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Senate committee removes repeal date for joint-exam authority with Federal Reserve
Summary
A Senate committee voted to remove the repeal date from Senate Bill 2007, which authorizes the state banking regulator to run joint bank examinations with the Federal Reserve; sponsors and the Bankers Association said the program has been successful and does not reduce regulatory standards.
The Mississippi Senate committee advanced Senate Bill 2007 after members said the joint-examination authority has proven useful. Chair (the presiding member) told the panel the bill authorizes the Department of Banking and Consumer Finance to ‘‘run joint bank exams with the Federal Reserve,’’ and said the Bankers Association told the committee the program ‘‘has been very successful.’’
Dayton Fellows, introduced to the committee to explain technical banking changes, described the measure as narrow and operational. He said the change would remove the previously scheduled repeal date entirely rather than merely extend it, which the bankers and the department supported. The committee advanced the bill on a voice vote; no roll-call tally was recorded in the transcript.
