HB 462 Summary

• Clarifies definition of "deposit" in commercial banking law by correcting reference to Federal Deposit Insurance Act Section 3(l) to use lowercase "l" instead of numeral "1".

• Redefines "non-branch bank business office" to clarify it is a staffed physical location offering banking products or services without taking deposits, including loan production offices, mortgage offices, and insurance agency offices operated by banks, out-of-state banks, or their subsidiaries and holding companies.

• Expands confidentiality protections for bank records held by the Commissioner to include responses to applications, privileged information, and records protected under state law, and clarifies that compliance review documents include minutes and records from board committees.

• Adds "cybersecurity requirements" as a function of bank compliance review committees and extends pledge rights for Payable on Death accounts so pledges survive the death of owners or beneficiaries.

• Recodifies holding company registration and fee provisions from G.S. 53-232 to G.S. 53C-10-303 and makes parallel amendments to credit union Payable on Death account provisions.