Missouri HB3107: Explains requirements for written guidance provided by an agency in response to an inquiry by a financial institution and sets forth the civil actions that can be brought for a fraudulent act or intentional misconduct of the financial institution

What the bill says

To amend chapter 361, RSMo, by adding thereto one new section relating to written guidance for financial institutions. Section A. Chapter 361, RSMo, is amended by adding thereto one new section, to be known as section 361.1300, to read as follows: 361.1300. 1. As used in this section, the following terms mean: (1) "Financial institution", a bank, savings and loan association, trust company, credit union, or any other entity that directly or indirectly holds an account belonging to a consumer that is organized and operating according to the laws of any state, the District of Columbia, or the Un.

From the engrossed text:

To amend chapter 361, RSMo, by adding thereto one new section relating to written guidance for financial institutions. Section A. Chapter 361, RSMo, is amended by adding thereto one new section, to be known as section 361.1300, to read as follows: 361.1300. 1. As used in this section, the following terms mean: (1) "Financial institution", a bank, savings and loan association, trust company, credit union, or any other entity that directly or indirectly holds an account belonging to a consumer that is organized and operating according to the laws of any state, the District of Columbia, or the United States that is lawfully operating within this state; (2) "Regulatory agency", any regulatory or administrative officer or body existing under the laws or constitution of any state or the United States with jurisdiction with regard to the activities and operations of financial institutions. This term includes, but is not limited to, the (b) The Missouri Division of Credit Unions and its successors; (c) The Consumer Financial Protection Bureau and its successors; (d) The National Credit Union Administration and its successors; (e) The Office of the Comptroller of the Currency and its successors; (f) The Federal Deposit Insurance Corporation and its successors; and EXPLANATION -- Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is intended to …

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