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#1931270 - 06/10/14 11:41 PM Branching into another state??? Questions.
Snowgirl Offline
Platinum Poster
Joined: Sep 2003
Posts: 709
What are some things we need to think about before branching into another state? We currently only have branches in one state, so just wondering what all areas of the bank this will impact and what we need to think about before going this direction? Thank you for any guidance.

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#1931291 - 06/11/14 01:08 PM Re: Branching into another state??? Questions. Snowgirl
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,398
There are numerous. You need to become familiar with the labor laws in the state and various changes in usery laws. Just my opinion, you could have small changes in all areas of the bank.

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#1931395 - 06/11/14 03:21 PM Re: Branching into another state??? Questions. Snowgirl
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
You will get a CRA rating for each state.
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#1931666 - 06/11/14 08:30 PM Re: Branching into another state??? Questions. Snowgirl
NotDoneYet Offline
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NotDoneYet
Joined: Jul 2010
Posts: 482
PA
Consumer lending laws may be different, such as a late fee charge, common-law marriage status, how property is handled at death of a spouse.
If you don't have to worry about lending, how about escheat laws?

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#1931997 - 06/12/14 05:50 PM Re: Branching into another state??? Questions. Snowgirl
Moman Offline
Platinum Poster
Joined: Jul 2004
Posts: 505
WA
There may be additional regulatory overlays, for instance, California has additional Privacy rules for consumer customers, and also additional language for the RESPA Transfer of Servicing statement. All depends on the State involved.
Last edited by Moman; 06/12/14 10:04 PM.
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#1932068 - 06/12/14 07:17 PM Re: Branching into another state??? Questions. Snowgirl
80's Lady Offline
Gold Star
Joined: Apr 2007
Posts: 295
I would also look into what the BSA implications are. How high risk is the state/border you are branching into? You would have to be ready to allocate additional resources if your demographic changes to a much higher risk if it is not already.
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#1932391 - 06/13/14 03:22 PM Re: Branching into another state??? Questions. Snowgirl
Snowgirl Offline
Platinum Poster
Joined: Sep 2003
Posts: 709
Thanks everyone, I appreciate the information. I am praying that they do not go through with this as it is not only another state but a metropolitan area which we have never been in before so would be looking at HMDA as well - ugh!

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