Wyoming Statute § 13-4-107 governs the requirements for a bank to engage in certain activities, specifically focusing on the process of establishing a new branch. The statute outlines the notification and approval procedures that a Wyoming-chartered bank must follow before opening a new branch. This involves submitting an application to the Wyoming Department of Audit, Division of Banking. The application must include details about the proposed branch’s location, services to be offered, financial projections, and management. The Division of Banking then reviews this application to ensure it complies with all relevant banking laws and regulations and that the proposed branch is consistent with the safe and sound operation of the bank and the public interest. The statute also specifies a period during which the Division of Banking will consider the application, typically involving public notice and an opportunity for comment. Approval is contingent upon the Division’s determination that the establishment of the branch would be beneficial to the community and would not adversely affect the financial stability of the applicant bank. The intent is to balance the bank’s need for expansion with the regulatory oversight necessary to maintain a stable and trustworthy banking system within Wyoming.

Wyoming Statute § 13-4-103 governs the establishment of new branches for Wyoming state-chartered banks. This statute requires that before a bank can establish a new branch, it must obtain approval from the Wyoming Division of Banking. The application process involves demonstrating that the establishment of the branch is in the best interests of the public and that the bank has adequate capital, management, and financial stability to operate the branch successfully. The statute also outlines specific criteria the Division of Banking will consider, including the financial condition of the bank, the adequacy of its earnings, the ability of its management, the needs of the community where the branch is to be located, and the potential impact on existing financial institutions in that community. Approval is not automatic and requires a thorough review by the state banking regulator. The statute specifically addresses both de novo branches (newly created branches) and branches acquired through merger or acquisition, though the approval process for acquired branches may have some procedural differences. The core principle remains the need for regulatory oversight to ensure the safety and soundness of the banking system and to serve the public interest.

Wyoming Statute § 13-4-104 outlines the requirements for a bank to establish a branch. Specifically, it mandates that a state bank seeking to establish a branch must obtain approval from the Wyoming Department of Audit, Division of Banking. This approval process involves demonstrating that the proposed branch is needed and that the bank has sufficient capital and liquidity to support its operations. Furthermore, the statute requires that the bank provide notice to existing banks within a certain radius of the proposed branch location. This notice allows existing institutions to voice any concerns or objections. The statute also addresses interstate branching, generally aligning with federal law, which permits interstate branching under certain conditions, though Wyoming has specific provisions that may apply. The intent behind these requirements is to ensure the safety and soundness of the banking system within Wyoming, protect depositors, and promote fair competition. The process is designed to be thorough, balancing the needs of expanding banks with the stability of the state’s financial landscape.

Wyoming Statute § 13-4-104 governs the formation of state banks. It outlines the minimum capital requirements for a new bank. For a bank to be chartered in Wyoming, the Superintendent of Banking must approve the application. This approval is contingent upon several factors, including the financial standing of the proposed directors, the bank’s ability to serve the public interest, and adequate capitalization. The statute specifies that a minimum of \( \$1,000,000 \) in capital stock is required for the establishment of a state bank in Wyoming. This capital is essential for the bank’s solvency and its ability to absorb potential losses. The Superintendent’s review process is rigorous, ensuring that only well-capitalized and prudently managed institutions are granted charters to operate within the state. The initial capital serves as a foundational element for the bank’s operations and is a critical indicator of its long-term viability and commitment to serving the banking needs of Wyoming residents.

The Wyoming Banking Code, specifically referencing the powers and limitations of state-chartered banks, dictates that a bank’s corporate existence and its capacity to conduct business are fundamentally tied to its charter and the regulatory framework established by the state. While banks possess inherent powers necessary for their operation, these are not unlimited and are subject to specific statutory provisions. The ability to engage in activities beyond those explicitly authorized or reasonably incidental to banking is restricted. For instance, engaging in the business of manufacturing or selling agricultural equipment, while potentially related to the economic development of Wyoming, falls outside the scope of powers typically granted to state-chartered banks under Wyoming Banking Law. Such activities are generally reserved for other types of businesses. The Wyoming Banking Commissioner, acting under the authority of the Banking Code, is responsible for ensuring that banks operate within their legal boundaries. Therefore, a state-chartered bank in Wyoming would not have the inherent authority to establish and operate a separate division dedicated to the manufacture and sale of farm machinery, as this is not a permissible banking activity under state law.

