SB2007 • 2026

MS Dept. of Banking and Consumer Finance; delete repealer on authority to join certain exams with the Federal Reserve.

AN ACT TO AMEND SECTION 81-1-81, MISSISSIPPI CODE OF 1972, TO DELETE THE REPEALER ON THE AUTHORITY OF THE MISSISSIPPI DEPARTMENT OF BANKING AND CONSUMER FINANCE TO CONDUCT PERIODIC JOINT-BANK EXAMINATIONS WITH THE FEDERAL RESERVE; AND FOR RELATED PURPOSES.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Johnson
Last action: 2026-03-13
Official status: Law
Effective date: July 1, 20

Plain English Breakdown

The official source material does not provide details on how often joint examinations must be conducted, nor does it specify conditions under which the commissioner can accept an examination by another entity.

Mississippi Department of Banking and Consumer Finance; Joint Examinations with Federal Reserve

This act removes a provision that would have ended the Mississippi Department of Banking and Consumer Finance's authority to conduct joint bank examinations with the Federal Reserve.

What This Bill Does

Removes a part of Section 81-1-81 in the Mississippi Code of 1972 which was set to end the authority for joint exams between the state department and the Federal Reserve.

Who It Names or Affects

The Mississippi Department of Banking and Consumer Finance
Banks and bank holding companies with over $1 billion in assets that own a Mississippi state-chartered bank

Terms To Know

Joint examination: An inspection or review conducted together by the Mississippi Department of Banking and Consumer Finance and the Federal Reserve Bank.
Bank Holding Company: A company that owns or controls a bank, including foreign-owned companies with significant assets in Mississippi.

Limits and Unknowns

The act does not specify how often joint examinations must be conducted.
It is unclear what constitutes 'good sufficient cause' for the commissioner to accept an examination by another entity instead of conducting one themselves.
The bill only affects state-chartered banks and bank holding companies with over $1 billion in assets.

Bill History

2026-03-13 Mississippi Legislative Bill Status System
03/13 Approved by Governor
2026-03-10 Mississippi Legislative Bill Status System
03/10 (H) Enrolled Bill Signed
2026-03-10 Mississippi Legislative Bill Status System
03/10 (S) Enrolled Bill Signed
2026-03-05 Mississippi Legislative Bill Status System
03/05 (H) Returned For Enrolling
2026-03-04 Mississippi Legislative Bill Status System
03/04 (H) Passed
2026-02-26 Mississippi Legislative Bill Status System
02/26 (H) Title Suff Do Pass
2026-02-06 Mississippi Legislative Bill Status System
02/06 (H) Referred To Banking and Financial Services
2026-02-05 Mississippi Legislative Bill Status System
02/05 (S) Transmitted To House
2026-02-04 Mississippi Legislative Bill Status System
02/04 (S) Passed
2026-02-04 Mississippi Legislative Bill Status System
02/04 (S) Committee Substitute Adopted
2026-01-28 Mississippi Legislative Bill Status System
01/28 (S) Title Suff Do Pass Comm Sub
2026-01-06 Mississippi Legislative Bill Status System
01/06 (S) Referred To Business and Financial Institutions

Official Summary Text

MS Dept. of Banking and Consumer Finance; delete repealer on authority to join certain exams with the Federal Reserve.

Current Bill Text

Read the full stored bill text

S. B. No. 2007 *SS08/R49CS* ~ OFFICIAL ~ G1/2
26/SS08/R49CS
PAGE 1

To: Business and Financial
Institutions
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Senator(s) Johnson

COMMITTEE SUBSTITUTE
FOR
SENATE BILL NO. 2007

AN ACT TO AMEND SECTION 81-1-81, MISSISSIPPI CODE OF 1972, TO 1
DELETE THE REPEALER ON THE AUTHORITY OF THE MISSISSIPPI DEPARTMENT 2
OF BANKING AND CONSUMER FINANCE TO CONDUCT PERIODIC JOINT-BANK 3
EXAMINATIONS WITH THE FEDERAL RESERVE; AND FOR RELATED PURPOSES. 4
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 5
SECTION 1. Section 81-1-81, Mississippi Code of 1972, is 6
amended as follows: 7
81-1-81. (1) It shall be the duty of the commissioner to 8
apportion the work of examining banks among the examiners in such 9
a way that each bank, under the provisions of law, shall be 10
examined at least once during an eighteen-month period and more 11
often, if necessary, in the discretion of the commissioner, at 12
irregular intervals and without prior notice. However, neither 13
the commissioner nor any examiner shall examine one (1) bank twice 14
in succession unless the commissioner, for cause, so determines. 15
In the event the commissioner's office, because of workload or 16
other good sufficient cause, is unable to conduct an examination 17
of a bank as provided for in this section, the commissioner is 18
hereby authorized to accept the examination of any state bank 19
S. B. No. 2007 *SS08/R49CS* ~ OFFICIAL ~
26/SS08/R49CS
PAGE 2
ST: MS Dept. of Banking and Consumer Finance;
delete repealer on authority to join certain
exams with the Federal Reserve.
performed by the Federal Deposit Insurance Corporation or the 20
Federal Reserve Bank in lieu of the examination provided for in 21
this section. However, in no case shall the commissioner be 22
authorized to accept any such examination of any state bank 23
performed by either the Federal Deposit Insurance Corporation or 24
the Federal Reserve Bank for any two (2) consecutive 25
eighteen-month periods. 26
(2) The commissioner may join an examination and/or issue a 27
joint report of examination with the Federal Reserve Bank of any 28
bank holding company, including any foreign-owned bank holding 29
company, with more than One Billion Dollars ($1,000,000,000.00) in 30
assets that owns a Mississippi state-chartered bank. The 31
commissioner shall not perform an examination independent of the 32
Federal Reserve Bank. The commissioner may accept any examination 33
report of a bank holding company performed solely by the Federal 34
Reserve Bank in lieu of conducting a joint examination. Further, 35
the commissioner may join in related supervisory orders issued by 36
the Federal Reserve Bank. There shall be no cost to a bank or a 37
bank holding company as a result of the commissioner's 38
participation in a joint examination of a bank holding company as 39
authorized by this subsection. * * * 40
SECTION 2. This act shall take effect and be in force from 41
and after July 1, 2026. 42