SCS SB 951 -- EMERGENCY RESPONSE WITHIN FINANCIAL INSTITUTIONS

This bill allows the Governor, during a state of emergency, to
authorize the Director of the Division of Finance and the
Director of the Division of Credit Unions within the Department
of Insurance, Financial Institutions, and Professional
Registration to suspend laws and rules applicable to the
divisions that are reasonable and necessary to preserve the
safety and soundness of financial institutions, facilitate
disaster response and recovery efforts to serve essential civil
needs and protect the public interest, and coordinate emergency
response with financial institutions and emergency responders.
The division directors must file written waivers, suspensions,
actions, and directives in the director's office.

Currently, banks and trust companies may operate under emergency
bylaws in certain circumstances.  The bill allows banks and trust
companies to do the same when the General Assembly or Governor
declares a state of emergency.  The board of directors or the
president of the bank or trust company must notify the Director
of the Division of Finance of the implementation of emergency
bylaws and the status of its emergency response operations.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:13 pm