Wyoming committee advances amendments to special‑purpose depository and state bank conversion rules

A legislative select committee moved Tuesday to support a draft that would set procedures for conversions between special‑purpose depository institutions and state banks and signaled support for combining three related SPDI bills into a single amendment package for the next session. The committee — after presentations from Legislative Service Office staff and State Banking Commissioner Jeremiah Bishop — agreed to support one bill draft that would authorize conversion applications, set review criteria and require a certificate of authority before any converted bank may commence business. The change was described by LSO staff as: “The bill draft authorizes the state banking commissioner with approval of the state banking board to convert the charter to a state bank and authorizes the charter to a state bank to be converted to a city.” Why it matters: the bills are intended to clarify how emerging charter types convert between each other, reduce some start‑up frictions for SPDIs, and create a state‑level resolution fund to cover costs if an SPDI fails. Supporters said the changes will make Wyoming’s charter options more competitive for firms seeking U.S. regulatory shelter while keeping supervisory controls in place. Key facts and outcomes - The committee voted to register support for bill draft 26LSO13 (state bank and SPDI conversion language) by voice vote; the motion carried. The committee then voted to combine three other draft bills (amendments to SPDI capital and certificate timing, repeal of the SPDI…