Regulatory Alerts2018-01-04
Added · Updated
SBD Opinion No. 2018-1: Establishment of Deposit Production Offices
The Alabama State Banking Department issued Opinion 2018-1 to establish regulatory conditions and approval requirements for Deposit Production Offices operated by both state-chartered and out-of-state banks. State-chartered banks must submit a detailed application letter to the Superintendent of Banks for approval, while out-of-state banks must provide notice to either the state superintendent or their primary regulator. The opinion explicitly permits offices to solicit deposits and perform ministerial account services but strictly prohibits them from originating loans, accepting physical deposits, or processing withdrawals, and clarifies that they may co-locate with ATMs or loan offices without triggering branch classification.
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