NOTICE OF PROPOSED CHANGES ON BANKING

IN THE REGULATIONS OF THE DEPARTMENT OF COMMERCE,

COMMUNITY, AND ECONOMIC DEVELOPMENT

BRIEF DESCRIPTION

The Department of Commerce, Community, and Economic Development proposes changes to regulations under 3 AAC 02 dealing with banking in order to clarify and update existing regulations.

The Department of Commerce, Community, and Economic Development proposes to adopt regulation changes in Title 3, Chapter 02, of the Alaska Administrative Code, dealing with banking, including the following:

(1)        Repeal and readopt 3 AAC 02.010 to reference federal retention schedule guidelines.

(2)        Amend 3 AAC 02.020 to update outdated references to facsimile and allow the inclusion of electronic mail.

(3)       Amend 3 AAC 02.120 to update loan reporting limits to reflect federal guidelines.

(4)       Amend 3 AAC 02.195 to clarify the department’s ability to consider a bank’s request to repurchase securities greater than fifteen percent of the bank’s total assets.

You may comment on the proposed regulation changes, including the potential costs to private persons of complying with the proposed changes, by submitting written comments to Amie Spieth, Division of Banking and Securities, Department of Commerce, Community, and Economic Development, P.O. Box 110807, Juneau, AK, 99801. Additionally, the Department of Commerce, Community, and Economic Development will accept comments by facsimile at (907) 465-1230 and by electronic mail at dbsregs@alaska.gov. Comments may also be submitted through the Alaska Online Public Notice System by accessing this notice on the system and using the comment link. The comments must be received not later than December 18, 2017.

You may submit written questions relevant to the proposed action to Amie Spieth by electronic mail at dbsregs@alaska.gov or by mail at P.O. Box 110807, Juneau, AK, 99801. The questions must be received at least 10 days before the end of the public comment period. The Department of Commerce, Community, and Economic Development will aggregate its response to substantially similar questions and make the questions and responses available on the Alaska Online Public Notice System and the Division of Banking and Securities’ website at https://www.commerce.alaska.gov/web/dbs. The Department of Commerce, Community, and Economic Development may, but is not required to, answer written questions received after the 10-day cut-off date and before the end of the comment period.

If you are a person with a disability who needs a special accommodation in order to participate in this process, please contact Amie Spieth at dbsregs@alaska.gov or (907) 465-5450 not later than December 18, 2017 to ensure that any necessary accommodation can be provided.

A copy of the proposed regulation changes is available on the Division of Banking and Securities’ website at https://www.commerce.alaska.gov/web/dbs and the Alaska Online Public Notice System. You may also request a copy by contacting Amie Spieth at dbsregs@alaska.gov or (907) 465-5450.

After the public comment period ends, the Department of Commerce, Community, and Economic Development will either adopt the proposed regulation changes or other provisions dealing with the same subject, without further notice, or decide to take no action. The language of the final regulation may be different from that of the proposed regulation. You should comment during the time allowed if your interests could be affected. Written comments and questions received are public records and are subject to public inspection.

Statutory authority: AS 06.05.005

Statutes being implemented, interpreted, or made specific: AS 06.05.005; 06.05.045; 06.05.255; 06.05.438

Fiscal information: The proposed regulation changes are not expected to require an increased appropriation.

11/15/17                                                                      /s/ Barbara Reid

__________________ ___________________________________________________________

Date                                                                            Chief of Licensing

The Department of Commerce, Community, and Economic Development, Division of Banking and Securities keeps a list of individuals and organizations interested in its regulations. Those on the list will automatically be sent a copy of all the Division’s Notice of Proposed Regulation Changes. To be added to or removed from the list, send the request to Division of Banking and Securities, Department of Commerce, Community, and Economic Development, P.O. Box 110807, Juneau, AK, 99801 or to dbsregs@alaska.gov. Please include your name and either your electronic mail address or mailing address, as you prefer for receiving notices.