Wyoming Statute §13-1-501 governs the establishment and operation of state-chartered banks. This statute outlines the requirements for obtaining a state bank charter, including minimum capital requirements, the process for appointing a board of directors, and the submission of a business plan to the Wyoming Division of Banking. The statute also details the ongoing supervisory responsibilities of the Division, such as conducting examinations and ensuring compliance with state and federal banking laws. Specifically, the statute addresses the conditions under which a bank may merge or consolidate with another institution, requiring prior approval from the Division of Banking and adherence to specific procedural steps to protect depositors and maintain financial stability. The process involves a public notice period and a review of the financial health and operational capabilities of the merging entities. This ensures that any consolidation serves the public interest and does not create undue risk within the Wyoming banking system.

Wyoming Statute § 13-1-101 defines a “bank” as any person engaged in the business of receiving deposits and making loans. Wyoming Statute § 13-1-102(a) requires any person transacting business as a bank in Wyoming to obtain a certificate of authority from the Wyoming Division of Banking. The statute further outlines the application process, including requirements for capital, fidelity bonds, and a business plan. Wyoming Statute § 13-1-102(b) specifies that a person transacting business as a bank without such a certificate is guilty of a misdemeanor. The core principle being tested is the statutory definition of a bank within Wyoming and the mandatory licensing requirement for such entities to operate legally. This distinguishes a regulated financial institution from other businesses that might engage in similar activities without holding themselves out as a bank or accepting demand deposits, which are characteristic of traditional banking. The licensing process is designed to ensure the safety and soundness of the financial system within Wyoming by imposing regulatory oversight on entities that handle public deposits.

The Wyoming Financial Institutions Board (WFIB) is empowered to establish rules and regulations governing the operation of state-chartered banks. This authority is derived from Wyoming statutes, specifically those pertaining to the regulation of financial institutions. When a state-chartered bank in Wyoming seeks to engage in activities not explicitly permitted by its charter or by Wyoming law, it must petition the WFIB for approval. The process involves submitting a formal application detailing the proposed activity, its potential risks, and the bank’s capacity to manage those risks. The WFIB then reviews the application, considering factors such as the safety and soundness of the bank, the potential impact on consumers and the state’s financial system, and compliance with federal and state banking laws. If the WFIB finds that the proposed activity is consistent with prudent banking practices and does not pose an undue risk, it may grant approval through the promulgation of a rule or the issuance of a specific order. This regulatory oversight ensures that state-chartered banks operate in a manner that protects depositors and maintains the stability of the financial sector within Wyoming. The specific statutory basis for this authority is found in Wyoming Statutes § 13-1-601, which grants the WFIB broad powers to regulate and supervise state banks, including the authority to approve or deny new activities or services not otherwise enumerated.

The Wyoming Financial Institutions Board has the authority to approve or deny applications for new bank charters. This decision-making process is guided by specific statutory criteria outlined in Wyoming law. Key considerations include the financial stability and soundness of the proposed institution, the adequacy of its capital structure, the competence and integrity of its management, and the convenience and needs of the community it intends to serve. Furthermore, the Board must assess whether the proposed bank’s operations would be consistent with the general purposes of Wyoming’s banking statutes and whether it would promote competition without creating undue risk. The Board’s review involves a thorough examination of the applicant’s business plan, financial projections, and the qualifications of its proposed directors and officers. The ultimate goal is to ensure that new banking entities contribute positively to the state’s financial ecosystem while safeguarding depositor interests and maintaining the overall stability of the banking system within Wyoming. The Board’s decision is not merely discretionary; it must be based on a reasoned evaluation of these statutory requirements.

