(1) To the extent consistent with subsection (3) of this section, the commissioner may make such examinations of any branch established and maintained in the State of Mississippi pursuant to this chapter by an out-of-state state bank as the commissioner may deem necessary to determine whether the branch is being operated in compliance with the laws of the State of Mississippi and in accordance with safe and sound banking practices. The provisions of any applicable Mississippi laws shall apply to such examinations.
(2) The commissioner may prescribe requirements for periodic reports regarding any out-of-state state bank that operates a branch in the State of Mississippi pursuant to this chapter. Any reporting requirements prescribed by the commissioner under this subsection (2) shall be:
(a) Consistent with the reporting requirements applicable to Mississippi state banks, and
(b) Appropriate for the purpose of enabling the commissioner to carry out his or her responsibilities under this chapter.
(3) The commissioner may enter into cooperative, coordinating and information-sharing agreements with any other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies with respect to the periodic examination or other supervision of any branch in the State of Mississippi of an out-of-state state bank, or any branch of a Mississippi state bank in any host state, and the commissioner may accept such parties' reports of examination and reports of investigation in lieu of conducting his or her own examinations or investigations.
(4) The commissioner may enter into contracts with any bank supervisory agency that has concurrent jurisdiction over a Mississippi state bank or an out-of-state state bank operating a branch in the State of Mississippi pursuant to this chapter to engage the services of such agency's examiners at a reasonable rate of compensation, or to provide the services of the commissioner's examiners to such agency at a reasonable rate of compensation. Such contracts shall be in accordance with the policies and administrative procedures of the Mississippi State Personnel Board.
(5) The commissioner may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any branch in the State of Mississippi of an out-of-state state bank or any branch of a Mississippi state bank in any host state; however, the commissioner may at any time take such actions independently if the commissioner deems such actions to be necessary or appropriate to carry out his or her responsibilities under this chapter or to ensure compliance with the laws of the State of Mississippi; but in the case of an out-of-state state bank, the commissioner shall recognize the exclusive authority of the home state regulator over corporate governance matters and the primary responsibility of the home state regulator with respect to safety and soundness matters.
(6) Each out-of-state state bank that maintains one or more branches in the State of Mississippi may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the laws of the State of Mississippi and regulations of the commissioner. Such fees may be shared with other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies in accordance with agreements between such parties and the commissioner.
Sources: Laws, 1996, ch. 441, § 10, eff from and after May 1, 1997.
(1) To the extent consistent with subsection (3) of this section, the commissioner may make such examinations of any branch established and maintained in the State of Mississippi pursuant to this chapter by an out-of-state state bank as the commissioner may deem necessary to determine whether the branch is being operated in compliance with the laws of the State of Mississippi and in accordance with safe and sound banking practices. The provisions of any applicable Mississippi laws shall apply to such examinations.
(2) The commissioner may prescribe requirements for periodic reports regarding any out-of-state state bank that operates a branch in the State of Mississippi pursuant to this chapter. Any reporting requirements prescribed by the commissioner under this subsection (2) shall be:
(a) Consistent with the reporting requirements applicable to Mississippi state banks, and
(b) Appropriate for the purpose of enabling the commissioner to carry out his or her responsibilities under this chapter.
(3) The commissioner may enter into cooperative, coordinating and information-sharing agreements with any other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies with respect to the periodic examination or other supervision of any branch in the State of Mississippi of an out-of-state state bank, or any branch of a Mississippi state bank in any host state, and the commissioner may accept such parties' reports of examination and reports of investigation in lieu of conducting his or her own examinations or investigations.
(4) The commissioner may enter into contracts with any bank supervisory agency that has concurrent jurisdiction over a Mississippi state bank or an out-of-state state bank operating a branch in the State of Mississippi pursuant to this chapter to engage the services of such agency's examiners at a reasonable rate of compensation, or to provide the services of the commissioner's examiners to such agency at a reasonable rate of compensation. Such contracts shall be in accordance with the policies and administrative procedures of the Mississippi State Personnel Board.
(5) The commissioner may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any branch in the State of Mississippi of an out-of-state state bank or any branch of a Mississippi state bank in any host state; however, the commissioner may at any time take such actions independently if the commissioner deems such actions to be necessary or appropriate to carry out his or her responsibilities under this chapter or to ensure compliance with the laws of the State of Mississippi; but in the case of an out-of-state state bank, the commissioner shall recognize the exclusive authority of the home state regulator over corporate governance matters and the primary responsibility of the home state regulator with respect to safety and soundness matters.
(6) Each out-of-state state bank that maintains one or more branches in the State of Mississippi may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the laws of the State of Mississippi and regulations of the commissioner. Such fees may be shared with other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies in accordance with agreements between such parties and the commissioner.
Sources: Laws, 1996, ch. 441, § 10, eff from and after May 1, 1997.
(1) To the extent consistent with subsection (3) of this section, the commissioner may make such examinations of any branch established and maintained in the State of Mississippi pursuant to this chapter by an out-of-state state bank as the commissioner may deem necessary to determine whether the branch is being operated in compliance with the laws of the State of Mississippi and in accordance with safe and sound banking practices. The provisions of any applicable Mississippi laws shall apply to such examinations.
(2) The commissioner may prescribe requirements for periodic reports regarding any out-of-state state bank that operates a branch in the State of Mississippi pursuant to this chapter. Any reporting requirements prescribed by the commissioner under this subsection (2) shall be:
(a) Consistent with the reporting requirements applicable to Mississippi state banks, and
(b) Appropriate for the purpose of enabling the commissioner to carry out his or her responsibilities under this chapter.
(3) The commissioner may enter into cooperative, coordinating and information-sharing agreements with any other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies with respect to the periodic examination or other supervision of any branch in the State of Mississippi of an out-of-state state bank, or any branch of a Mississippi state bank in any host state, and the commissioner may accept such parties' reports of examination and reports of investigation in lieu of conducting his or her own examinations or investigations.
(4) The commissioner may enter into contracts with any bank supervisory agency that has concurrent jurisdiction over a Mississippi state bank or an out-of-state state bank operating a branch in the State of Mississippi pursuant to this chapter to engage the services of such agency's examiners at a reasonable rate of compensation, or to provide the services of the commissioner's examiners to such agency at a reasonable rate of compensation. Such contracts shall be in accordance with the policies and administrative procedures of the Mississippi State Personnel Board.
(5) The commissioner may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any branch in the State of Mississippi of an out-of-state state bank or any branch of a Mississippi state bank in any host state; however, the commissioner may at any time take such actions independently if the commissioner deems such actions to be necessary or appropriate to carry out his or her responsibilities under this chapter or to ensure compliance with the laws of the State of Mississippi; but in the case of an out-of-state state bank, the commissioner shall recognize the exclusive authority of the home state regulator over corporate governance matters and the primary responsibility of the home state regulator with respect to safety and soundness matters.
(6) Each out-of-state state bank that maintains one or more branches in the State of Mississippi may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the laws of the State of Mississippi and regulations of the commissioner. Such fees may be shared with other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies in accordance with agreements between such parties and the commissioner.
Sources: Laws, 1996, ch. 441, § 10, eff from and after May 1, 1997.
