Proposed banks and trust companies: application.

Existing law establishes the Department of Financial Protection and Innovation, headed by the Commissioner of Financial Protection and Innovation, and charges the department with administering various laws relating to financial institutions, including banks and trust companies. Existing law requires the commissioner, upon the filing of an application to establish a bank or trust company, to make or cause to be made a careful investigation and examination relative to, among other things, the character, reputation, and financial standing of the organizers or incorporators, as specified. This bill would make a nonsubstantive change to these provisions.