808 KAR 1:100. Information to be furnished and maintained by banks

      Section 1. The bank shall furnish each director, within forty-five (45) days of his or her election to the board, with an updated copy of the Kentucky banking law, KRS 286.3, which is available online at: http://www.lrc.ky.gov/KRS/286-03/chapter.htm. This requirement may also be satisfied by the Kentucky Banking and Related Laws & Rules Annotated, published by LexisNexis, Matthew Bender & Company, Inc., P.O. Box 7587, Charlottesville, VA 22906.

 

      Section 2. (1) The bank, if it is a nonmember bank, shall maintain at least one (1) updated copy of the Federal Deposit Insurance Corporation Law, Regulations, and Related Acts, available at: http://www.fdic.gov/regulations/laws/rules/index.html.

      (2) If the bank is a Federal Reserve member bank, it shall maintain at least one (1) updated copy of the "Federal Reserve Regulatory Service" (FRRS), obtainable from Publications Fulfillment, MS-127, Board of Governors of the Federal Reserve System, Washington, DC 20551, in either loose-leaf format or on CD-ROM.

 

      Section 3. The bank shall furnish each director, within forty-five (45) days of his or her election to the board, with a copy of an appropriate publication outlining the duties of a bank director. This requirement may be satisfied by "Pocket Guide for Directors", published by the Federal Deposit Insurance Corporation, Washington, DC. Reprinted February 2003, which is available:

      (1) Online at http://www.fdic.gov/regulations/resources/directors/; or

      (2) In hard copy from Public Information Center, Federal Deposit Insurance Corporation, 3501 North Fairfax Drive, Room E-1002, Arlington, VA 22226.

 

      Section 4. The requirements contained in Sections 1, 2 and 3 of this administrative regulation may be satisfied by other publications, with the prior written approval of the Executive Director of the Office of Financial Institutions if the executive director determines that the substituted publication contains the same information as a required publication. (13 Ky.R. 463; eff. 9-4-86; Am. 33 Ky.R. 2209; 2953, eff. 4-6-07.)

Notation

      RELATES TO: KRS 286.3-065

      STATUTORY AUTHORITY: KRS 286.1-020, 286.3-065

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 286.3-065 requires the executive director to prescribe by regulation what banks are required to furnish their directors regarding Kentucky banking law and the duties of a bank director, and what federal banking law volumes are required to be maintained at the bank. This administrative regulation establishes the required information that shall be furnished and maintained by banks.