Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 1 - Organization and Method of Operation › Rule 5-4-1.3 - Departmental responsibility

Current through June 25, 2024
1.
Bank
				Examinations.
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 work load 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.
Credit Union
				Examinations.
Credit unions shall be subject to the supervision of the
				Department of Banking and Consumer Finance. The Commissioner of Banking and
				Consumer Finance is empowered with authority to promulgate from time to time
				rules and regulations concerning the operation of credit unions; provided that
				such rules and regulations shall be consistent with and in conformity with the
				laws of the State of Mississippi. Credit unions shall make a report of
				condition thereto at least annually on blank forms to be supplied by said
				department. Credit unions shall transmit to the department such call reports
				within a time limitation established by the commissioner; however, such time
				limitation cannot exceed that set by the National Credit Union Administration.
				For any failure or delay in furnishing this report, the credit union shall be
				subject to an administrative fine, which may be imposed by the commissioner, of
				Fifty Dollars ($ 50.00) a day for each day while in such default. Reports shall
				be verified by both the chief elected official and the treasurer and additional
				reports may be required by the said department.
3.
Trust Companies.
Commissioner
				shall have supervision over authorized trust institutions and shall examine.
a. For the purposes of this article, the term
				"authorized trust institution" means any state trust company, trust office or
				representative trust office.
b.
				Every authorized trust institution shall be under the supervision of the
				commissioner. The commissioner shall execute and enforce through the department
				and such other agents as are now or may hereafter be created or appointed, all
				laws which are now or may hereafter be enacted relating to authorized trust
				institutions. For the more complete and thorough enforcement of the provisions
				of this chapter, the commissioner may promulgate such rules or regulations not
				inconsistent with the provisions of the chapter, as may, in its opinion, be
				necessary to carry out the provisions of the laws relating to authorized trust
				institutions and as may be further necessary to insure safe and conservative
				management of an authorized trust institution under its supervision taking into
				consideration the appropriate interest of the creditors, stockholders,
				participants and the public in their relations with such authorized trust
				institutions. All authorized trust institutions doing business under the
				provisions of this chapter shall conduct their business in a manner consistent
				with all laws relating to authorized trust institutions, and all rules,
				regulations, and instructions that may be promulgated or issued by the
				commissioner.
c. The commissioner,
				or his duly authorized representative, for the purpose of discovering
				violations of this chapter and for the purpose of determining whether companies
				or offices are subject to the provisions of this article, may examine
				authorized trust institutions that have a charter, license or registration
				under this chapter and companies or offices that are reasonably suspected by
				the commissioner of conducting business that requires a charter, license or
				registration under this chapter, including all relevant books, records and
				papers employed by those companies or offices in the transaction of their
				business, and may summon witnesses and examine them under oath concerning
				matters relating to the business of those companies or offices, or such other
				matters as may be relevant to the discovery of violations of this chapter,
				including without limitation the conduct of business without a charter, license
				or registration as required under this chapter.