Regulatory Alerts2004-07-01
Added · Updated
Proposed Amendments to Regulations 708 and New Regulations 714 and 1113 for Banks and Trust Companies
The State Bank Commissioner proposes to amend Regulation 708 to clarify that it applies only to traditional branch applications under 5 Del.C. §770(a), allows confidential designation of application portions, and requires complete applications before filing. A new Regulation 714 is proposed to establish procedures for mobile branch applications under §770(c), including requirements for advanced notification of operational changes and maintenance of an operations log. Additionally, new Regulation 1113 allows non-banking subsidiary corporations of banking organizations or trust companies to elect taxation under Chapter 19 of Title 30, excluding their income from the parent's franchise tax, subject to specific eligibility criteria and annual reporting via Forms A and B.
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