Minnesota has joined the Midwest Cooperative Agreement, a regional plan for supervision of multistate state- chartered banks
The plan, which also includes Illinois, Indiana, Iowa, Michigan, Ohio, and Wisconsin, was based on a national framework adopted by the Conference of State Bank Supervisors.
The framework calls for setting up regional agreements under which a bank's home state would be its primary regulator and the contact point for regulators of all other states where it has offices.
Examinations will be conducted jointly, and host-state law will apply in areas of intrastate branching, antitrust and deposit-concentration limits, community reinvestment, consumer protection, and fair-lending.
The plan also calls for enhanced cooperation with federal regulators.
Minnesota joined the Midwest Agreement on July 1. It will be implemented by next June, when interstate branching takes effect in the state.