Regulatory Alerts2019-09-01
Added · Updated
Notice: 701 Procedures for Applications to Form a Bank, Bank and Trust Company or Limited Purpose Trust Company Pursuant to Chapter 7 of Title 5 of the Delaware Code
The State Bank Commissioner extends the comment period for the proposed amendment to Regulation 701 until November 1, 2019. The proposed amendment prohibits the approval of applications to form a new limited purpose trust company unless the entity is an affiliate of a bank, insured institution, bank holding company, or national banking association engaged primarily in trust and fiduciary activities. Interested parties may submit written comments to the Office of the State Bank Commissioner by the extended deadline, after which the Commissioner will determine whether to adopt the regulation.
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