until ordered to stop, says top bank regulator
by Ted Carter
Published: August 7,2011
Mississippi’s Department of Banking has returned to licensing wholly owned subsidiaries of federally chartered banks and thrifts and enforcing their compliance with state financial consumer protection laws.
Banking Commissioner John Allison cites the Dodd-Frank Wall Street Reform and Consumer Protection Act as authority for restoration of enforcement powers the state ceded to the Office of the Comptroller of the Currency in 2004. In that year, the OCC issued rules that freed national banks and their operating subsidiaries from any state law that could hamper their ability to make loans and accept deposits.
Dodd-Frank has turned back the clock, Allison said. “Before some…
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Prescription for success — Transcript Pharmacy continues fast growth
- Study: Mississippi has highest sales tax rate in U.S.
- MSU researchers develop timber-management software
- New law on taxing methods hailed as big win for businesses
- Panther Creek megasite — Putting a value proposition out there
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- BBB issues warning involving asphalt paving scam
- Running luxury car dealerships, like Mercedes of Jackson, comes naturally to Trudy Higginbotham Moody
- Chris McDaniel responds to radio show audio clip