Regulatory Alerts1997-01-01
All Bank Mailing Memo RM97-3
Kansas Bank Commissioner W. Newton Male issued Memo RM97-3 to revoke Special Order 1990-1, confirming that state chartered banks possess authority under K.S.A. 9-1101 to sell fixed and variable rate annuities. The memo also establishes new ethics rules prohibiting bank examiners from accepting meals or discounted items from banks, while clarifying that record retention for paid checks must be extended to seven years if canceled checks are not returned to customers. Additionally, the document provides guidance on proper documentation for officer compensation approval and outlines comprehensive policies regarding other real estate owned by institutions.
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