Banking Division 2006 Legislative Agenda
By: Judi Stork, Deputy Bank Commissioner
For 2006, the Banking Division of the OSBC has two pieces of legislation we plan to introduce. The first legislative proposal would allow the agency to cease the requirement for bank trust departments to file an annual fiduciary report. The information that is provided as part of this annual report is already available to the OSBC from Schedule T of the FDIC's Call Report. As part of this change we would also modify the statutes to allow the OSBC to base their trust assessments on the fiduciary assets reported in the FDIC Call Report, versus the previously mandated OSBC annual fiduciary report. Implementing these changes would reduce the regulatory burden on banks by eliminating the need to complete two different fiduciary reports - one for this agency and one for the FDIC. Additionally, it would allow our agency to more quickly and easily calculate trust department annual assessments.
The second change would be to make revisions to the Kansas Money Transmitter Act, K.S.A. 9-508 et seq., which is part of the state banking code. This proposed bill would make changes to the existing laws that govern money transmitters. Money transmitter activities include those more traditional activities such as sale of money orders and traveler's checks, but also include wire and other electronic transfers of funds. The OSBC currently licenses and regulates such companies; these changes would modernize the terminology, and would give the commissioner the ability to revoke a money transmitter license if certain activities or circumstances were to occur. As a side note, banks are exempt from the provisions of this act.
