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State board advances package to repeal, update banking and credit-union rules
Summary
The State Board of Financial Institutions voted to repeal or amend multiple regulations to remove duplication, simplify record-retention rules and align dividend language with current practice, the board heard on the record.
The State Board of Financial Institutions voted to approve multiple regulatory changes Thursday aimed at removing duplicative rules and updating retention and dividend requirements for state-chartered banks and credit unions.
The package covers several items including the repeal of Regulation 5281 (income and expense statements), repeal of Regulation 5283 (authority for federally chartered institutions), a new record-retention regulation for credit unions (5285), an amendment clarifying the declaration of dividends by state-chartered credit unions (052986), an updated record-retention schedule for banks (5289), repeal of an outdated pilot for electronic funds transfers (5290), revisions on state bank dividend rules (5292) and repeal of an adjustable-rate mortgage rule for credit unions (5293).
The board’s staff told members the changes remove duplication between agency rules and existing statute…
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