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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
SENATE BILL 1001 By: Jett
AS INTRODUCED
An Act relating to banks; amending 6 O.S. 2021,
Section 209, which relates to examinatio ns and
reports; requiring banks to make a report to the
State Banking Commissioner regarding engagement with
the Internal Revenue Service; making report available
to members of the Legislature upon request; and
providing an effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 6 O.S. 2021, Section 209, is
amended to read as follows:
Section 209. A. 1. The State Banking Commissioner shall, at
least every eighteen (18) months or a s often as the Commissioner
deems advisable, exami ne every bank and trust company, and for the
purpose of making such examinations and special examinations, shall
have full access to all books, papers, securities, recor ds, and
other sources of information under the control of banks and trust
companies. Upon the conclusion of the examination, the Commissioner
may make and file in the office of the Commissioner a report in
detail disclosing the results of such examination or may, on
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conditions prescribed by the Commissioner, prepare a summary
memorandum regarding the results of such examination, and shall,
upon request by the bank, mail a copy of such report or memorandum
to the bank or trust company examined. However, th e Commissioner
may accept, in lieu of any three consecutive bank examinations, the
examination that may have been made of the bank or trust compa ny
within a reasonable period by the Federal Deposit Insurance
Corporation, the Board of Governors of the Feder al Reserve System,
or other supervisory authority having examination jurisdiction and
authority over the bank or trust company provided a copy of the
examination, report, or other document prepared as a result of the
examination is furnished to the Commiss ioner.
2. The Commissioner may also accept any other report relative
to the condition of a bank or trust company, to include joint or
concurrent examinations which may be obtained by the authorities
within a reasonable period, in lieu of such report autho rized by the
laws of this state to be required of such bank by the Oklahoma State
Banking Department, provided a copy of such report is furnished to
the Commissioner.
3. The Commissioner may enter into cooperative, coordinating,
and information-sharing agreements with the Federal Deposit
Insurance Corporation, the Board of Governors of the Federal Reserve
System, or other supervisory authority hav ing examination
jurisdiction and authority over the bank or trust company with
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respect to the periodic examinat ion or other supervision of any
state bank, trust company, or state thrift.
4. When requested in writing upon authority of the board of
directors or stockholders owning a majority of the capital stock of
any bank or trust company, the Commissioner shall, if in the opinion
of the Commissioner such examination is desirable, make or cause to
be made an examination into the affairs and conditions of s uch bank
or trust company. For such examination such bank or trust company
shall pay the same fees as provided for in subsection B of Section
211 of this title.
B. Every Except as provided in subs ection E of this section,
every bank shall make four reports each year and more often if
called upon by the Commissi oner and according to the form which may
be prescribed by the Commissioner, and every trus t company shall
make two reports each year and mor e often if called upon by the
Commissioner and according to the form which may be prescribed by
the Commissioner. T hey must be verified by the oath or affirmation
of the president, cashier or secretary of such bank or trust
company, attested by the signat ures of at least two of the
directors, and shall be retained and made available for inspection
upon request of the C ommissioner or designated representatives of
the Commissioner. Each such report shall exhibit, in detail and
under appropriate headings, th e assets and liabilities of the
corporation at the close of business on any last day by the
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Commissioner specified, and shall be transmitted to the Commissioner
within thirty (30) calendar days after the ca ll date, and may be
published at the expense of th e bank or trust company in the same
form in which it is made to the Commissioner. The Commissioner
shall also have the power to call for special reports from any bank
or trust company whenever, in the judg ment of the Commissioner, the
same are necessary i n order to gain a full and complete knowledge of
its condition. However, the reports authorized and required by thi s
section, to be called for by the Commissioner, shal l relate to a
date prior to the date of such call to be specified therein.
Additionally, the Commissioner may accept, in lieu of the reports
referred to in this section, reports made by banks that are m embers
of the Federal Reserve System on forms provide d by the Federal
Reserve System or re ports submitted by banks to the Federal Deposit
Insurance Corporation.
C. Every bank or trust company which fails to make and transmit
any report required within the discretion of the Commissioner, under
the Oklahoma Banking Code, shall be subject to a pe nalty not to
exceed Fifty Dollars ($50.00) for eac h day, after the period
respectively therein mentioned, that the bank or trust company
delays to make and transmit i ts report. Whenever any bank or trust
delays or refuses to pay the penalty herein imposed for a failure to
make and transmit a report, the Commissioner is hereby authorized to
maintain an action in the name of the state against the delinquent
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bank or trust company for the recovery of such penalty, and all s ums
collected by such action shall be paid into the Oklahoma State
Banking Department r evolving fund pursuant to Section 211.1 of this
title.
D. For the purpose of carrying into effect the provisions of
this Code, the Commissioner shall provide a form for such
examinations and reports, and a ll examinations and reports received
by the Commissioner shall be preserved in the office of the
Commissioner for a period of not less than five (5) years. Such
examination and reports and all other records of operatin g banks and
trust companies in the De partment are to be kept confidential,
except as permitted by this Code. Copies of such examinations and
reports in the possession of an institution under the Departm ent’s
supervision are the property of the Department and are not subject
to disclosure to third parties, including disclosure or production
pursuant to subpoena or other request. All requests for review of
such examinations and reports shall be directed t o the Department
and are subject to the requirements of Section 208 of this title.
E. Every bank shall make a report each year and more oft en if
called upon by the Commissioner and according to the form which may
be prescribed by the Commissioner detailing all occurrences of
engagement with the Internal Rev enue Service, including requests of
information on citizen s of this state. The reports provided
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pursuant to this subsection shall be made available to the members
of the Senate and the House of Representatives upon request.
SECTION 2. This act shall become effective November 1, 2023.
59-1-112 QD 1/19/2023 12:15:18 PM