Colorado Division of Financial Services
Regulations 4-2, 4-4, 4-13, 7-1, 7-4, 10-1, 10-2, and 14-1 
Pertaining to Savings and Loan Associations

Statement of Basis and Purpose

Proposed changes to the credit union regulations are as follows:

Proposed changes to the savings and loan regulations are as follows:

1.  Amend the following regulations to remove the obsolete language referring to the Office of Thrift Supervision, which ceased to exist in 2011.  This reference is included in Regulations 7-1, 7-4, 10-1and 10-2.  These are the only changes proposed for these regulations.
 
2.  Amend Regulation 4-2 Determination of Current Market Quotation of Eligible Collateral, to simplify and clarify the percentage of mortgages eligible for collateral pledging as part of the Public Deposit Protection Act. 

3.  Amend Regulation 4-4 Provisions to be Included in Deposit Pledge Agreements, to add a maximum term of future Deposit Pledge Agreements so that regular recurring reviews can be conducted to ensure the appropriateness of the agreement for both parties.  The proposal also sets a date by which new agreements must be entered into for the purpose of enacting this amendment.

4.  Amend 4-13 Minimum Amount of Eligible Collateral, to clarify that the requirement for a minimum amount of collateral is different from additional collateral amounts that are required to be in compliance with the statutes.

5.  Amend Regulation 14-1 Business Plans to clarify the Division’s expectation for the period of time the plan should cover and include a requirement that the plan be filed with the Commissioner within 30 days of its approval by the association’s board of directors.

These regulations are being promulgated pursuant to C.R.S. 11-44-101.7(1)(b).