Regulatory Alerts2003-01-13
OFI Credit Report Requirement for New Directors and Executive Officers
The Louisiana Office of Financial Institutions requires financial institutions to submit a current credit report alongside applications for adding new directors or executive officers. Effective immediately, the submitted credit report must be dated within 90 days of the application's certification date unless otherwise specified. This mandate applies to all filings made under Louisiana Statutes Annotated Revised Section 6:121.4 and is enforced directly by the Office's Chief Examiner.
OFI BULLETIN BL-02-2003 January10, 2003 TO: THE CHIEF EXECUTIVE OFFICER/MANAGER SUBJECT: CREDIT REPORT REQUIREMENT UNDER LSA-R.S. 6:121.4 (Please see that this e-mail message gets to the Chief Executive Officer/Manager of this financial institution.) Effective immediately, if you are required to file an application to add a new director or executive officer pursuant to LSA-R.S. 6:121.4, you must also submit a current credit report along with the application. For purposes of meeting this requirement, unless otherwise indicated, the credit report should be dated within 90 days of the certification date on the application. This bulletin will also be posted on OFI’s website www.ofi.state.la.us. If you have any questions, please contact me directly. Sidney E. Seymour, CEM Chief Examiner Louisiana Office of Financial Institutions sseymour@ofi.state.la.us 225/925-4675 OFFICE OF FINANCIAL INSTITUTIONS