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Can you summarize MSAC Title 5, Part 1, Chapter 2, Rule 2.1?
Regulation 2: Bank Parity > Purpose - Bank Parity.
Short Summary
This regulation, known as Regulation 2: Bank Parity, amends the Mississippi Administrative Code to provide state chartered banks, state chartered savings and loan associations, and state chartered savings banks with the same privileges as federally chartered depository institutions. The regulation aims to clarify the rights, powers, privileges, immunities, duties, and obligations of state chartered banks, ensuring they can enjoy the same benefits as national banks. State chartered institutions can request parity with their federal counterparts by submitting proof and a request to the Commissioner of the Department of Banking and Consumer Finance. The regulation covers various areas of corporate governance and operational activities, including branching, directors’ qualifying shares, extensions of credit to directors and officers, indemnification of directors and officers, and more. The Commissioner will determine whether to approve the parity request. The regulation does not restrict or modify the existing rights, powers, privileges, or immunities of state-chartered banks.
Whom does it apply to?
State chartered banks, state chartered savings and loan associations, and state chartered savings banks
What does it govern?
Bank Parity
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Mississippi