If enacted, this legislation will fundamentally alter the landscape of state banking by shifting the chartering of large state banks to a national framework. As national banks, these entities will be subject to the regulatory oversight established under the National Banking Act and the Federal Reserve Act. This transition is expected to impose stricter compliance and operational guidelines, ultimately aiming to enhance the stability of large financial institutions and prevent bank failures. The bill, therefore, seeks to address the challenges posed by significant financial entities operating under varied state regulations, fostering greater consistency in banking practices.
Summary
SB2497, also known as the Bank Failure Prevention Act, is designed to amend the Federal Deposit Insurance Act, specifically allowing certain insured state banks with total consolidated assets of $100 billion or more to convert into national banks. The bill mandates that once these banks reach the specified asset threshold, they will automatically be converted to national banking associations within 180 days. This conversion process aims to streamline banking regulations and create a more uniform banking environment across the nation.
Relating to the transfer of the regulation of property tax professionals from the Texas Department of Licensing and Regulation to the comptroller of public accounts; providing civil and administrative penalties.
Relating to the abolishment of the Texas Council on Purchasing from People with Disabilities and the transfer of its functions to the Texas Workforce Commission.
Relating to the abolishment of the Texas Council on Purchasing from People with Disabilities and the transfer of its functions to the comptroller of public accounts.
Relating to a Pan American Games trust fund, an Olympic Games trust fund, a Major Events trust fund, a Motor Sports Racing trust fund, and an Events trust fund for sporting and non-sporting events, and to the abolishment of the special event trust fund.