Oklahoma Code § 6-1723

§ 6-1723.

Examination of out-of-state trust institutions.

Oklahoma Statutes - Title 6. Banks and Trust Companies

A. To the extent consistent with subsection C of this section,

the Commissioner may make such examinations of any office

established and maintained in this state pursuant to Sections 10

through 25 of this act by an out-of-state trust institution as the

Commissioner may deem necessary to determine whether the office is

being operated in compliance with the laws of this state and in

accordance with safe and sound banking practices. The provisions of

Section 209 of Title 6 of the Oklahoma Statutes shall apply to such

examinations.

B. The Commissioner may require periodic reports regarding any

out-of-state trust institution that has maintained an office in this

state pursuant to Sections 10 through 25 of this act. The required

reports shall be provided by such trust institution or by the home

state regulator. Any reporting requirements prescribed by the

Commissioner under this subsection shall be:

1. Consistent with the reporting requirements applicable to

state trust companies; and

2. Appropriate for the purpose of enabling the Commissioner to

carry out the responsibilities of the Commission pursuant to

Sections 10 through 25 of this act.

C. The Commissioner may enter into cooperative, coordinating

and information-sharing agreements with any other bank supervisory

agencies or any organization affiliated with or representing one or

more bank supervisory agencies with respect to the periodic

examination or other supervision of any office in this state of an

out-of-state trust institution, or any office of a state trust

institution in any host state. The Commissioner may accept such a

report of examination and report of investigation in lieu of the

Commissioner conducting an examination or investigation.

D. The Commissioner may enter into contracts with any bank

supervisory agency that has concurrent jurisdiction over a state

trust institution or an out-of-state trust institution maintaining

an office in this state to engage the services of such agency's

examiners at a reasonable rate of compensation, or to provide the

services of the Commissioner's examiners to such agency at a

reasonable rate of compensation. Any such contract shall be deemed

a sole source contract under state law.

E. The Commissioner may enter joint examinations or joint

enforcement actions with other bank supervisory agencies having

concurrent jurisdiction over any office established and maintained

in this state by an out-of-state trust institution or any office

established and maintained by a state trust institution in any host

state. The Commissioner may at any time take such actions

independently if the Commissioner deems such actions to be necessary

or appropriate to carry out the responsibilities of the Commissioner

pursuant to this section or to ensure compliance with the laws of

this state. However, in the case of an out-of-state trust

Oklahoma Statutes - Title 6. Banks and Trust Companies

institution, the Commissioner shall recognize the exclusive

authority of the home state regulator over corporate governance

matters and the primary responsibility of the home state regulator

to safety and soundness matters.

F. Each out-of-state trust institution that maintains one or

more offices in this state may be assessed and, if assessed, shall

pay supervisory and examination fees in accordance with the laws of

this state and rules of the Commissioner. Such fees may be shared

with other bank supervisory agencies or any organization affiliated

with or representing one or more bank supervisory agencies in

accordance with agreements between such parties and the

Commissioner.

Added by Laws 1998, c. 104, § 23, eff. Nov. 1, 1998.