Pennsylvania's Banking Modernization Package Now in Effect
This post was written by Lauren A. Abbott.
On December 24, 2012, three bills, H.B. 2368, H.B. 2369, and H.B. 2370, became effective. These new laws greatly expand the regulatory and enforcement tools available to the Pennsylvania Department of Banking and Securities (“Department”), bringing Pennsylvania law into compliance with the Dodd-Frank Act and modernize, where necessary, Pennsylvania’s Banking Code. As a result of this legislative package, Pennsylvania may become a more desirable location to conduct banking business while ensuring that its laws and regulations are enforced.
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