HB544 Summary

• Extends State Banking Department superintendent's authority to regulate and supervise bank holding companies that directly own a majority of voting securities of Alabama state banks.

• Establishes civil money penalties up to $1,000 per day (maximum $100,000 aggregate) and removal authority for bank holding company officers, directors, and affected persons engaging in unsafe or unsound conduct.

• Requires confidentiality of Banking Board proceedings and examination reports, with Class A misdemeanor penalties for unauthorized disclosure of nonpublic information.

• Requires bank incorporators to name minimum five directors with majority being outside directors, and designate chair, chief executive officer, chief financial/operations officer, and chief lending officer.

• Requires persons acquiring voting control of state banks through inheritance or operation of law to notify superintendent within 60 days and submit business plan including management structure within 90 days for superintendent approval.