The Wyoming Financial Institutions Board, under the authority granted by Wyoming statutes, is responsible for the chartering, supervision, and regulation of state-chartered banks. When a new bank seeks a charter, the Board must assess various factors to ensure the proposed institution will serve a public need and be operated in a safe and sound manner. Key considerations include the financial history and experience of the proposed management and principal shareholders, the adequacy of the proposed capital structure, the financial projections and business plan, and the convenience and needs of the community to be served. The Board’s decision-making process involves a thorough review of the application, often including public hearings and expert analysis. The ultimate goal is to protect depositors and maintain the stability of the state’s banking system. The assessment of whether a public need exists is a critical component, requiring the Board to determine if the proposed bank’s services are not adequately met by existing institutions in the proposed service area. This involves examining market demographics, existing banking services, and potential competition.

The question pertains to the Wyoming Uniform Consumer Credit Code (UCC), specifically concerning the permissible annual percentage rate (APR) for supervised loans. Wyoming Statute §40-14-305(1) establishes the ceiling for the APR on supervised loans. For consumer credit sales, the maximum permissible rate is 36% per annum. For supervised loans, the maximum permissible rate is 21% per annum. The scenario involves a supervised loan, not a consumer credit sale. Therefore, the maximum permissible APR for this transaction is 21%. This rate is set by state statute and reflects the legislature’s determination of what constitutes a reasonable rate for such lending, balancing consumer protection with the availability of credit. Understanding these statutory limits is crucial for lenders operating in Wyoming to ensure compliance and avoid penalties. The distinction between different types of credit transactions, such as sales versus loans, is vital in applying the correct rate ceiling.

The question revolves around the Wyoming Uniform Consumer Credit Code (WUCCC), specifically concerning the permissible charges a supervised lender can impose on a consumer loan. Wyoming Statute §40-14-305 outlines the limitations on finance charges for supervised loans. For a loan with a principal balance of \$2,000 or less, the maximum permissible annual percentage rate (APR) is 36 percent. For a loan with a principal balance exceeding \$2,000 but not exceeding \$1,000,000, the maximum permissible APR is 21 percent. In this scenario, the principal balance is \$5,000. Therefore, the loan falls into the second category. The WUCCC permits a supervised lender to charge an annual percentage rate of up to 21 percent on a loan with a principal balance between \$2,000 and \$1,000,000. This rate covers all loan charges, including interest, fees, and other costs associated with originating and servicing the loan, except for certain specified exceptions like delinquency charges or reasonable attorney’s fees in case of default, as provided for in other sections of the WUCCC. The intent of these tiered rates is to balance the need for credit access for consumers with the risk profile of different loan sizes, ensuring that lenders can cover their costs and risks while preventing excessive charges.

The Wyoming Banking Code, specifically concerning the establishment of new branches, outlines a rigorous application process overseen by the Wyoming Division of Banking. A bank seeking to establish a branch must submit a detailed application demonstrating the financial soundness of the parent institution, the projected profitability of the proposed branch, and a clear business plan outlining services to be offered and market analysis. Crucially, Wyoming law requires the Division of Banking to consider the convenience and needs of the community where the branch is to be located. This involves assessing whether the new branch will foster healthy competition and adequately serve the banking public. The Division also evaluates the applicant bank’s compliance history and management expertise. If the application meets all statutory requirements and the Division finds that the establishment of the branch is in the best interests of the community and the state’s financial system, it may grant approval. Wyoming Statute §13-3-401 and related administrative rules govern this process, emphasizing a public benefit test. The final approval is not automatic but requires a thorough review and a determination by the banking commissioner.

