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Can you summarize NERS 8-705?
BANKS AND BANKING > Examinations, reports of other examiners; Director of Banking and Finance may accept.
Short Summary
This provision authorizes the Director of Banking and Finance in Nebraska to exercise discretion in accepting examinations and reports conducted by other regulatory agencies in lieu of conducting their own examinations of banking institutions. The Director may accept examinations conducted by the Federal Deposit Insurance Corporation, the Federal Reserve Board, the Comptroller of the Currency, the Consumer Financial Protection Bureau, or a foreign state agency, provided a copy of the examination is furnished to the Director. Similarly, the Director may accept reports on the condition of a banking institution obtained by the aforementioned agencies or a foreign state agency, if a copy of the report is furnished to the Director. The term ‘foreign state agency’ refers to a regulatory or supervisory agency with authority over financial institutions, created under the laws of any other state, territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, or operating under the code of law for the District of Columbia.
Whom does it apply to?
The Director of Banking and Finance and banking institutions in the state of Nebraska
What does it govern?
Acceptance of examinations and reports of other examiners by the Director of Banking and Finance
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska