Colorado Board of Real Estate Appraisers s1

DEPARTMENT OF REGULATORY AGENCIES

DIVISION OF BANKING

RULES OF THE COLORADO STATE BANKING BOARD PERTAINING TO TITLE 11, ARTICLE 103, SECTION 502 3 CCR 701-1

EMERGENCY RULE

CB101.66 – Frequency of Board Meetings

Section 1. Authority Section 2. Scope and Purpose Section 3. Applicability Section 4. Effective Date

Section 1. Authority The Division of Banking (Division) issues the following emergency promulgation of Banking Board Rule CB101.66 – Frequency of Board Meetings (CB101.66), according to the authority found in Sections 11-101-102 and 11-102-104, C.R.S.

Section 2. Scope and Purpose The Colorado State Banking Board finds that immediate adoption of this emergency rule is necessary to convey to state-chartered banks the requirements, as interpreted by the Colorado State Banking Board (Banking Board), of Senate Bill 16-126, Concerning Parity of State-Chartered Banks with Federally Chartered Banks Regarding Frequency of Meetings (SB16-126), which was adopted to maintain parity with federally regulated institutions and becomes effective August 10, 2016. SB16-126 will become effective prior to the earliest effective date attainable through the regular rulemaking process, which is November 30, 2016; therefore, without the emergency rule in place, a four-month period would exist between SB16-126 going into effect and finalization of the promulgated rule through the regular rulemaking process, during which no official guidance would be available for state-chartered banks. CB101.66 establishes a procedure for a bank’s board to follow that changes the frequency of its board meetings and provides requirements regarding reinstatement of directors who are absent for consecutive meetings. The regular rulemaking hearing for promulgation of CB101.66 is scheduled for presentation before the Banking Board on October 20, 2016. The Banking Board has a stated need to immediately adopt this rule, pursuant to Section 24-4-103(6), C.R.S., which authorizes the Division of Banking (Division) to issue an emergency rule if the Division finds that the immediate adoption of the rule, without notice, is imperatively required to comply with a state or federal law.

Section 3. Applicability This rule applies to all Colorado state-chartered commercial banks, pursuant to section 11-102-104, C.R.S.

Section 4. Effective Date This emergency rule is effective August 18, 2016.