The Wyoming Financial Institutions Board (WFIB) is responsible for chartering, regulating, and supervising state-chartered banks and other financial institutions within Wyoming. The Wyoming Financial Institutions Code, specifically Title 13 of the Wyoming Statutes, outlines the powers and duties of the WFIB. A key aspect of this oversight involves the process for approving or denying applications for new bank charters. When an application is submitted, the WFIB must consider various factors to ensure the proposed bank will be operated in a safe and sound manner and will serve the public interest. These factors are detailed in the Wyoming Financial Institutions Code and often include the financial standing and experience of the proposed management and directors, the adequacy of the proposed capital structure, the financial projections and business plan, and the convenience and needs of the community to be served. The WFIB has the discretion to approve, deny, or impose conditions on an application. If an application is denied, the WFIB must provide the applicant with a written statement of the reasons for the denial. This process is designed to protect depositors and maintain the stability of the state’s banking system, aligning with the broader regulatory framework established by both state and federal banking laws that govern financial institutions operating in Wyoming.

The scenario describes a situation where a Wyoming-chartered bank is seeking to expand its services into interstate banking. Wyoming law, like federal law, governs such expansions. The Bank Holding Company Act of 1956, as amended by the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, establishes the framework for interstate banking. For a state-chartered bank to engage in interstate branching or acquire an out-of-state bank, it generally must comply with the laws of the host state and any applicable federal regulations. Wyoming Statute § 13-2-101 and related sections provide the framework for state-chartered banks. While Wyoming permits interstate banking, the specific mechanism and approval processes are crucial. Acquiring an out-of-state bank typically requires approval from both the Wyoming Division of Banking and the Federal Reserve Board, unless an exemption applies. The key is that the expansion must be structured in a way that respects both state and federal regulatory oversight. A bank holding company structure is a common method to facilitate interstate acquisitions, but even then, regulatory approvals are necessary. The question probes the understanding of the dual regulatory environment and the specific approvals needed for a Wyoming bank’s interstate expansion. The correct answer reflects the need for approval from both the state banking authority and the federal banking authority.

Wyoming Statute § 13-2-1001 governs the establishment and operation of de novo banks in the state. A de novo bank is a newly chartered bank. The statute outlines specific capital requirements, management qualifications, and business plans that must be submitted to and approved by the Wyoming Division of Banking. The process emphasizes the financial soundness and viability of the proposed institution. Key considerations include the adequacy of initial capital, the experience and integrity of the proposed management team, and a comprehensive business plan that demonstrates a clear path to profitability and compliance with all applicable banking laws and regulations. The division’s approval is contingent upon a thorough review of these elements to ensure the protection of depositors and the stability of the state’s financial system. The statute requires that the proposed bank’s capital be sufficient to meet the minimum requirements set forth by the Division of Banking, which are designed to absorb potential losses and ensure solvency. Furthermore, the proposed management must demonstrate a proven track record in banking or related financial services, along with a commitment to ethical conduct and sound risk management practices. The business plan must detail the bank’s proposed products and services, target market, competitive analysis, and projected financial performance, all of which are scrutinized for realism and adherence to Wyoming’s banking framework.

The Wyoming Financial Institutions Board has the authority to issue cease and desist orders against a state-chartered bank engaging in unsafe or unsound practices. This authority is granted under Wyoming statutes, specifically those governing the supervision and regulation of financial institutions. A cease and desist order is a formal administrative remedy designed to halt specific activities that are deemed detrimental to the safety and soundness of the bank or its depositors. The process typically involves investigation, notice of charges, an opportunity for a hearing, and then the issuance of a final order by the Board. This mechanism is crucial for maintaining financial stability and protecting the public interest within Wyoming’s banking sector. The question probes the specific regulatory power of the Wyoming Financial Institutions Board concerning corrective actions against a bank exhibiting problematic behavior, focusing on the nature of the supervisory tool employed.

The Wyoming Financial Institutions Board has the authority to approve or deny applications for new bank charters. This authority is guided by specific statutory criteria outlined in Wyoming law, primarily focusing on the financial stability, management competence, and public need for the proposed institution. When evaluating an application, the Board considers factors such as the adequacy of the applicant’s capital, the soundness of its business plan, the integrity and experience of its proposed management and directors, and whether the establishment of the bank would serve the convenience and needs of the community it intends to serve without unduly injuring existing institutions. Wyoming Statute § 13-4-102 outlines these general requirements for chartering a bank. The process involves a thorough review of the application, public notice, and often a hearing to gather further information and public input. The Board’s decision must be based on these established legal standards, ensuring that new banks contribute positively to the state’s financial landscape and adhere to prudential banking principles.

Wyoming Statute § 13-4-103 outlines the requirements for the formation of a bank, specifically concerning the minimum capital stock. For a bank to be incorporated and commence business, it must have a minimum of \$100,000 in capital stock fully paid in. This capital is essential for the bank’s solvency and its ability to absorb potential losses. The statute also mandates that at least 50% of the capital stock must be paid in before the bank can begin transacting business, with the remainder to be paid in within 12 months. This phased payment ensures a gradual build-up of financial stability. The question probes the understanding of this foundational capital requirement as stipulated by Wyoming law, distinguishing it from other financial thresholds or regulatory considerations that might apply to different banking activities or institutions. The \$100,000 figure represents the absolute minimum capital required for the initial incorporation and operation of a state-chartered bank in Wyoming, as per the governing statutes.

The Wyoming Banking Code, specifically under provisions related to branching and mergers, outlines the conditions under which a Wyoming-chartered bank may establish a new branch or acquire another banking institution. Wyoming Statute §13-3-401 governs the establishment of branches. This statute requires that a bank must be well-capitalized and have a satisfactory record of performance in its existing operations. Furthermore, the Commissioner of Financial Institutions must approve any new branch application, considering factors such as the financial condition of the applicant bank, the adequacy of its capital, the needs and convenience of the public in the proposed location, and the potential impact on existing financial institutions in the area. The statute also specifies permissible locations for branches, which can include other locations within the state of Wyoming. For mergers and acquisitions, Wyoming Statute §13-3-501 and following sections apply, requiring similar approvals from the Commissioner and consideration of the financial stability, management expertise, and public benefit of the proposed transaction. The core principle is that any expansion or consolidation must be in the best interest of the state’s banking system and the public it serves, aligning with prudential banking standards and regulatory oversight.

Wyoming Statute § 13-4-105 outlines the requirements for the formation of a state bank. A proposed bank must submit articles of incorporation to the Wyoming banking commissioner, detailing information such as the bank’s name, location, capital stock, and the names and addresses of the initial directors. The commissioner then reviews these articles, along with a business plan and financial projections, to assess the viability and soundness of the proposed institution. A crucial element of this review process, as specified in the statute, involves ensuring that the proposed bank has adequate capital to operate safely and soundly, considering the anticipated business volume and risks. Wyoming law requires a minimum of \$500,000 in paid-in capital for a state-chartered bank. This capital serves as a buffer against potential losses and is a fundamental requirement for depositor protection and the overall stability of the banking system within Wyoming. The commissioner’s approval is contingent upon meeting all statutory requirements, including the capital adequacy.

The Wyoming Financial Institutions Board, under the authority granted by Wyoming Statutes, has the power to approve or deny applications for new bank charters. This process involves a thorough review of the applicant’s business plan, financial projections, management team’s qualifications, and the potential impact on the local banking market. Wyoming Statute §13-2-201 outlines the general requirements for obtaining a bank charter, including demonstrating adequate capital, sound management, and a legitimate banking purpose. Furthermore, the Board must consider the public interest and the safety and soundness of the proposed institution. If an application is denied, the applicant typically has recourse through administrative appeals within Wyoming’s legal framework, potentially leading to judicial review. The Board’s decision-making is guided by principles that ensure the stability of the state’s financial system and protect depositors. The specific criteria and procedures are detailed in regulations promulgated by the Department of Financial Institutions, which supplement the statutory framework.

