Ask Reggi Your Question Now
Can you summarize OHRC Chapter 1123?
Banks-Savings and Loan Associations > Banking Commission
Short Summary
The provided legal document establishes the creation and composition of the Banking Commission in Ohio. The commission consists of nine members, with the deputy superintendent for banks serving as the chairperson. The governor appoints the remaining eight members with the advice and consent of the senate. The terms of office for commission members are four years, and appointments are made annually. The commission must have at least six members who are executive officers of state banks, savings and loan associations, or savings banks, and all members must have banking experience. The commission’s membership should be representative of the banking industry as a whole. The document also specifies that individuals convicted of certain felonies related to fraud, dishonesty, breach of trust, theft, or money laundering are ineligible for commission membership. The members of the commission do not receive a salary but are reimbursed for expenses incurred in the performance of their duties. The governor has the authority to remove any of the eight appointed members if deemed necessary in the public interest, with a statement of cause required for removal. The document also outlines the organization and procedures of the banking commission. The commission holds regular meetings at specified times and places, and can also meet on the call of the deputy superintendent for banks with prior notice. A majority of the full commission constitutes a quorum, and decisions are made by a majority of those present at a meeting with a quorum. Members of the commission are prohibited from participating in proceedings involving banks they are associated with, and may also choose to refrain from participating for other reasons. The commission has the authority to adopt and amend bylaws and rules as deemed necessary. Additionally, the commission selects a secretary to keep a record of all proceedings. The document further outlines the duties and responsibilities of the banking commission in Ohio. The banking commission is required to make recommendations to the deputy superintendent for banks and the superintendent of financial institutions regarding the business of banking. They are also responsible for considering and making recommendations on any matters submitted by the superintendent or deputy superintendent. Additionally, the commission has the authority to pass upon and determine any matters submitted for their determination. They are tasked with confirming the annual schedule of assessments proposed by the superintendent and deciding whether to increase the schedule of assessments. Furthermore, the commission is responsible for determining whether there is reasonable cause to believe that there is a significant risk of imminent material harm to a bank and whether an examination of a bank holding company is necessary to assess the risk to the bank. No specific exemptions or penalties are mentioned in this document. Neither the deputy superintendent for banks nor any other member of the banking commission is liable, in any civil or criminal action or proceeding, for any mistake of judgment or discretion in any action taken, or in any omission made, by the member in good faith.
Whom does it apply to?
Members of the Banking Commission in Ohio
What does it govern?
Creation and composition of the Banking Commission in Ohio
What are exemptions?
Individuals convicted of certain felonies related to fraud, dishonesty, breach of trust, theft, or money laundering are ineligible for commission membership.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Ohio