NOTICE OF PROPOSED CHANGES ON BANING, MUTUAL SAVINGS
BANKS, AND CREDIT UNIONS IN THE REGULATIONS OF THE
DEPARTMENT OF COMMERCE, COMMUNITY, AND ECONOMIC
DEVELOPMENT
BRIEF DESCRIPTION
The Department of Commerce, Community, and Economic Development proposes regulations to modernize banking regulations to implement amendments made in HB 85 through updates and to clarify various sections throughout 3 AAC 01, 3 AAC 02, 3 AAC 03, and 3 AAC 06 and to make conforming amendments.
The Department of Commerce, Community, and Economic Development proposes to adopt regulation changes in Title 3, Chapters 01, 02, 03, and 06, of the Alaska Administrative Code, dealing with banking regulations, including the following:
- Amend 3 AAC 02.205.Amend to allow state-chartered banks to make same type of investments as national banks are permitted to make under federal law.
- Amend 3 AAC 02.215. Amend requirements for an application for a branch bank, operating a mobile facility branch bank, and repeal branch bank application requirements to match what is required of a credit union chartered in Alaska.
- Amend 3 AAC 02.910. Amend to add a definition of a mobile facility branch as required by HB85.
- Repeal 3 AAC 01.020.Delete publication requirements and fact-finding hearings.
- Amend 3 AAC 03.260. Amend to modernize fee requirements for a credit union to complete an application for a branch to have parity with state-chartered banks.
- Amend 3 AAC 06.Amend to add a new section related to bank investments for a mutual savings bank to match the bank regulations.
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 Tracy Reno, Division of Banking and Securities, Department of Commerce, Community, and Economic Development, 550 W. 7th Avenue, Suite 1850, Anchorage, AK 99501. Additionally, the Department of Commerce, Community, and Economic Development (“Department”) will accept comments by facsimile at (907) 269-8146 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 5:00 p.m. December 30, 2022.
You may submit written questions relevant to the proposed action to Tracy Reno by electronic mail at dbsregs@alaska.gov or by mail at Division of Banking and Securities, Department of Commerce, Community, and Economic Development, 550 W. 7th Avenue, Suite 1850, Anchorage, AK 99501. The questions must be received at least 10 days before the end of the public comment period. The Department 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 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 Tracy Reno at dbsregs@alaska.gov or (907) 269-8812 not later than December 19, 2022, 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 Tracy Reno at dbsregs@alaska.gov or (907) 269-8812.
After the public comment period ends, the Department 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 44.33.020.
Statutes being implemented, interpreted, or made specific: AS 06.01.020; AS 06.01.030; AS06.01.048; AS 06.05.005; AS 06.05.070; AS 06.05.270; AS 06.05.399; AS 06.05.555; AS 06.15.010; AS 06.15.180; AS 06.15.250; AS 06.15.360; AS 06.26.900; AS 06.45.010.
Fiscal information: The proposed regulation changes are not expected to require an increased appropriation.
___November 23, 2022______ _/s/ Robert H Schmidt____________
Date Director
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 the Division of Banking and Securities, Department of Commerce, Community, and Economic Development, 550 W. 7th Avenue, Suite 1850, Anchorage, AK 99501 or to dbsregs@alaska.gov. Please include your name and either your electronic mail address or mailing address, as you prefer for receiving notices.