The scenario presented involves a Wyoming-chartered bank, Frontier State Bank, which is considering expanding its services by offering certain wealth management products. Wyoming banking law, specifically Title 13 of the Wyoming Statutes Annotated, governs the powers and limitations of state-chartered banks. The question probes the regulatory authority over such expansions. Under Wyoming law, state banks possess only those powers that are conferred upon them by statute or that are incidental to the business of banking. Offering investment advisory services or selling securities, even through a subsidiary or in a manner that appears ancillary, often requires specific authorization or adherence to stringent regulations to ensure consumer protection and prevent conflicts of interest. The Wyoming Division of Banking, under the authority granted by the Commissioner of Banking, is responsible for supervising and regulating state-chartered banks. This includes reviewing and approving new products or services that may fall outside traditional banking activities. Therefore, any significant expansion into financial advisory or securities-related services by Frontier State Bank would necessitate review and approval by the Wyoming Division of Banking to ensure compliance with state statutes and regulations designed to safeguard depositors and maintain the stability of the banking system. The Commissioner of Banking has the ultimate authority to grant or deny such requests based on the bank’s financial condition, operational capacity, and the nature of the proposed services.

Wyoming Statute § 13-4-105 outlines the requirements for a bank to establish a branch. A bank must receive approval from the Wyoming Division of Banking to establish a branch. The statute specifies that the bank must submit an application detailing the proposed location, the services to be offered, and evidence of financial soundness and management capability. Furthermore, the bank must demonstrate that the establishment of the branch is in the public interest and will not adversely affect the safety and soundness of the institution or the stability of the banking system in Wyoming. The division will consider factors such as the financial condition of the applicant bank, the adequacy of its capital, the needs of the community, and the potential impact on existing financial institutions. Approval is not automatic and involves a thorough review process by the state banking regulator.

Wyoming Statute § 13-4-103 governs the formation of banking corporations. It outlines the minimum capital requirements for establishing a bank within the state. For a state bank, the minimum capital required is \$100,000. This capital must be paid in cash and is essential for ensuring the bank’s solvency and ability to absorb potential losses. The statute also specifies that the capital stock must be divided into shares of a par value not less than \$10 each. The formation process involves filing articles of incorporation with the Wyoming Secretary of State and obtaining a certificate of authority from the State Banking Commissioner. The Commissioner’s approval is contingent upon demonstrating sufficient capital, a sound business plan, and qualified management. The capital requirement is a foundational element to protect depositors and maintain the stability of the state’s financial system, aligning with broader principles of banking regulation that prioritize adequate capitalization to mitigate systemic risk.

The scenario involves a Wyoming-chartered bank, Frontier State Bank, seeking to establish a branch in a neighboring state, Montana. Wyoming banking law, specifically Wyoming Statute § 13-4-101, governs the establishment of branches by state-chartered banks. This statute permits Wyoming banks to establish branches within Wyoming. However, the establishment of branches outside of Wyoming is governed by federal law, primarily the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. This federal legislation allows interstate branching, but it imposes certain conditions, including the requirement that the bank must be well-capitalized and well-managed, and that the host state (Montana, in this case) must permit interstate branching. Montana law, specifically Montana Code Annotated § 32-1-302, allows out-of-state banks to establish branches within Montana, provided certain conditions are met, including reciprocity or specific authorization. Since Frontier State Bank is a Wyoming-chartered institution, its ability to branch into Montana is not solely determined by Wyoming law but also by federal law and Montana’s own banking regulations regarding interstate branching. Therefore, Frontier State Bank must comply with both federal requirements and Montana’s specific provisions for out-of-state banks establishing branches. The Wyoming Banking Commissioner’s approval is necessary for any branch establishment within Wyoming, but for interstate branching, the process involves federal regulators (like the OCC or Federal Reserve, depending on the bank’s charter and structure) and the banking authorities of the host state. The question asks what specific Wyoming statute *directly* addresses the establishment of branches by Wyoming banks, and that statute is Wyoming Statute § 13-4-101, which pertains to branch banking within Wyoming. While interstate branching is a possibility, the *initial* statutory authority for a Wyoming bank to branch at all originates from Wyoming law, which then interfaces with federal and host-state regulations for interstate activities.

