The article Nevada's Banking Regulator Tells Lawmakers Tough Laws More Important than More Business, discusses the controversial tenure of Nevada Banking Commissioner George E. Burns. In a recent showdown with the State's legislature Burns opposed lossenig the cash requirement to fund the costs of receivership for Nevada trusts because, according to Burns, "the ability of the state or receriver to liquidate securities portfolios is cumbersome and protracted." Burns would require Nevada chartered trust companies to meet capital reserve requirements between $500,000 and $1 million, a regulation that several members of the Nevada legislature oppose on the grounds that such a measure would see Nevada lose business to other states, such as South Dakota, with looser regulations and less red tape.
Read the entire article at thetrustadvisor.com.
Posted by Isaac Pflaum, Associate Editor, Wealth Strategies Journal.
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