HB2158 H B&I H FBM 3-27

HOUSE COMMITTEE ON BANKING AND INSURANCE

COUNSEL: Ellen Archibald

FLOOR BOOK MEMO

HOUSE BILL 2158

BY:     Delegates Moore, Reynolds and Azinger

SHORT TITLE: Relating to the provision of financially-related services by banks and bank holding companies.

DATE INTRODUCED:       February 13, 2013

CODE REFERENCE:         §31A-8C-2 (Amend)

PROPOSED LAW:  The bill allows West Virginia-chartered banks to provide directly, i.e., through the bank rather than through an affiliate or contract partner, financially related services which federal and state thrifts, federal credit unions, or other states’ state-chartered banks may provide directly.

Currently, W. Va. Code §31A-8C-2(a) allows state-chartered banks to directly offer financially related services which national banks may offer directly. This bill would expand such parity, by allowing state-chartered banks to offer services which federal and state thrifts, federal credit unions, and other states’ state-chartered banks, as well as national banks, may offer directly.

The bill, and existing W. Va. Code §31A-8C-2(a), apply only to financially related services approved by the Commissioner of Financial Institutions. Under the bill, the Commissioner would determine whether a proposed service is “financially related,” based in part on whether national banks and other financial service providers may offer such a service.

TITLE: OK

FISCAL NOTE: None

COMMITTEE AMENDMENT: None

SECOND REFERENCE: Judiciary

EFFECTIVE DATE: Regular