HCS HB 914 -- DIRECTOR OF THE DIVISION OF FINANCE

SPONSOR:  Cunningham

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Financial Institutions by a vote of 11 to 0.

Currently, the circuit court in the judicial district in which
the principal office of a failed bank is located must approve the
appointment made by the Director of the Division of Finance
within the Department of Insurance, Financial Institutions and
Professional Registration of the Federal Deposit Insurance
Corporation (FDIC) as the liquidating agent of a bank insured by
the FDIC.  This substitute removes the provision requiring the
appointment's approval by the circuit court.

The substitute contains an emergency clause.

FISCAL NOTE:  No impact on state funds in FY 2010, FY 2011, and
FY 2012.

PROPONENTS:  Supporters say that the bill will allow the Director
of the Division of Finance to appoint the Federal Deposit
Insurance Corporation as the liquidator on a failed bank more
efficiently.

Testifying for the bill were Representative Cunningham; and
Division of Finance, Department of Insurance, Financial
Institutions and Professional Regulation.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:25 am