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Can you summarize WIAC DFI-Bkg Chapter 3?
Department of Financial Institutions-Banking > Parity With National Banks
Short Summary
The first document governs the authority of bank-owned banks to provide banking and bank-related services to various entities and individuals related to depository institutions. The second document outlines the operations of banks through their operating subsidiaries, including the activities permitted for these subsidiaries and the limitations on transactions between the parent bank and the subsidiaries. The third document governs the leasing of personal property by banks, specifying the types of leases allowed and the provisions related to net leases. The fourth document governs the purchase of shares of investment companies by banks, including the requirements for eligible investment companies and limitations on the purchase and holding of shares. The fifth document outlines the procedure for converting a savings and loan association into a state chartered bank, including the approval process and transfer of assets. The sixth document governs debt cancellation contracts and debt suspension agreements offered by banks, including the prohibited practices, contract terms, and disclosure requirements. These documents apply to the respective entities mentioned and provide guidelines and regulations for their operations and activities.
Whom does it apply to?
Bank-owned banks, subsidiaries or organizations owned by depository institutions, directors, officers, or employees of depository institutions, depository institution trade associations, depository institutions or their holding companies, banks through their operating subsidiaries, banks engaging in lease financing transactions, banks purchasing shares of investment companies, savings and loan associations seeking conversion into a state chartered bank, banks offering debt cancellation contracts and debt suspension agreements
What does it govern?
Bank-owned banks and their authority to provide banking and bank-related services, operations of banks through their operating subsidiaries, leasing of personal property by banks, purchase of shares of investment companies by banks, conversion of a savings and loan association into a state chartered bank, debt cancellation contracts and debt suspension agreements
What are exemptions?
No exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties for non-compliance or violation are mentioned in these documents.
Jurisdiction
Wisconsin