362.945. Definitions--examinations, cooperative and reciprocal agreements to make examinations, when. - Missouri Statutes

Definitions--examinations, cooperative and reciprocal agreements tomake examinations, when.

362.945. 1. As used in this section, unless the contextclearly indicates otherwise, the following terms shall mean:

(1) "Affiliate", shall have the meaning given the term bysection 23A of the Federal Reserve Act (12 U.S.C. section 371c),as amended;

(2) "Bank", any bank, trust company, or national bankingassociation which accepts deposits and makes loans, and which hasits principal banking house outside of the state of Missouri;

(3) "Bank holding company", any company which has control,as determined by the provisions of subdivision (4) of section362.910, over any bank or over any company that is a bank holdingcompany;

(4) "Engage in the banking business", a company shall bedeemed to engage in the banking business if it accepts depositsand makes loans in Missouri.

2. In the event that any bank holding company or bank ispermitted, by operation of federal or state law, to engagedirectly or through an affiliate in the banking business in thisstate, the director may enter into cooperative and reciprocalagreements with the Federal Reserve Bank or with the bankregulatory authorities of any state or states in which such bankholding company or bank is organized or based for the periodicexamination of bank holding companies, banks, and affiliatesaffected, and may accept reports of examination and otherexchanges of information from such authorities in lieu ofconducting his own examinations and compiling his own reports,and may provide reports of examination and other information tosuch authorities. The director may enter into joint actions withother regulatory bodies having concurrent jurisdiction or mayenter into such actions independently to carry out hisresponsibilities of assuring compliance with the laws of thisstate.

(L. 1986 H.B. 1195)

Effective 5-15-86