State gets more regulatory authority over banks
Friday, March 19, 2010
OLYMPIA — Gov. Chris Gregoire this week signed two bills to broaden the state’s regulatory authority over banks and credit unions.
The bills, requested by the Washington state Department of Financial Institutions, expand the department’s ability to take corrective actions with under-capitalized institutions and clarify the steps state regulators will take when they step in to fix or close state-chartered institutions.
The legislation also expands Department of Financial Institutions’s oversight authority to bank holding companies. As originally proposed, House Bills 2830 and 2831 also included provisions that would have limited public access to state information on troubled banks. Those limitations were excluded from the final bills.
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