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UDFI Annual Report-2020

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UDFI Annual Report-2020 FORTIETH ANNUAL AND SEVENTY-FOURTH Report of the Commissioner of Financial Institutions STATE OF UTAH TO THE HONORABLE GARY R. HERBERT GOVERNOR AND THE LEGISLATURE OF THE STATE OF UTAH For the Period July 1, 2019 to June 30, 2020 G. EDWARD LEARY Commissioner of Financial Institutions STATE OF UTAH Gary R. Herbert Governor Spencer J. Cox Lieutenant Governor DEPARTMENT OF FINANCIAL INSTITUTIONS G. Edward Leary Commissioner Darryle P. Rude ChiefExaminer R. Paul Allred Deputy Commissioner To The Honorable, Gary R. Herbert Governor of the State of Utah and The Legislature of the State of Utah Pursuant to Section 7-1-211, Utah Code Annotated 1953, as amended, I submit herewith the Fortieth Annual and Seventy-Fourth Report of the Department of Financial Institutions for the period July 1, 2019 to June 30, 2020. I do hereby certify by oath that a detailed statement of all fees and other moneys received by the department during this period are included herein. Respectfully submitted, '2020. EMILY P STANTON NOTARY PUBLIC -STATE OF UTAH My Comm. Exp 813112021 Commission • 696739 Residing at Salt Lake City, Utah My Commission expires: A~~~ 3J5'- 202.I Mailing Address • P.O. Box 146800 •Salt Lake City, Utah 84114-6800 •Office Address • 324 South State, Suite 201 • Salt Lake City, Utah 84111-2393 Telephone (801) 538-8830 Fax (801) 538-8894 www.dfi.utah.gov STATE OF UTAH Department of Financial Institutions TABLE OF CONTENTS DEPARTMENT OF FINANCIAL INSTITUTIONS History .......................................................................................................................................................... 1 Commissioners ............................................................................................................................................ 12 Organization Chart ....................................................................................................................................... 13 Appropriation and Expenditures ................................................................................................................... 14 Cash Receipts .............................................................................................................................................. 15 Accreditations ............................................................................................................................................... 16 Legal Holidays .............................................................................................................................................. 16 Website Information ..................................................................................................................................... 16 GENERAL AND STATISTICAL INFORMATION OF FINANCIAL INSTITUTIONS Trend of State Chartered Assets and Number of Institutions as of December 31, 2019 ............................. 17 Comparative of State Chartered Assets and Number of Branches as of June 30, 2020............................. 18 Comparative of Utah Depository Institutions Total Assets as of June 30, 2020 .......................................... 19 REGULATED INDUSTRIES Banks ........................................................................................................................................................... 21 Credit Unions ............................................................................................................................................... 49 Industrial Banks ............................................................................................................................................ 89 Savings and Loan Associations ................................................................................................................... 101 Trust Companies .......................................................................................................................................... 109 Financial Institution Holding Companies ...................................................................................................... 113 Loan Production Offices ............................................................................................................................... 117 Licensed Money Transmitters ...................................................................................................................... 121 Independent Escrow Agents ........................................................................................................................ 127 Non-Depository Lenders .............................................................................................................................. 129 Regulated Mortgage and Consumer Lenders .............................................................................................. 137 STATE OF UTAH Department of Financial Institutions Department History DATE EVENT 1896-1907 State chartered banks supervised by Secretary of State. 1907 Office of Bank Examiner created. 1911 Office of Bank Commission established. 1913 Banking Department created. 1967 Bank Department renamed State Department of Financial Institutions. 1969 Utah Uniform Consumer Credit code enacted. 1975 Utah Industrial Loan Guaranty Act. 1981 S.B. 134 Recodified Utah laws governing financial institutions. Effective July 1, 1981. 1983 S.B. 238 Depositors given priority over other creditors. New supervisory powers granted Commissioner permitting remedies short of possession. Effective March 18, 1983. 1984 S.B. 9 Authorized regional reciprocity and supervisory acquisitions within region without reciprocity. Also extended Department's authority over holding companies. Effective April 15, 1984. 1985 S.B. 262 Prohibited "nonbank banks". Also addressed administrative matters. Effective April 29, 1985. H.B. 245 Repealed Title 70B and enacted Title 70C revising Uniform Consumer Credit Code. Effective July 1, 1985. 1986 H.B. 189 "Banking Reform Act of 1986" required all industrial loan corporations to obtain federal deposit insurance, phased out existing regional reciprocity, opened state to nonreciprocal interstate banking after December 31, 1987 and immediately for failing institutions. Effective January 21, 1986. 1990 S.B. 37 "Mortgage Lending and Servicing Act" required all mortgage lenders, brokers and servicers to register with the Department. The first registration required January 31, 1991. Effective April 24, 1990. 1991 S.B. 154 including "Regulation of Independent Escrow Agents", Chapter 22 of Title 7, required all escrow agents to register with the Department annually. The first registration required July 1, 1991. Effective July 1, 1991. 1994 S.B. 171 “Financial Institutions Amendments” updated Utah laws governing financial institutions to reflect changes in the industry. Effective July 1, 1994. 1995 S.B. 70 “Financial Institutions Amendments” modified Utah law regarding interstate banking and branching in response to the federal Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Effective June 1, 1995. Page 1 STATE OF UTAH Department of Financial Institutions Department History (Continued) DATE EVENT 1996 S.B. 69 “Foreign Depository Institutions Act” enacted law regulating foreign chartered depository institutions participating in Utah’s financial markets. Effective July 1, 1996. S.B. 90 “Depository Institutions Amendments” amended various provisions of Title 7 in response to concerns identified by independent escrow agents, banks, credit unions, industrial loan corporations, and savings and loan associations. Effective July 1, 1996. 1997 H.B. 5 “Automated Teller Machine Amendments” repealed “Consumer Funds Transfer Facilities Act” and enacted the “Automated Teller Machine Act”. Effective July 1, 1997. H.B. 26 “Depository Institution Name Amendments” allowed federally insured Utah-chartered industrial loan corporations to use the terms “bank” or “savings bank” in their names. Effective February 26, 1997. S.B. 100 “Financial Institution Amendments” amended various provisions of Title 7 including authorizing the Commissioner of Financial Institutions to issue de novo industrial loan corporation charters. Provision authorizing de novo industrial loan corporation charters effective March 12, 1997. The balance of the provisions effective July 1, 1997. 1998 H.B. 235 "Consumer Credit Code Amendments" amended Title 70C, Utah Consumer Credit Code, eliminating the ten day payment grace period on open- end consumer credit agreements and increasing the allowable delinquency charge to $30. Effective May 4, 1998. H.B. 427 "Depository Institutions Insurance Powers" amended Title 7, Financial Institutions, by authorizing state-chartered financial institutions to engage in insurance business provided they comply with Title 31A, Insurance Code. Effective May 4, 1998. 1999 H.B. 42 "Trade and Business Name Amendments" amended Title 16, Corporations, eliminating requirement that the names of depository institutions include "corporation, incorporated, company, corp., inc., or co." Effective May 3, 1999. H.B. 86 "Check Abuse Amendments" amended Title 7, Chapter 15, Dishonored Instruments, penalizing those who write and refuse to promptly cover bad checks. Effective May 3, 1999. H.B. 194 "Consumer Credit Issues" amended Title 70C, Consumer Credit Code, clarifying the department's ability to commence administrative or judicial proceedings on its own initiative and requiring the department to report to the legislature on consumer education efforts on a biennial basis.
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