Provides changes to the disclosure of financial records law

HB 241 amends Louisiana Revised Statutes Section 6:333 to modernize the state's disclosure of financial records law by making two specific changes. First, it updates the definition of "supervisory agency" in subsection (A)(12)(g) to replace the defunct federal Office of Thrift Supervision with the Consumer Financial Protection Bureau as an entity authorized to receive disclosures of bank financial records. Second, it amends subsection (D) to expand the permissible methods for serving disclosure demands by explicitly authorizing service on limited liability companies in addition to the existing service methods previously specified in the statute. The bill removes outdated references while maintaining the substantive framework governing how banks must respond to regulatory requests for customer financial information.

The practical effect of this legislation is to ensure that state banks operating under Louisiana law can properly respond to disclosure demands from the Consumer Financial Protection Bureau, which is the active federal agency with statutory authority to examine bank financial conditions and operations. Banks and their customers will benefit from the modernized regulatory framework, as the Consumer Financial Protection Bureau has effectively replaced the Office of Thrift Supervision in the federal banking regulatory structure. The amendment to subsection (D) regarding service procedures clarifies that disclosure demands may be served on limited liability companies, which is relevant for banks organized as LLCs or for other entities that may receive such demands. This change ensures that service procedures keep pace with modern business entity formation practices.

The statute operates within Louisiana's broader regulatory framework for state banks under Chapter 3 of Title 6 of Louisiana Revised Statutes. The disclosure of financial records law has long required banks to respond to demands from designated supervisory agencies with authority to examine bank records and operations. By adding the Consumer Financial Protection Bureau to the list of supervisory agencies, HB 241 aligns Louisiana law with the federal regulatory structure established by the Dodd-Frank Act, which created the Consumer Financial Protection Bureau as a primary federal agency responsible for consumer financial protection and bank supervision. The amendments to service procedures draw from existing Code of Civil Procedure provisions on citation service, ensuring that the disclosure statute remains consistent with Louisiana's civil procedure rules for formal legal service.