MS Dept. of Banking and Consumer Finance; delete repealer on authority to join certain exams with the Federal Reserve., the official text

MISSISSIPPI LEGISLATURE

2026 Regular Session

To: Business and Financial Institutions

By: Senator(s) Johnson

Senate Bill 2007

(As Sent to Governor)

AN ACT TO AMEND SECTION 81-1-81, MISSISSIPPI CODE OF 1972,
TO DELETE THE REPEALER ON THE AUTHORITY OF THE MISSISSIPPI DEPARTMENT OF
BANKING AND CONSUMER FINANCE TO CONDUCT PERIODIC JOINT-BANK EXAMINATIONS WITH
THE FEDERAL RESERVE; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1.  Section
81-1-81, Mississippi Code of 1972, is amended as follows:

81-1-81.  (1)  It shall be
the duty of the commissioner to apportion the work of examining banks among the
examiners in such a way that each bank, under the provisions of law, shall be
examined at least once during an eighteen-month period and more often, if
necessary, in the discretion of the commissioner, at irregular intervals and
without prior notice.  However, neither the commissioner nor any examiner shall
examine one (1) bank twice in succession unless the commissioner, for cause, so
determines.  In the event the commissioner's office, because of workload or
other good sufficient cause, is unable to conduct an examination of a bank as
provided for in this section, the commissioner is hereby authorized to accept
the examination of any state bank performed by the Federal Deposit Insurance
Corporation or the Federal Reserve Bank in lieu of the examination provided for
in this section.  However, in no case shall the commissioner be authorized to
accept any such examination of any state bank performed by either the Federal
Deposit Insurance Corporation or the Federal Reserve Bank for any two (2)
consecutive eighteen-month periods.

(2)  The commissioner may
join an examination and/or issue a joint report of examination with the Federal
Reserve Bank of any bank holding company, including any foreign-owned bank
holding company, with more than One Billion Dollars ($1,000,000,000.00) in
assets that owns a Mississippi state-chartered bank.  The commissioner shall
not perform an examination independent of the Federal Reserve Bank.  The
commissioner may accept any examination report of a bank holding company
performed solely by the Federal Reserve Bank in lieu of conducting a joint
examination.  Further, the commissioner may join in related supervisory orders
issued by the Federal Reserve Bank.  There shall be no cost to a bank or a bank
holding company as a result of the commissioner's participation in a joint
examination of a bank holding company as authorized by this subsection. * * *  The provisions of this subsection (2) shall stand
repealed on July 1, * * * 2026 2030.

SECTION 2.  This act
shall take effect and be in force from and after July 1, 2026.