Legal Seminar

Banking Board Decision At its January 16, 2020 meeting, Banking Board denied the request of Cache Bank & Trust, Greeley, Colorado for authorization under § 11-102-104(5) C.R.S. to engage in banking activity in which state banks could engage were they operating as national banks at the time such authority is granted, so long as such activity is not prohibited elsewhere in this code and to the extent permissible under rules of the banking board promulgated. The Banking Board found that the proposed transaction of Cache Bank & Trust’s, Greeley, Colorado sale to Elevations Credit Union, Boulder, Colorado is prohibited under § 11-103-709(1) C.R.S. Because other provisions of the Banking Code do not allow the sale of Cache Bank & Trust, Greeley, Colorado to Elevations Credit Union, Boulder, Colorado, therefore, the wild card statute, § 11-102-104(5) C.R.S., does not authorize the Banking Board to approve the transaction as presented.