Powers - The Powers subcommittee extensively reviewed the authority granted to national banks, savings institutions and other state institutions. This wildcard provision would allow a Texas bank, upon notice to the Banking Commissioner, to exercise any power authorized to another financial institution in the United States that is permitted under federal law. The Banking Commissioner could disapprove of the activity if the activity would jeopardize the safety and soundness of the bank. The provision would be innovative and flexible to promote the long-term economic development of financial institutions in the state, while providing important safeguards to the banking system. A claim includes a writ of attachment, writ of garnishment, notice of freeze, notice of levy, notice of child support lien, notice of seizure, notice of receivership and other instruments asserting a claim against a customer's account.
Current law allows service of a claim at any office at which there is a vice-president.
For banks, this is any branch office. In order to avoid confusion, we will recommend that a bank register with the Secretary of State and that service of a claim must be made at the office of the registered agent. Banks located only within Texas are also interested in the option of designating an office for service of process. Market Issues - Market issues comprise the most controversial matters addressed by the Task Force. Currently, the law allows interstate branching only through acquisition of an institution at least five years old.