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Can you summarize Tex. Fin. Chapter 202?
BANK HOLDING COMPANIES; INTERSTATE BANK OPERATIONS > BANK HOLDING COMPANIES
Short Summary
The provided legal document content covers two main areas: the acquisition of Texas banks by out-of-state bank holding companies and financial activities by financial holding companies. In the case of acquisitions, an out-of-state bank holding company is prohibited from acquiring a Texas bank if, upon completion of the transaction, the applicant would control 20 percent or more of the total amount of deposits held by depository institutions in Texas. The commissioner has the authority to request supplemental information to aid in the determination of an acquisition’s impact. The document also outlines the commissioner’s powers to examine and bring enforcement proceedings against bank holding companies or individuals violating the provisions. Regarding financial activities, financial holding companies are allowed to engage in activities authorized by the Board of Governors of the Federal Reserve System or the finance commission. The finance commission has the power to determine additional activities that are considered financial, incidental, or complementary. It is important to note that any determinations made by the board of governors or the finance commission do not alter or negate applicable licensing and regulatory requirements administered by a functional regulatory agency of Texas. The documents apply to out-of-state bank holding companies, Texas banks, bank holding company officers, directors, employees, controlling shareholders, individuals participating in the affairs of a bank holding company, and financial holding companies. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Out-of-state bank holding companies, Texas banks, bank holding companies, officers, directors, employees, controlling shareholders, individuals participating in the affairs of a bank holding company, financial holding companies
What does it govern?
Acquisition of Texas banks by out-of-state bank holding companies, financial activities and activities incidental or complementary to financial activities by financial holding companies
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Texas