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Can you summarize Financial institutions - Chapters 706-722 > Bank Holding Companies; Financial Holding Companies?
Financial institutions - Chapters 706-722 > Bank Holding Companies; Financial Holding Companies
Short Summary
These legal documents pertain to the establishment of financial holding companies or bank holding companies in Oregon, the acquisition or merger of Oregon stock banks, the reorganization process to form Oregon stock savings banks controlled by mutual financial holding companies or mutual bank holding companies, the acquisition and holding of stock in insurance producer corporations by financial and bank holding companies, and the sharing of financial and credit information between holding companies and controlled companies. Companies seeking to become financial holding companies or bank holding companies of Oregon stock banks are required to submit their application and related materials to the Director of the Department of Consumer and Business Services. The Director may provide comments and recommendations to the Federal Reserve Board regarding the application. Out-of-state financial holding companies and out-of-state bank holding companies can become the holding company of Oregon stock banks or in-state federal stock banks if certain conditions are met. Oregon nonstock banks can reorganize to form Oregon stock savings banks controlled by mutual financial holding companies or mutual bank holding companies. Mutual bank holding companies can acquire or invest in the stock of stock savings banks and merge with or acquire another mutual bank holding company. Financial and bank holding companies are required to submit specified reports to the Director of the Department of Consumer and Business Services, and failure to do so may result in penalties. Financial and bank holding companies are also required to obtain approval from the Director to acquire and hold stock in insurance producer corporations. The documents also allow for the sharing of financial and credit information between holding companies and controlled companies. Overall, these documents ensure transparency and regulatory oversight in the establishment and operation of financial holding companies and bank holding companies in Oregon.
Whom does it apply to?
Companies seeking to become financial holding companies or bank holding companies of Oregon stock banks, out-of-state financial holding companies and out-of-state bank holding companies, Oregon nonstock banks, mutual financial holding companies, mutual bank holding companies, financial holding companies and bank holding companies of Oregon stock banks, insurance producer corporations, customers of financial and bank holding companies
What does it govern?
Establishment of financial holding companies or bank holding companies in Oregon, acquisition or merger of Oregon stock banks, reorganization process to form Oregon stock savings banks controlled by mutual financial holding companies or mutual bank holding companies, acquisition and holding of stock in insurance producer corporations by financial and bank holding companies, sharing of financial and credit information between holding companies and controlled companies
What are exemptions?
No exemptions are mentioned in these documents.
What are the Penalties?
Failure to submit required reports or additional information may result in a penalty of up to $1,000 per day. The Director has the authority to take legal action to recover the penalty if it is not paid upon demand.
Jurisdiction
Oregon