FL H0431

Foreign nationals seeking to establish or acquire control of banks, trust companies, or savings associations with 10% or more ownership must participate in required public hearings either in person or via video conference, with failure to participate being grounds for denial

Office of Financial Regulation examination requirements updated to conduct examinations every 18 months, with a 36-month cycle (beginning July 1, 2023) for complete state-conducted examinations; federal agency cancellations grant the office an additional 90 days to meet requirements

Financial institutions may now acquire 50% or more of assets, liabilities, or combinations thereof from other institutions (changed from "all or substantially all"), with mutual institutions prohibited from selling 50% or more of assets to stock institutions without first converting to capital stock status

New "target market" definition added for banks and trust companies, requiring the Office of Financial Regulation to investigate target market needs when evaluating applications for new banks or trust companies

Qualified limited service affiliates must suspend permissible activities if their jurisdiction appears on the Financial Action Task Force's list of High-Risk Jurisdictions or Jurisdictions under Increased Monitoring, remaining suspended until removal from those lists