The Wyoming Banking Code, specifically concerning the establishment of new banking offices, outlines a rigorous approval process. When a state-chartered bank in Wyoming seeks to establish a new branch or an electronic facility that conducts substantive banking transactions, it must submit an application to the Wyoming Division of Banking. This application is reviewed for various factors, including the financial condition of the applicant bank, the adequacy of its capital, the general character and fitness of its management, the convenience and needs of the community to be served, and the potential impact on existing financial institutions. The Division of Banking conducts a thorough investigation, which may include public notice and a hearing, to assess these elements. The decision to approve or deny the application is based on whether the proposed new office would promote sound banking practices and serve the public interest. This process is designed to ensure that the expansion of banking services in Wyoming is conducted in a safe and sound manner, protecting both depositors and the stability of the state’s financial system. The statute does not mandate a specific waiting period for all applications, but rather empowers the Division to set reasonable timelines for review and decision-making based on the complexity and completeness of the submission.

Wyoming Statute § 13-4-102 outlines the requirements for establishing a new bank. A crucial element is demonstrating that the proposed bank’s operations will be conducted in a safe and sound manner, which includes having sufficient capital to meet potential losses and operational needs. The Wyoming Banking Commissioner, in reviewing an application, must consider the financial resources of the proposed bank and its organizers. This assessment is not merely about the initial capital injection but also the ongoing ability of the bank to maintain adequate capital levels as prescribed by state and federal regulations, which are designed to protect depositors and ensure the stability of the banking system. The statute emphasizes the need for a sound financial foundation and a management team with the experience and integrity to operate a banking institution responsibly within Wyoming’s regulatory framework. The ability to attract and retain deposits, the projected earnings capacity, and the overall business plan’s viability are all assessed to determine if the proposed bank will be a sound addition to the state’s financial landscape.

The Wyoming Financial Institutions Board has the authority to approve or deny applications for new bank charters. This authority is derived from Wyoming statutes, specifically those governing the establishment and regulation of financial institutions within the state. When evaluating an application, the Board considers various factors to ensure the proposed bank will operate in a safe and sound manner and serve the public interest. Key considerations include the financial standing and competence of the proposed management and directors, the adequacy of the proposed capital structure, the financial projections and business plan, and the applicant’s ability to comply with all applicable federal and state laws and regulations. The Board must also assess the potential impact of the new bank on existing financial institutions in the proposed service area and the overall stability of the state’s banking system. A crucial aspect of this review is ensuring that the proposed bank’s activities will not be hazardous to the public or the depositors. The process involves a thorough examination of the application, often including public hearings and input from various stakeholders. The Board’s decision is based on a comprehensive assessment of these factors, aiming to balance the benefits of new competition and services with the imperative of maintaining a sound and stable banking environment in Wyoming.

The scenario describes a situation where a Wyoming-chartered bank is seeking to expand its services by offering certain financial products that may fall under the purview of both state and federal banking regulations. Wyoming Statute § 13-4-101 grants the State Banking Commissioner broad authority to supervise and regulate state-chartered banks. This includes the power to approve or deny applications for new services or product offerings that are not explicitly prohibited by Wyoming law. The Commissioner’s decision-making process is guided by the principle of ensuring the safety and soundness of the institution and protecting the interests of depositors and the public. When a bank proposes a new service, the Commissioner must evaluate whether the proposed activity is permissible under Wyoming’s banking laws and whether it aligns with the bank’s capital adequacy, management expertise, and risk management systems. If a proposed service is not specifically addressed in state statutes, the Commissioner may look to federal banking regulations and interpretations from federal agencies like the Office of the Comptroller of the Currency (OCC) or the Federal Reserve Board for guidance, particularly if the service has a significant federal nexus. However, the ultimate authority to permit or restrict such activities for a state-chartered bank rests with the Wyoming State Banking Commissioner, who must act within the framework of Wyoming statutes. The Commissioner’s determination is based on a comprehensive review of the proposal, considering its impact on the bank’s financial stability and compliance with all applicable state and federal laws. Therefore, seeking approval from the Wyoming State Banking Commissioner is the primary and essential step.